Highlights from the August 2019 CAS Board of Directors Meeting

In an effort to help CAS members understand the role of the Board and the strategic issues the Board is addressing, we will be providing updates after each of the in-person Board meetings through our blog. This is the first in what will be an on-going series of blog posts. As you review the highlights, if you have a reaction or suggestion for the Board to consider, please leave a comment below or feel free to contact me directly.

International Actuarial Association (IAA) Presentation and Discussion: The Board welcomed Mathieu Langelier, Executive Director of the IAA, and Bob Conger, CAS International Ambassador, who presented an overview of the IAA and the CAS’s involvement in the IAA.

Quinquennial Survey Report: The Board discussed the report of the 2018 Quinquennial Survey, along with the Executive Council’s planned actions based on the survey results, with a focus on strategic issues meriting Board comment and possible action.

The CAS Institute Board Report: The Board heard a report on the progress of The CAS Institute and its credential offerings.

Technology-Based Exams (TBE) Task Force Report: The Board received an update on the work of the TBE Task Force and options for administering exams in a technology-based format in the future.

Board Education Task Force Report: Jim Weiss, chair of the Board Education Task Force, joined the meeting to lead the discussion on a set of preliminary recommendations for alternative education and testing methods that the task force is considering.

Predictive Analytics Task Force Discussion: The Board discussed the current state of predictive analytics education, offered both within the CAS and externally. The discussion focused on what actuaries need to know in predictive analytics and whether changes are needed to the CAS’s educational efforts to meet those needs.

FY 2020 Budget: The Board approved the 2020 Fiscal Year Budget, which increases membership dues by $10.

Update from the Task Force on Statements of Principles: The Board received an update on the work to review and revise the current Statements of Principles of Property and Casualty Insurance Ratemaking.

Risk Management Committee (RMC) Surplus Study Report: The Board reviewed a report from the RMC regarding the purposes of CAS surplus and the appropriate level of such surplus. The Board agreed to maintain the 50% to 100% surplus ratio range previously adopted by the Board.

Again, we welcome your feedback in the comment section below.

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