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.

avatar

About Jim Christie

Jim Christie is the president of the Casualty Actuarial Society. Jim has extensive experience as a senior insurance executive as well as a management consultant and professional actuary.

2 Responses to Highlights from the August 2019 CAS Board of Directors Meeting

  1. avatar Malcolm says:

    Hello Mr. Christie,

    I appreciate the increased transparency into Board meetings. I do have a few questions:

    – Has anything materially changed with respect to the IAA or the CAS’s involvement therein, or was the presentation simply to bring (new) Board members up to speed on the international actuarial scene with which they may not be familiar? Could the presentation be shared more broadly with CAS members?

    – Will any of the reports referenced — TBE Task Force, Board Education Task Force, iCAS, Q-Survey, RMC Surplus Study, FY 2020 Budget — be made available to CAS members? I seem to recall there used to be a section of the CAS website for reports like these, but I can no longer find them. One example I remember – but you surely remember better than I — was the Task Force on Associate Rights report from c. 2010. The Board meeting minutes from 9/14/2010 (https://www.casact.org/about/leadership/bod/091410min.pdf) indicate the report would be available on the CAS website. I believe it was at the time, but I cannot find that report now.

    – Is this series of summary blog posts intended to serve as or replace meeting minutes, or will full meeting agendas and minutes still be available upon request, per the “Policy on CAS Board Meetings” (https://www.casact.org/about/leadership/bod/index.cfm?fa=boardmeet). Is there a reason Board meeting minutes stopped being published on the CAS website after June 2016?

    Thank you.

    • avatar Jim Christie says:

      Thank you for your comments. The IAA presentation was an opportunity to inform the Board about the IAA and the CAS’s involvement; we are not expecting to make any material change in our relationship with the IAA.

      In regards to your question about Board agenda material, reports, presentations, etc. prepared for the Board are not prepared with the expectation they will be made available to the membership at-large. In some instances, such as with the quinquennial survey, we will be releasing a report to the membership. That report should be posted next week.

      The blog posts are not intended to replace meeting minutes. Board meeting minutes are available to all CAS members; members are welcome to request Board meeting minutes according to the policy.

Leave a Reply

Your email address will not be published. Required fields are marked *

We want to make sure you’re a real person, please answer the question below. *