Professionalism and compliance with actuarial standards of practice are critical to the integrity of the profession and our reputation. This session will deal with professionalism from the reinsurance point of view, analyzing the business process from start to finish and which standards might apply. At the conclusion of the session, attendees will be able to:

• Identify the stages of the reinsurance process
• Determine which standards of practice apply at each stage
• Evaluate how they can practically approach each stage in terms of data quality, documentation, analysis and communication to internal and external parties to maintain professional integrity.

Stay up to date on the recent discussions by the IASB and FASB on the Insurance Contracts Project. The U.S. FASB and the IASB have been jointly working on the development of a new accounting standard for insurance contracts. Both boards issued due process documents in mid-2010 and are currently working towards a new set of documents targeted for release the first half of 2012. This session will focus on the developments taking place over the past six months. Presenters will provide an overview of the current positions of the IASB and FASB, the decisions that are yet to be made, the prospects for convergence between U.S. GAAP and IFRS with regards to insurance accounting and a projected timetable for the project.

Webcast recording: $149 member & non-member

The sessions provide a variety of content and commentary on topics relevant to actuaries and risk professionals. The global spread aims to shed light on developments and challenges faced by our counterparts in other parts of the world, covering both technical and professional aspects. The webcasts were developed for those working in all industries with an interest in enterprise risk management. They will feature an update on the much talked about risk credential for actuaries, Chartered Enterprise Risk Analyst (CERA), and perspectives from modelers and reinsurers of mega events. Longevity is covered from different angles and Solvency II remains a key agenda item for the insurance industry.

Special thanks to the AFIR/ERM section of the International Actuarial Association for sponsoring the recordings of the webcast so they may be viewed free of charge.

Webcast recording: Free

The sessions provide a variety of content and commentary on topics relevant to actuaries and risk professionals. The global spread aims to shed light on developments and challenges faced by our counterparts in other parts of the world, covering both technical and professional aspects. The webcasts were developed for those working in all industries with an interest in enterprise risk management. They will feature an update on the much talked about risk credential for actuaries, Chartered Enterprise Risk Analyst (CERA), and perspectives from modelers and reinsurers of mega events. Longevity is covered from different angles and Solvency II remains a key agenda item for the insurance industry.

Special thanks to the AFIR/ERM section of the International Actuarial Association for sponsoring the recordings of the webcast so they may be viewed free of charge.

Webcast recording: Free

As U.S. companies struggle to find ways to grow life sales and increase life insurance ownership, a renewed focus has been placed on the way that products are sold and underwritten. Products distributed with simplified issue underwriting processes may provide a faster and easier consumer and agent experience, but there are also many challenges to overcome.

This webcast will provide a background on the simplified issue market as well as practical considerations when entering into the simplified issue marketplace.

Some of the topics covered in this session will include:

• Definitions of simplified issue
• Underwriting components of simplified issue programs
• Methods for setting SI mortality assumptions
• Approaches to address anti-selection
• Practical case studies including simplified issue challenges and successes

Webcast recording: $99 member/$119 non-member

In 2010, the SOA began a pilot program, the Rapid Retirement Research Initiative, to investigate the potential for developing important, time-sensitive research in-house. The SOA intends to use this capability to support the profession's efforts in both informing public policy decisions and increasing public awareness of issues that involve actuarial expertise.

The focus of this webcast will be the results of the first research report from this initiative, The Rising Tide of Pension Contributions–Pension Funding Post 2008: How much and when? This report provides a system-wide analysis of the expected contribution requirements for the U.S. single–employer defined benefit system over the next 10 years. While the pattern of projected contribution requirements that we show in the report are likely not a surprise to most consulting actuaries or individual plan sponsors, the report is unique in that we show the aggregate results for the system. We evaluate these results in the context of recent history–including regulatory and economic changes–and show how the individual decisions that are being made have affected the pension system.

Attendees of this webcast will learn about, and have the opportunity to ask questions about:

• The results of the initial study, investigating the expected future funding requirements for the U.S. private pension system,
• The purpose and function of the pilot initiative,
• The data and models that have been used or developed to date, and
• The plans for future analysis.

This webcast recording is recommended to meet Enrolled Actuary continuing education requirements. While the sponsors of this program recommends this topic to satisfy 1.80 units of Non-Core Continuing Education credit for Enrolled Actuaries, the final decision as to meeting this requirement rests with the Joint Board for the Enrollment of Actuaries.

EA credit: 1.80 Non-core

Note–The recording available for purchase is intended for individual viewing. Only one EA credit certificate will be issued per recording purchase.

Webcast recording: $99 member/$119 non-member

Food Security is becoming one of the developing world's greatest risks. Climate change has made crop yields, especially for rainfall-reliant farmers in developing countries, more unpredictable. This increases the credit default risks for microfinance and rural banks making loans to such farmers.

Currently very few pre-event risk mitigation solutions exist. Traditional individual indemnification insurance mechanisms are challenged by high transaction costs, adverse selection, poor distribution and other difficulties which have increased costs and reduced the availability of protection. Furthermore, post-event response in the form of emergency aid, debt forgiveness and grants are at risk following recent economic crises and do not usually help create independent private solutions. They can also be inequitable and untimely.

Microinsurance, using creative product design and delivery mechanisms, may provide a solution. Index and area crop yield products may play a role in helping these small financial institutions manage their risks without creating moral hazard. Reducing the risks for these institutions enables them to provide more capital to farmers.

"This presentation will discuss how such products might be developed and the challenges they face. Attendees might also consider extensions of the concepts into their company's product offerings.

Virtual Session recording: $99 member/$119 non-member

In this interactive forum, a panel of CEOs from within the long-term care insurance (LTCI) industry will discuss their views of the industry and their perspectives on its future.
At the conclusion of the session, attendees will be able to understand why the LTCI business is attractive to companies.

Virtual Session recording: $139 member/$159 non-member

Barely a day goes by that there isn't a story or editorial in the media about the financial challenges facing public sector retirement systems. Financing and accounting issues, bargaining rights and sustainability are all topics of intense debate in the public plan arena. This session will cover a variety of topics, including:

• A review of the public pension landscape and the different perspectives actuaries have regarding public plan financing and disclosure
• An update on the Governmental Accounting Standards Board (GASB) exposure draft for revised accounting standards for public pension plans
• An introduction to the framework for risk management proposed by the American Academy of Actuaries' Public Plans Practices Task Force in its report, Risk Management and Public Plan Retirement Systems.

At the conclusion of the session, attendees will understand the ramifications of different approaches to public plan financing and reporting from the viewpoint of various interested parties and have an understanding of a possible framework for better risk management of these plans.
This virtual session recording is recommended to meet Enrolled Actuary continuing education requirements. While the sponsors of this program recommends this topic to satisfy 1.50 units of Noncore Continuing Education credit for Enrolled Actuaries, the final decision as to meeting this requirement rests with the Joint Board for the Enrollment of Actuaries.

EA credit: 1.50 Noncore
Note-The recording available for purchase is intended for individual viewing. Only one EA credit certificate will be issued per recording purchase.

Virtual Session recording: $139 member/$159 non-member

Enterprise risk management (ERM) has been implemented in many sectors of the economy and continues to evolve. As the number of organizations implementing ERM increases, and as the regulatory focus on ERM grows and sharpens, more and more risk professionals will be called upon to engage in ERM activities. The International Actuarial Association recently issued a working paper (Comprehensive Actuarial Risk Evaluation) in hopes that it would spur a global conversation leading to the establishment of standards of practice (SOPs) for actuarial risk assessment. The Actuarial Standards Board has established a task force that drafted a discussion paper on potential ERM SOPs. Risk professionals in the asset management community have been engaged in similar conversations for over a decade. Other professions are clarifying, and in some cases codifying, what ERM means to them. Seemingly contradictory definitions of, and approaches to, ERM are competing for attention and resources.
This session shall discuss some broad but important themes:

• Are there ERM principles that apply in all economic sectors?
• Are professional SOPs necessary or desirable? If so, what should they look like?
• Should or can these standards be similar across professions and economic sectors?

Audience participation in any ensuing debates is both encouraged and expected. At the conclusion of the session, attendees will be able to discuss/debate and weigh in on proposed SOPs, conduct and considerations of an actuary working within an ERM work assignment.

Virtual Session recording: $139 member/$159 non-member

During the past few years there have been important advances in life insurance underwriting from a technological point of view. More and more companies are starting to use automation to enhance the underwriting process or even replace it for some products. At the same time, the use of advanced analytics is making its way into life insurance underwriting. The use of predictive models or algorithmic solutions is commonplace in property and casualty insurance, but it is a relatively new innovation in life insurance.

This innovation offers the opportunity to reduce costs, reach new markets and improve the customer experience. This webinar explored some of the options available, discussed the associated opportunities and challenges of implementing this new technology and discussed how to integrate automated underwriting with sales and product development.

Webcast recording: $99 member/$119 non-member

Learn about the latest developments concerning regulatory capital requirements under Solvency II and the National Association of Insurance Commissioners (NAIC) Solvency Modernization Initiative.

Solvency II is a new set of regulatory requirements designed to provide a principles-based regulatory framework for European insurers and reinsurers. Solvency II introduces a "three pillar" approach to regulatory oversight. It will require European insurers to consider their balance sheets on an economic basis and assess their regulatory capital requirements within a risk-based framework. It will also bring an increased level of transparency and consistency through its reporting and disclosure requirements. Solvency II is already starting to change the way that European companies measure and assess their capital needs and consequently impacts the competitive landscape for insurance products in Europe and around the world. This webcast provides you with an opportunity to hear about the latest developments in Solvency II. Gain insight into some of the key implications and learn how it compares to developing U.S. solvency requirements.

Webcast participants will gain an understanding of:

• An overview and update of Solvency II, focusing on current developments and outlook
• Implementation approaches and some key impacts on underlying processes, systems, valuation models and controls
• The NAIC Solvency Modernization Initiative

Webcast recording: $99 member/$119 non-member

Learn about current topics in U.S. GAAP financial reporting for life and annuity products. Experts in the application of U.S. GAAP concepts will discuss theoretical and practical aspects of emerging issues. Some topics may also be covered in more depth in other sessions. Topics will include:

• Implications of IFRS 4 Phase II on U.S. GAAP
• Acquisition costs
• Emerging U.S. GAAP guidance with no-obvious implications for actuaries.

At the conclusion of the session, attendees will have an increased understanding of the conceptual and practical issues of current interest under U.S. GAAP and evaluate whether these issues apply to their company.

Virtual Session recording: $99 member/$119 non-member

With the ongoing focus on governance and controls, the role of the appointed actuary is one to be undertaken with care. Making sure that all regulatory requirements are being followed has always been a daunting task, but the renewed spotlight on professionalism and compliance makes it imperative that the appointed actuary understand and perform all tasks up to commonly expected standards. This session is primarily designed for those relatively new to the role of appointed actuary (less than two years of experience). It will introduce attendees to the process of being an appointed actuary and provide an overview of the myriad requirements associated with the job. Topics of discussion will include:

• Regulatory and educational requirements
• Asset adequacy analysis
• Cash-flow testing modeling concepts and approaches to interpreting results
• State-specific requirements.

Attendees should leave this session with an increased confidence in their ability to fulfill the requirements of being an appointed actuary.

Virtual Session recording: $139 member/$159 non-member

This webcast will cover the following:

At the request of the National Association of Insurance Commissioners a group of life insurance companies performed a test of the proposed VM-20 reserve method. The webcast will cover the purpose of the study, how the study was performed and what we learned from the study.

Webcast Recording: $99 member/$119 non-member

This webcast, co-sponsored by the American Academy of Actuaries Pension Accounting Committee and the Society of Actuaries Pension Section, provided an overview of recent, significant changes to IAS 19, the International Financial Reporting Standard (IFRS) for pensions and other employee benefits. In addition to an in-depth discussion of the key provisions of the new standard, the presenters provided background on the reasons for these accounting changes, how the new IAS 19 will differ from U.S. GAAP, and what the changes may mean for U.S. plans and their sponsors as the SEC considers moving toward IFRS.

This webcast recording is recommended to meet Enrolled Actuary continuing education requirements. While the sponsors of this program recommends this topic to satisfy 1.80 units of Non-Core Continuing Education credit for Enrolled Actuaries, the final decision as to meeting this requirement rests with the Joint Board for the Enrollment of Actuaries.

EA credit: 1.80 Non-core

Note–The recording available for purchase is intended for individual viewing. Only one EA credit certificate will be issued per recording purchase.

Webcast Recording: $99 member/$119 non-member

The Internal Revenue Code defines federally prescribed reserves for annuities as the Commissioners' Annuity Reserve Valuation Method (CARVM) in effect on a contract's date of issue. However, recent developments in statutory reserve methods for annuities, including Actuarial Guideline 43 (AG 43), have caused companies to revisit their tax reserve methods. Join industry experts for a roundtable discussion of current issues related to tax reserves for annuities.

Topics will include:

• Actuarial guidelines and their implications for tax reserves.
• Developments for in-force variable annuity guaranteed living benefits (VAGLB) reserves.
• AG 43 post-implementation issues.
• American Financial and CIGNA litigation issues.
• Annuity reserve current IRS audit issues.

Webcast Recording: $99 member/$119 non-member

As employers and regulators are becoming increasingly conscious of the costs (and savings) of programs, it is even more critical that effective reporting techniques are created. This session will discuss current reporting techniques that are used for delivering information on insurance and service programs. At the conclusion of the session, attendees will be able to review their current reporting approaches to determine more effective methods to communicate with their clients.

Virtual Session recording: $139 member/ $159 non-member

In the past, the use of lifestyle-based analytics (LBA; a predictive modeling approach that relies on consumer data to predict future claim costs) was mainly for underwriting purposes in the mid-size group market. Looking ahead to the post-reform days, the underwriting practices for the group market under 100 lives will undergo a significant transformation. This session will discuss the predictive power of LBA methodology in the 100+ group market new business underwriting including the impact on the first year's loss ratio. Actual case study data will be used.

Virtual Session recording: $139 member/ $159 non-member

This session will cover the present and future of Medicare Part C. Speakers will discuss new developments and the challenges of the 2011 bid season for calendar year 2012. Implications of the Affordable Care Act (ACA) on the future of Medicare Advantage will be addressed. Topics will include funding as well as STARS quality scoring for Medicare Advantage organizations (MAOs) and the link between plan quality scores and revenue and bid rebates. Presenters may also cover the responsibilities of the actuary during financial and bid audits. The session is intended for health actuaries of all levels, and most participants should leave the session with a better understanding of Part C regardless of their experience level.

Virtual Session recording: $139 member/ $159 non-member

This webcast will cover the following topics: The U.S. Department of Health and Human Services (HHS) released the proposed accountable care organization (ACO) regulations on March 31, 2011. The proposal outlines the risk sharing, patient attribution, data sharing, and other procedures that will govern ACOs. These rules may also influence ACO being developed in the commercial or Medicaid markets. In this webcast, we will discuss the proposed HHS regulations and their implications for organizations deciding whether to become an ACO.

Webcast Recording: $99 member/$119 non-member

Are you interested in preparing one individual long-term care filing through the Interstate Insurance Product Regulation Commission (IIPRC)? You will hear an overview of the IIPRC and background on the development of the individual long-term care uniform standards, including the actuarial and rate filing requirements. You will also learn about the product submission process for the filing of individual long-term care insurance products (both the actuarial compliance as well as form compliance). The presenters will demonstrate how the IIPRC can simplify your day-to-day product-filing functions. You will also hear from a company filer about their experience preparing, filing and working with the IIPRC.

Webcast Recording: $99 member/$119 non-member

During this professionalism webcast, participants will learn through three real-life examples of how actuaries encounter and deal with assignments outside the traditional scope of actuarial work. You will hear first-hand from an SOA board member who changed his area of practice, a pioneer in pet insurance, and an actuary who works with entrepreneurs and small businesses. Each presenter will discuss how he or she has handled data or time limitations, potential conflicts, or the challenges in pioneering a new market.

In such cases, actuaries must rely heavily on their creativity, ability to adapt to changing circumstances, and underlying modeling and analysis skills in order to meet their clients' expectations. In addition, actuaries in these circumstances must also take great care to avoid problems with the Code of Professional Conduct (Code). The presenters will review the Code and discuss how they avoided or resolved potential problems. The SOA believes that this webcast may be suitable for filling professionalism continuing education requirements.

Webcast Recording: $99 member/$119 non-member

The ever-increasing complexity of product design, hedge strategies and financial reporting has placed a growing burden on the actuary to collect, analyze and draw conclusions from experience data. Products with increasingly complex embedded options and volatile markets have made it that much more difficult to set actuarial assumptions. The actuary now carries a greater volume of work and professional responsibility, but faces resource and data limitations in constructing studies of experience. This session will provide insight into the evolving practices for measuring experience data and setting actuarial assumptions.

Some of the topics covered in this session will include:

• Measuring market-driven policyholder behavior
• Process issues in dealing with large data sets
• Consistency across actuarial applications
• Determining appropriate prudent margins
• Assumption decision-making and governance processes
• Determining and applying credibility
• Regulator expectations for principle-based reserves and capital.

Webcast Recording: $139 member/$159 non-member

This session will explore the implications of international reporting requirements. For IFRS, the discussions will include the status on accounting convergence in the United States as well as discussion of the recent SOA-sponsored research into the potential implications of revised IFRS accounting standards on insurance products.

For Solvency II, the session will provide a summary of the main features as well as an update on the current state of development and its likely effects on the both the international and U.S. insurance industries. The issue of equivalence and its possible implications for U.S. companies that are subsidiaries of multinationals will be discussed.

Webcast Recording: $139 member/$159 non-member

Actuarial models have always been an important tool for helping companies project future results and understand risks. As models have started becoming reporting tools for public results, however, models have been vaulted to new levels of importance. This session will discuss how companies can manage existing models effectively. Included in the discussion will be means for controlling model changes as well as models for model governance. Additional topics will include ways companies share models among various user areas and incorporate the needs of, and output from, the product development area.

At the conclusion of the session, attendees will be able to define good model control practices, compare best model practices to their own company's practices, and apply some model management best practices to their own work.

Webcast Recording: $139 member/$159 non-member

A major revolution has taken place in mathematics, finance and economics. Many real–world applications, such as the stock market, housing prices, health care expenditure trends and portfolio optimization, cannot be adequately addressed by traditional methods. Traditional modeling techniques may be necessary, but not sufficient. This session will introduce the attendee to new methods such as experimental mathematics, genetic algorithms, predictive modeling, deterministic chaos, fractal geometry, behavioral economics and other topics in the new paradigm of complexity science.

You will not come away an expert in these topics, but they will be much more than just fancy phrases to you when you have finished the session. You will also learn why aspects of the traditional economic theory you studied are wrong. This session will be a useful introduction to Session 20, Solving Actuarial Problems with Complexity Science, which will focus on one or two of the techniques presented.

Webcast Recording: $139 member/$159 non-member

This webcast provided information about the unique risk management issues associated with cash balance retirement plans. The risk profile of cash balance plans is significantly different than that of more traditional defined benefit plans. As a result, risk assessment and management practices must be adjusted to recognize and reflect those differences. The webcast featured three presenters who have extensive experience dealing with cash balance plans and covered a range of topics related to risk management of those plans, including:

• valuation of cash balance plans and interest rate sensitivity issues,
• impact of plan design and assumptions on interest rate sensitivity,
• hedging or matching cash balance liability,
• evaluating economic cost of cash balance plans and implications for hedging strategies and
• a case study illustrating the issues mentioned above.

This webcast recording is recommended to meet Enrolled Actuary continuing education requirements. While the sponsors of this program recommends this topic to satisfy 1.80 units of Non-core Continuing Education credit for Enrolled Actuaries, the final decision as to meeting this requirement rests with the Joint Board for the Enrollment of Actuaries.

EA credit: 1.80 Noncore

Note-The recording available for purchase is intended for individual viewing. Only one EA credit certificate will be issued per recording purchase.

Webcast Recording: $99 member/$119 non-member

Earlier in the year, the Society of Actuaries released the study, Obesity and its Relation to Mortality and Morbidity Costs, which received national media attention. While much research has been conducted on obesity, the SOA study looked at the economic costs of overweight and obesity caused by increased need for medical care, and loss of economic productivity resulting from excess mortality and disability. Lead researchers for the study, Don Behan and Sam Cox, will present the results of the study, including their $300 billion estimate for the total annual cost of overweight and obesity in the United States and Canada.

To come to these conclusions, the researchers reviewed about 500 research articles on medical, disability and mortality effects of obesity, as well as the cost of these issues, . The presentation will summarize the methodology for determining the cost estimates and discuss the issues that the research team faced in utilizing this approach and variety of research documents. In addition, research findings relating to the correlation of overweight and obesity to the prevalence of disease, death and disability will be presented.

Webcast Recording: $99 member/$119 non-member

This session is a must for those who want to understand the dynamics of the current financial protection product opportunity and who want to hear how to support this product with the right sales tools and marketing messages. You will hear how top CI agents/brokers are actually achieving their CI sales success. You'll learn about lessons from other markets, including how to introduce existing successful agents/brokers to the sale of the CI product and how to tailor your approach to different client types/situations.

This session will examine how current events are creating a context in which this financial protection product has new significance for insurers, distribution and the consumer. The marketplace is demanding this product yet we, the insurance industry, have historically done a poor job of supporting this product's success at the agent/broker/advisor level.

The session will even cover a key element–handling objections that exist in both clients' and advisors' minds such as: "I have disability insurance," "I have lots of my own money," "This isn't going to happen to me," and "This seems expensive," plus others.

You will leave this session with a clearer understanding of the importance of this product for your company, the agent/broker/advisor community and the consumer.

Webcast Recording: $99 member/$119 non-member

Hear the authors of the three winning proposals from the recent Retirement 20/20 Call for Models, as they present their vision for the future of retirement systems. Retirement 20/20 is a Society of Actuaries (SOA) Pension Section initiative aimed at designing a new retirement system. Existing traditional plans (both defined benefit and defined contribution) have shortcomings and Retirement 20/20 seeks to find solutions that better meet the economic and demographic needs of North America in the 21st century. The winning authors will present these proposals:

• The Tracker Plan, by Rowland Davis, is a defined contribution program designed so that financial risk can be shared between participants and employers using design features that help control the level of shortfall risk with specific probability targets for successful outcomes.
• Affordable Retirement Income through Savings and Annuities, by Don Fuerst, proposes compulsory savings combined with transparent investment vehicles designed to promote competition based on expense levels, fund performance and customer service. In addition the proposal recommends at least half of the account be annuitized at retirement.
• The Total Career Benchmark Model, by Tom Walker, focuses on reconstructing and maintaining a consistent and reasonable sharing of risks and rewards amongst individuals, society, employers and the markets, by establishing benchmarks for tax shelter limits, target pensions and accrued benefits. The plan, written in the Canadian context, provides each individual with the equivalent of a personalized defined benefit pension plan while enabling an employer to sponsor a generous plan with minimal risk.

This webcast recording is recommended to meet Enrolled Actuary continuing education requirements. While the sponsors of this program recommends this topic to satisfy 1.80 units of Non-core Continuing Education credit for Enrolled Actuaries, the final decision as to meeting this requirement rests with the Joint Board for the Enrollment of Actuaries.

EA credit: 1.80 Noncore

Note–The recording available for purchase is intended for individual viewing. Only one EA credit certificate will be issued per recording purchase.

Webcast Recording: $99 member/$119 non-member

This is the fourth global webinar on risk management entitled "ERM - an economic sustainability proposition". This program is a mix of backward and forward looking subjects as actuarial colleagues across the globe seek to develop the science and understanding of the factors that are likely to influence the business and professional environment in the future. The programs in each region is a mix of technical and qualitative dissertations dealing with subjects as diverse as regulatory reform, strategic and operational risks, on the one hand, and the modeling on tail risks and implied volatility surfaces, on the other. For the first time, each of the regional programs will have presentations from speakers from the other two regions on subjects that have particular relevance to their markets.

Webcast Recording: $99 member
$119 non-member

This is the fourth global webinar on risk management entitled "ERM - an economic sustainability proposition". This program is a mix of backward and forward looking subjects as actuarial colleagues across the globe seek to develop the science and understanding of the factors that are likely to influence the business and professional environment in the future. The programs in each region is a mix of technical and qualitative dissertations dealing with subjects as diverse as regulatory reform, strategic and operational risks, on the one hand, and the modeling on tail risks and implied volatility surfaces, on the other. For the first time, each of the regional programs will have presentations from speakers from the other two regions on subjects that have particular relevance to their markets. The Asia Pacific region covers the following topics:

• Recent Regulatory Developments in Insurance in Japan and ERM
• Global Issues and Asian influences
• Creating Risk Awareness in Insurance Business in Indonesia
• Risk Appetite–Benefits & Practicalities of Implementation
• Lessons from the Global Financial Crisis
• The Human Element: The Theory of Plural Rationalities
• Embedding ERM–Setting a Risk Appetite
• Optimal structure and governance of ESGs in a Solvency II world
• Extreme events: robust portfolio construction in the presence of fat tails
• Reconciling different risk measures working party

Webcast Recording: $99 member/$119 non-member

Take part in this webcast to get an introduction to the topic of controls, learn why they are necessary and discuss what you can do in your organizations to ensure strong controls environments.

In recent years, controls have taken on enhanced scrutiny in every organization. Insurance companies were not alone in reviewing their existing controls, reinforcing controls where needed and implementing new ones to strengthen their control environments. This webcast looks at various risks that affect actuarial work, the different types of controls necessary to ensure these risks are mitigated and the value added to the actuary by having a strong controls environment in place. The webcast also delves into other areas that are affected by actuarial work (corporate, internal audit, external audit, regulators) to explain the purpose of controls from these perspectives. Time is spent discussing the steps actuaries can take to improve their own processes and controls. Key questions addressed in the webcast include:

• What are "controls" and why are they important to a successful organization?
• How do actuarial controls differ from controls in other areas of my organization?
• What is required from various parties (senior management; auditors; regulators) and why?
• What mistakes have/can occur due to poor controls/controls that failed and what can I do to ensure these do not happen in my organization?
• What can I do to ensure that my organization has strong controls in place?
• What personal work habit controls can I employ myself–even without special authority?

At the end of this webcast, you will have a better understanding of controls, the rationale behind having a strong controls environment and possible solutions to enhance your processes.

Webcast Recording: $99 member/$119 non-member

The International Actuarial Association in collaboration with Milliman recently published the textbook: Stochastic Modeling-Theory and Reality from an Actuarial Perspective.

As recently as the mid-1990's most models used in the financial analysis of insurance were deterministic. They were based on static parameters and assumptions and ignored the fluctuations that were likely to occur.

With the advent of a principle-based approach to reserves and capital, and Solvency II, the deterministic approach is being replaced by stochastic models, which can provide more information on the possible range of outcomes for product pricing, reserving and capital management.

Several of the authors of the recently published text Stochastic Modeling-Theory and Reality from and Actuarial Perspective will present the basic concepts of stochastic modeling and illustrate the methods commonly used in risk assessment in this two-hour webcast sponsored by the International Actuarial Association Life Section and the Society of Actuaries. The recorded webcast will be made available for all attendees in Asia and Australia at their convenience. Subjects to be covered include:

• General considerations for stochastic modeling, including common measures, calibration and communication;
• introduction to stochastic modeling techniques for life actuaries, including Monte Carlo, lattices and bootstrapping;
• economic risk factors such as interest rate models, credit risks and the use of risk-neutral vs. real-world scenarios;
• liability risk factors such as mortality models and policyholder behavior and
• case studies of stochastic modeling in life insurance.

 

Webcast Recording: $99 member/$119 non-member

Jointly sponsored by the American Academy of Actuaries and the Society of Actuaries, this webcast will provide an overview of the implementation timing of PPACA rules and then go into depth on the actuarial issues for company and regulatory actuaries that are of immediate concern when developing premium rates under the new rules.

Webcast Recording: $99 member/$119 non-member

This webcast presents the results of a research study sponsored jointly by LIMRA and the SOA's Marketing and Distribution Section. The study investigated how trends in the economy, population and societal expectations anticipated over the next five years will affect consumer needs for financial security products (the "whats")–and the implications of these trends on product design and distribution (the "so whats").

The research explored anticipated trends in:

• demographics, psychographics and consumerism including buying behavior and preferences for financial advice,
• economic factors such as discretionary income, consumer debt, consumer confidence and risk tolerance,
• social milieu including social relationships, generational expectations, the impact of technology, the role of government as a social safety net provider and the trend toward "self-service" in personal financial management.

Webcast Recording: $99 member/$119 non-member

The experience in the years following the level premium period is a critical assumption for pricing, setting GAAP benefit reserves and amortizing deferred acquisition expenses, analyzing asset adequacy and establishing statutory reserves under a principle-based approach. The Product Development Section, along with the Committee on Life Insurance Research, engaged RGA to examine the magnitude and impact of the "shock lapse" at the end of the level premium period. This webcast will present the results of this two-phase study and will include:

• the findings from a survey of the mortality and lapse assumptions used by actuaries for pricing and modeling level premium term products (Phase 1 of the study),
• analysis of shock lapse rate and mortality deterioration experience on a granular level, including, but not limited to, age, gender, rick class, premium jump and policy size,
• a comparison of survey results to actual experience results and
• a generalized linear model for developing shock lapse rate assumptions.

Webcast Recording: $99 member/$119 non-member

Traditional life insurance underwriting and issue processes have been an impediment to profitable sales in the mid-market. Most mid-market companies use rapid issue processes, which include very limited underwriting and may lead carriers to limit the size of the face amounts sold in order to mitigate the additional risk resulting from their underwriting practices.

Currently, companies have electronic underwriting tools, which allow them to perform fairly comprehensive risk screening and to issue a policy at the point-of-sale, but there is very little information available on what type of experiences companies are having with these systems.

This webcast presents the results of Phases 1 and 2 of the Study of Automated Life Insurance Underwriting sponsored by the following groups: Marketing and Distribution Section Council, Product Development Section Council, Reinsurance Section Council and Committee on Life Insurance Research, with Deloitte Consulting, LLP performing the research. The purpose of the study was to investigate industry interest for automated underwriting systems; examine how they are being used in the industry; and analyze company experiences with their systems. The following areas were explored:

• the purpose of automated underwriting, i.e. how it fits into each insurer's business goals,
• any operational efficiencies it produces,
• its impact upon insurance sales,
• quality of risk selection and claims experience from automated underwriting,
• any unexpected challenges and benefits and
• cultural acceptance of automated underwriting.

Webcast Recording: $99 member/$119 non-member

There are many reasons actuarial pricing practice has expanded in recent years. Various new regulatory requirements have played a part, as well as advances in industry understanding of how to adequately price for various risks embedded in our products. Although the industry still uses many different pricing techniques, risk-based or risk-neutral pricing is not new, but continues to evolve and is becoming increasingly popular. This session will focus on market-consistent pricing: What it is, how it compares to other pricing techniques, why it is growing in popularity and how it is being used by different companies.

Webcast Recording: $139

Systemic risk is the risk of the collapse of an entire financial system or entire market, as opposed to risk associated with any one individual entity. Risk systems consist of social institutions, laws, processes and products designed to facilitate the transfer, sharing, distribution and mitigation or hedging of risks between various buyers and sellers.

Examples of risk systems include insurance, banking, capital markets, exchanges, government health and retirement programs and private health and retirement programs. Historically, the effect of these risk systems is rarely analyzed in a manner that looks at the ability of the system itself to survive the extreme risk events and still carry out its function of creating an ongoing market for the exchange of risk. The failure of a risk system may be due to unbalanced incentives of its participants and/or the failure of trust amongst its participants. Emerging from the events in the last two years, is it possible to effectively develop early warning indicators that trigger beneficial actions in advance of a complete collapse of an entire financial system or market?

This session addresses this question and examines the ERM discipline and the essetial elements needed to maintain the functioning and viability of risk transfer systems in times of unusual stresses and unlikely events.

Webcast Recording: $139

Many plan sponsors have chosen to address the risks associated with sponsoring a defined benefit plan by freezing participation and/or benefits. This session will address when a plan freeze might be appropriate for a plan sponsor and what to do with a "soft" frozen plan until the "hard" freeze occurs. Effective techniques and considerations for communicating a plan freeze to participants, managing successor plans and dealing with nondiscrimination issues following a DB plan freeze are also discussed.

This virtual session recording is recommended to meet Enrolled Actuary continuing education requirements. While the sponsors of this program recommends this topic to satisfy 1.50 units of Core Continuing Education credit for Enrolled Actuaries, the final decision as to meeting this requirement rests with the Joint Board for the Enrollment of Actuaries.

EA credit: 1.50 Core

Note–The recording available for purchase is intended for individual viewing. Only one EA credit certificate will be issued per recording purchase.

Webcast Recording: $139

With the subprime credit crisis and ensuing economic crisis, counterparty risk has become a central issue in evaluating financial transactions. For many property and casualty insurance and reinsurance organizations, reinsurance counterparty risk represents the largest source of potential bad debt exposure. Traditional methods of evaluating this risk may fall short of rating agencies' and companies' internal needs.

This webcast will provide an overview of a transition matrix/recovery rate approach to evaluating reinsurance counterparty risk. Assumptions and parameter issues involving base-case and stressed scenarios will be discussed and a numerical example provided to enhance understanding of the methodology.

Webcast Recording: $99 member/$119 non-member

This webcast focuses on ways that boards and management can better understand the risks inherent in their incentive compensation plans through stress testing and modeling approaches. These approaches have been used to understand and assess risk in other contexts; it is a natural extension to apply them to compensation plans by evaluating the financial impacts of these plans under a variety of risky scenarios. This kind of stress testing can help companies gain the transparency required to comply with the SEC guidance. This webcast discusses different risk-adjusted metrics that companies may wish to consider using in their incentive compensation plans and how these metrics can better align risks and rewards; and practical implications of introducing these approaches to a company's compensation plan.

Webcast participants will gain an understanding of:

• the three pillars of Solvency II: an overview and update, focusing on current developments and outlook,
• company approaches for implementation,
• impact on underlying processes, systems, valuation models and controls and
• challenges and opportunities.

Webcast Recording: $99 member/$119 non-member

During this session an expert panel discusses the following topics:

• Structure of the ALM function within companies
• Tools used to measure risk and determine required return for risk
• Industry best practices
• How asset liability management can enhance the risk management process
• Advantages and disadvantages of various ALM tools and approaches.

This session presumes the participants are already familiar with ALM concepts. Following this session, participants will have an understanding of how ALM is used in the industry to both measure risk and to improve results.

Virtual Recording: $139/$159 non-member

In recent years considerable progress has been made toward the implementation of PBA for the determination of reserves and capital. The implementation of these approaches will have implications for a company's pricing, valuation and risk management. In addition, companies will need to supplement current experience studies and potentially develop or purchase more robust actuarial modeling software and hardware. Topics to be discussed include:

• Challenges in meeting valuation and financial reporting deadlines
• Documentation of results
• Pricing impacts
• Risk management applications
• Updating software and skill levels
• Managing the process.

Webcast Recording: $139

Gain practical insights/solutions which will help you increase the success rate of your projects-both large and small. Through experience gained from running large global projects and small project initiatives, Doris Orr provides practical insight to participants, which will make achieving successful projects very attainable and also fun! This session will outline simple strategies for project success and to show why these strategies are tricky to execute. It will also provide methods to remove the barriers of tricky execution.

In a small business or consulting firm, it is essential that you use your time and resources wisely. You don't have time (or client budget) to go back and re-do a failed project. This session will show you how to:

• Outline your project initiative so that it starts with the best chance to succeed
• Structure your project initiative most effectively-different structures for small and large projects will be reviewed
• Keep your finger on the pulse of the project and identify early warning signals for projects that are starting to derail
• Motivate yourself and your team by celebrating interim milestones-as part of the change psychology of projects

To make this session highly relevant, Orr will be showcasing some actuarial project case studies: one small single-person project initiative and one large global project initiative.. This will help participants relate to something that they perform as part of their work.

Webcast Recording: $99 member/$119 non-member

The second part of the series provides more advanced topics, including Future Benefits: Death Benefits and Qualified Additional Benefits and Computing the Section 7702 & 7702A Limitations: Adjustments & Material Changes. Under current federal income tax rules, life insurance death benefits paid to the beneficiary are free of federal income tax. In addition, the recognition of income earned, and hence taxed, inside a life insurance contract is deferred until the surrender of the contract and is limited to the gain in the contract (i.e., the excess, if any, of the cash surrender value over the policyholder's investment, or basis, in the contract). Thus, if the contract is held until the death of the insured, no income tax is payable at all.

The basis of this webcast will be the authoritative textbook, LIFE INSURANCE AND MODIFIED ENDOWMENTS UNDER IRC SECTIONS 7702 AND 7702A. The content explores: Requirements for Qualification as Life Insurance under the IRC and Computing the Section 7702 & 7702A Limitations (Interest, Mortality and Expense).

Webcast Recording: $99 member/$119 non-member

The first webcast in this series provides an in-depth introduction to the taxation of life insurance contracts. Under current federal income tax rules, life insurance death benefits paid to the beneficiary are free of federal income tax. In addition, the recognition of income earned, and hence taxed, inside a life insurance contract is deferred until the surrender of the contract and is limited to the gain in the contract (i.e., the excess, if any, of the cash surrender value over the policyholder's investment, or basis, in the contract). Thus, if the contract is held until the death of the insured, no income tax is payable at all.

The basis of this webcast will be the authoritative textbook, LIFE INSURANCE AND MODIFIED ENDOWMENTS UNDER IRC SECTIONS 7702 AND 7702A. The content explores: Requirements for Qualification as Life Insurance under the IRC and Computing the Section 7702 & 7702A Limitations (Interest, Mortality and Expense).

Webcast Recording: $99 member/$119 non-member

This webcast will present the results of the two surveys on foreign travel underwriting practices (direct and reinsurance companies) conducted by the Foreign Travel Survey Subcommittee of the Society of Actuaries (SOA) Committee on Life Insurance Mortality and Underwriting Surveys. The intent of the direct survey was to gather information on direct writers' views and current practices with respect to underwriting for foreign travel, their use of reinsurance and their statistical reporting practices so that the potential for conducting mortality or other studies could be evaluated. The intent of the reinsurance survey was to gather information on reinsurers' views and current practices with respect to underwriting for foreign travel, their use of retrocession and their statistical reporting practices so the potential for conducting mortality or other surveys could be evaluated.

Webcast Recording: $99 member/$119 non-member

Improving health care quality through evidence-based medicine is one of the leading ideas for reducing health care spending. Actuaries can help analyze the feasibility and long-term sustainability of proposed plans. That insight can help in understanding where the past problems were and how to best mitigate these risks in the future. In this session, you will learn how actuaries are contributing to the measurement of quality and evidence-based medicine.

Virtual Recording: $139/$159 non-member

The consumer is a key, if not the key stakeholder in the health care system today. Yet, most health care consumers are at best confused by the system–at worst overwhelmed by it–and unable to make key decisions affecting their health and the health of their families. Many factors drive consumer behaviors and many more factors have a high correlation with certain behaviors. This session will help actuaries understand these causes and correlations to improve predictive modeling skills and their connection with the market

Virtual Recording: $139/$159 non-member

This webcast provides the opportunity to hear various perspectives on the initial application of AG 43 and the lessons learned by actuaries who went through the implementation process. Experiences are shared from the viewpoints of the valuation actuary, the consultant and the regulator to learn from the observations of each. The presenters discuss the practical issues encountered on adoption and the common trends observed across companies.

Webcast Recording: $99 member/$119 non-member

Guarantees in variable annuities have a lot of risks and sometimes generate large losses. While actuaries are comfortable with traditional actuarial pricing techniques there are elements in these products that are beyond fundamental law of large numbers principles. This session includes discussions on mitigating product risks before hedging and understanding the pitfalls of some pricing approaches.

Virtual Recording: $139/$159 non-member

Using a series of real case studies, the panel discusses professionalism issues that may arise in the course of an actuary's every day work. The panel provides viewers with an awareness of the multitude of professionalism resources available to actuaries as they navigate professionalism in their day-to-day work, along with thoughts on how those resources can be applied and interpreted.

Virtual Recording: $139/$159 non-member

The results of the recent survey on Early Duration Claims Practices for life insurance will be presented on the May 5. Participants will examine early duration claims with respect to underwriting practices, claims practices, monitoring methodologies and mortality experience. For purposes of this survey, the first five policy years were considered as early durations. And responses from both direct companies and reinsurers were obtained. Companies representing over two–thirds of recent individual life insurance–issued participated in this survey.

The survey found the best indicators of early claims were: driving risk and alcohol & drug abuse at the younger adult ages, and cancer and cardiovascular disease at older ages.

This webcast will be of interest to those in: product development, financial reporting, reinsurance, actuaries and other professionals involved in administering early duration claims.

Webcast Recording: $99 member/$119 non-member

The Internal Revenue Service released Notice 2010-29 that provides guidance to issuers of variable annuity products on issues, which arise under sections 807 and 816 of the Internal Revenue Code because of the adoption of NAIC Actuarial Guideline 43. Join Society of Actuaries' Taxation Section Chairperson, Christian DesRochers (LECG/SMART) as he hosts Peter Winslow (Scribner, Hall, & Thompson, LLP) and Mark Smith (Office of Tax Policy, Treasury Department) in an informative discussion of this guidance.

Webcast Recording: $99 member/$119 non-member

Managing for successful retirement requires building up enough assets and using them appropriately in retirement. Retirees face a wide range of post-retirement risks. Society of Actuaries' (SOA) research provides information to help stakeholders in the retirement system understand these risks and insights to help in their management. Central to this research is the biennial SOA Risks and Process survey.

The presenters will discuss the survey results, how the 2009 survey responses compare to other research including the surveys from prior years as well as:

• Providing insight into Americans' awareness of potential financial risks in retirement
• How they were affected by the recent financial crisis
• How they plan to manage their finances with respect in retirement
• How people are leaving the workforce

The 2009 survey's special emphasis on planning for retirement and the impact of the recent economic decline is particularly important in light of the diverse views held today. Specifically with regard to how much retirement security has been affected. We will focus on the implications for actuaries in their role assisting the employers, public, financial service organizations and media in managing the risks of retirement income security.

This webcast recording is recommended to meet Enrolled Actuary continuing education requirements. While the sponsors of this program recommends this topic to satisfy 1.80 units of Non-core Continuing Education credit for Enrolled Actuaries, the final decision as to meeting this requirement rests with the Joint Board for the Enrollment of Actuaries.

EA credit: 1.80 Noncore

Note–The recording available for purchase is intended for individual viewing. Only one EA credit certificate will be issued per recording purchase.

Webcast Recording: $99 member/$119 non-member

Most corporate pension plans are underfunded and plan sponsors are wondering whether to fund more than minimum requirements and wondering what to do while cash to make contributions is difficult to come by. Making additional contributions will often make good sense and issuing debt to enable those contributions can improve a company's bottom line. Also many plan sponsors have made or are evaluating making contributions of their own stock to their pension fund. This session will discuss the pros and cons of these two ideas and will review case studies for both GM and JC Penney.

This webcast recording is recommended to meet Enrolled Actuary continuing education requirements. While the sponsors of this program recommends this topic to satisfy 1.80 units of Non-core Continuing Education credit for Enrolled Actuaries, the final decision as to meeting this requirement rests with the Joint Board for the Enrollment of Actuaries.

EA credit: 1.80 Noncore

Note–The recording available for purchase is intended for individual viewing. Only one EA credit certificate will be issued per recording purchase.

Webcast Recording: $99 member/$119 non-member

The U.S. health care system's quality and efficiency are highly visible and important. Measurement of these attributes is continuing to expand and programs are evolving quickly. New developments will be discussed during the webcast, including enhanced quality measures, metrics on physician quality, pay–for–performance pilots, and alternative networks.

To assess the current state of these complicated and changing developments, the Society of Actuaries (SOA) Health Section and Solucia Consulting co–sponsored a research project. Researchers Sheryl Coughlin, Ian Duncan, and Greger Vigen identified nearly 100 organizations and over 160 programs and products that measure the quality and efficiency of physicians and hospitals. This project, "Measurement of Healthcare Quality and Efficiency: Resources for Healthcare Professionals" was published during Fall 2009. Accompanying the report is a 300–page Inventory of Organizations that surveys various organizations including web links, products and systems focused on the measurement of healthcare quality and efficiency. A second phase of the study is underway and future efforts under discussion include comparative application of the tools.

The presentation will introduce the study and discuss various measurements of healthcare quality and efficiency for interested practitioners. The webcast will:

• Review recent developments in Quality & Efficiency measurement
• Describe organizations and tools that support quality and efficiency measurement
• Discuss potential applications for actuaries

Webcast Recording: $99 member/$119 non-member

The rapid emergence of a novel H1N1 influenza virus and ongoing concerns about the H5N1 avian flu virus have heightened awareness of the substantial societal costs of pandemic influenza and the severe strain influenza places on the health care system. The SOAs' Committee on Life Insurance Research, Health Section and Joint Risk Management Section has sponsored a research project to help stakeholders better understand the potential impact of pandemic influenza on both private and public payers in the US health care system, focusing on the moderate and severe pandemic scenarios published by the US Department of Health and Human Services.

In order to assist individual insurers in estimating their potential exposures during a specific pandemic, an individual company spreadsheet tool has been developed based on the SOA research. This webcast will demonstrate how to use the company tool to gain insight into demand, cost, and reserving questions. The company tool breaks down the assumptions into three broad areas:

• scenario assumptions,
• provider assumptions, and
• payer assumptions.

By adjusting baseline assumptions to take into account company specific conditions and views, users can arrive at estimated costs over the course of a pandemic, IBNR implications, and potential system capacity constraints.

Webcast Recording: $99 member/$119 non-member

Central to much of the quantitative work performed by actuaries is the forecasting of economic variables, notably interest rates and inflation and associated financial market returns. This panel discussion looks at the various tools available to actuaries for these forecasts.

The presentation will include discussion on the following:

• Types of model
• Target setting and calibration
• Nested stochastic simulation
• Modeling efficiency and variance reduction techniques

They will also examine the various techniques and identify in what circumstances and for what purposes these techniques may be appropriate. And what they are seeing in practice, looking at the techniques used in various industries (including pensions, life insurance, P&C insurance and banking) around the globe.

Webcast Recording: $99 member/$119 non-member

Are you curious about the impact of Federal Regulation on Credit Insurance and Debt Protection Products?

Do you know what effect a Principle—Based Approach will have on Credit Insurance?

How has the emergence of bank products known as Debt Protection affected Credit Insurance?

Credit Protection is not what it used to be. Issues such as industry consolidation, refund litigation, HOEPA, "predatory lending" legislation, and the emergence of debt protection products have all had a profound effect on the credit insurance industry.

The presenters will take a quick look back to the origins of credit insurance and how it has evolved. They will provide an overview of current insurance products, production, valuation and experience reporting. We will also begin to discuss lender-provided debt protection. Finally, the effects of the current regulatory environment and economic trends will be examined for the presenters' vision on the future of the credit insurance and debt protection industry.

Webcast Recording–Marketing and Distribution Section Members: $69
Webcast Recording–All others: $99 member/$119 non-member

Compliance with the Illustration Testing Model Regulation can be tough for both new and experienced Illustration Actuaries. Many actuaries wonder if they are not alone in their concerns and are curious about what other actuaries are doing to comply with the Model Regulation and ASOP 24.

Help is on the way.

This webcast will focus on the recently updated Illustration Testing Practice Notes, highlighting changes and updates made, as well as helping actuaries with current issues they may be facing when gearing up for illustration testing. The panel includes members of the workgroup responsible for updating the practice notes.

The objectives of this webcast are:

• Review of Illustration Model Regulation, ASOP 24, and Generally Recognized Expense Table
• Review updated illustration practice notes
• Offer information about illustration testing to actuaries dealing with illustration testing compliance
• Provide a forum for questions to be asked of the panel regarding the practice notes

Webcast Recording–Product Development Section Members: $69
Webcast Recording–All others: $99/$119 non-member