With several companies currently under Fed regulation, several more facing the possibility of designation as a systemically important financial institution (bringing them under the Fed's regulatory framework) as well as NAIC risk management changes being discussed, there are many risk management and regulatory changes currently on the horizon for the life insurance industry. This session will cover Fed regulation topics such as CCAR, model validation and living wills. The session will also cover NAIC ORSA. At the conclusion of the session, attendees will be able to explain the impacts of Fed regulation on risk management.

The recent economic environment has made it difficult for many products to project material accumulation potential, placing an increased focus on protection products. At the same time, changes to AG38 have forced product changes in 2013 for ULSG writers. Term and ULSG are feeling the pains of new valuation rates and low interest rates.

Regulatory change is nearly constant for the life insurance industry. Keeping up with the latest developments is challenging, but key for product actuaries. This session will update attendees on the latest U.S. life insurance and annuity regulatory and/or tax code changes affecting product development. At the conclusion of the session, participants will be able to understand the latest regulatory and tax developments in the industry.

The session will begin with an overview of the emerging experience in the post level period and the key drivers of that experience. Analysis of the impact of this experience on profitability and ways to manage the resulting profitability will next be addressed. Audience interaction will be expected as the presenters will be well-prepared to address questions and comments from the audience.

How well is our industry competing against other industries for capital? What are the key trends seen impacting our industry? Capital or debt markets: Which will bear more fruit? What are the macroeconomic trends that will drive our fate in the future? Both Canadian and U.S. perspectives will be covered.

The recent economic environment has made it difficult for many products to project material accumulation potential, placing an increased focus on protection products. At the same time, changes to AG38 have forced product changes in 2013 for ULSG writers. Term and ULSG are feeling the pains of new valuation rates and low interest rates. At the conclusion of the session, attendees will be able to see how the protection market is progressing and identify the current issues facing protection product development.

Specifically, this session will highlight the "Opportunist," "Planners" and "Protectionist” segments established in phase 1 of the research and give some insight into phase 2. The stage will also be set for further analysis regarding the middle income market potential for annuities. What are the biggest hurdles to penetrating this market? Has the middle market been left behind in the pursuit of high-net-worth clients, or has the middle market turned its back to annuities in the wake of the financial crisis? Don't miss this opportunity to find out what's going on with life insurance and what's coming up next with annuities regarding the middle market.

The favorable demographics of an aging baby boom generation entering retirement and rising taxation rates present opportunities for unparalleled growth from products such as income oriented annuities, supplemental health and estate planning oriented life insurance. At the same time, many insurers find themselves saddled with large blocks of under-performing liabilities such as variable annuities with living benefits, long-term care and no-lapse universal life that will strain their balance sheets and depress returns for years, if not decades to come. Adding to the challenge is the prospect of a period of prolonged low long-term interest rates and relatively tight credit spreads. To manage successfully through this will necessitate making tough choices regarding product offerings, expense structures and distribution outlets. It will also require patience and careful managing of stakeholder expectations be they shareholders, regulators or rating agencies. The industry will also need to come to grips with private equity firms - are they friend or foe?

The American Council of Life Insurers and The Society of Actuaries have joined forces creating a senior-level meeting for direct and reinsurance company constituents. ReFocus 2013: See the Future First, is an industry conference focusing on insurance issues that impact the life insurance industry. ReFocus 2013 brings together top industry professionals to share expertise and provide a venue for prime networking. ReFocus 2013 allows attendees to gain a competitive advantage, while learning creative solutions to global challenges.

The economic value of life insurance companies has been impacted by the low long-term interest rate environment. The stock market capitalization of life insurance companies has been reduced significantly from their historical norms. From lowering spreads on products with current and guaranteed credited interest rates, increasing the present value of long term benefits on fixed premium products (i.e., Long Term Care) to increasing the cost of hedging on variable annuity products, low long term interest rates have had an impact on the profitability of in-force products, as well as, the pricing and market viability of new products. This group of industry executives will discuss how their companies are coping with this issue, whether they believe it is temporary due to the actions of the federal reserve, and their view on the impact these low long term rates should have on the hurdle rates (i.e., discount rates) that should be used in assessing the value of life insurance companies.