Description: Guy Thomas develops the theory of “loss coverage,” which is a measure of the extent to which potentially insurable losses are actually compensated by insurance. His main points of difference are: a) Adverse selection in insurance is usually weaker that most commentaries suggest … b) From a public, policy perspective, ‘weak’ adverse selection in insurance is a good thing. … c)… some restrictions on risk classification are a good thing in some insurance markets

Description: A high-level overview of the recent release of the update to the illustration practice notes, or IPNs.

Description: This article provides an alternative method to the computation of the Reduction in Benefits Test under 7702A. Part 1 provided for reduction in death benefits. Part 2 provides for reduction in Qualified Additional Benefits.

Description: Explore various aspects of the Asian reinsurance market in this webcast. Learn about the landscape within the market as speakers cover key topics like product perspectives, structured solutions and emerging trends and issues. Take an in-depth look at the post COVID-19 impact, as well as regulatory considerations that could affect the Asian reinsurance industry. Secure your spot in this opportunity and dive into the direction of this marketspace.

Description: In discussing the contemporary reactions to this regulation, as well as how EU-based insurance firms adapted to the shift, this segment will invite us to question our assumptions on the role of gender-based pricing in the future of the industry. In the latter half of the presentation, we will delve into the challenges faced by LGBTQ+ individuals when accessing life, health, and auto insurance.

Description: In the light of growing adoption of AI in life insurance and with it a growing emphasis on the need to safeguard the data used against reidentification,traditional approaches to de-identifying data mitigate these risks but often fail to protect against more sophisticated attacks. Find out more about data anonymization methods, geographic differences in regulation (PIPEDA, HIPAA) and special considerations when dealing with particular data types By attending the session, you will: Gain knowledge of various data anonymization techniques and understand the differences in how data anonymity is defined across different regulatory schemes.

Description: in the insurance industry, machine learning models are increasingly used to make decisions that affect people's lives. In order to ensure that models are fair, they should be audited for bias. There are no hard and fast rules for bias audit; metrics that can be used to evaluate fairness vary depending on the context in which the model is deployed. The presenters in this session present a flexible framework that highlights key considerations in bias evaluation that can be adjusted to suit your process.

Description: The article provides an introduction to some of the key limitations that the Internal Revenue Code imposes on business uses of life insurance, focusing on the limitations under Section 264(a) on business deductions for premiums and interest expenses related to life insurance, the similar limitations under Section 264(f) for unrelated interest expenses of businesses that own life insurance, the limitations under Section 101(j) on the excludability of death benefits under employer-owned life insurance contracts, and the recently-enacted rules for life settlement transactions.

Description: The Society of Actuaries will be offering this webinar series intended to educate and investigate aspects of life insurance, annuity, and long-term care product tax compliance. Developed by the Taxation Section, participants will be brought up to date on recent Internal Revenue Service (IRS) guidance and learn about the newest tax issues related to product design and administration. Legal, IRS and product development experts will provide vital insights into the challenges of developing and administering products within the requirements of the Internal Revenue Code (IRC) and allow ample opportunities for questions and information exchange. This session will feature legal, tax, actuarial and compliance experts. Recent legislative changes will be emphasized, including the Consolidated Appropriations Act changes to IRC Section 7702 and other items/questions that experts have seen increased industry activity.

Description: Recent developments in automation capability have opened the door to improvements in the way that companies are able to monitor compliance with Internal Revenue Code (IRC) Section 7702. Further automation of Section 7702 testing allows for less input, more policy testing, and significant reductions in manual processes and risks associated with them. As technology has improved, and computing power become virtually limitless, the insurance industry can take advantage of these new technologies to improve and enhance 7702 capabilities. The result can be an easier, faster and more comprehensive process that will be more scalable across products. By attending the session, you will: - Understand the basics IRC 7702 calculations and computational limitations on traditional solutions. - Identify the features that make low-code/no-code solutions unique and their uses in an actuarial context. - Apply the pros and cons of low-code/no-code (LCNC) solutions in a 7702 context.