Description: This session will kick off the key National Association of Insurance Commissioners (NAIC) activities, with a primary focus on updates to principle-based reserve valuations and appointed actuary topics. The presenters will provide insights into the current set of activities and initiatives being considered by the NAIC Life Actuarial Task Force (LATF) and Life Risk-Based Capital Working Group, as well as activities being undertaken by American Academy of Actuaries committees and work groups.

Description: 2021 ImpACT Conference - Session 11E: Real World ESGs and the NAIC's ESG Project 10.28.21 Recording

Description: 2021 ImpACT Conference - Session 14B: IFRS 17- Restructuring the Corporate Operating Model 10.29.21 Recording

Description: 2021 Life Meeting - Session 1C: Earnings Pressure Impact on Annuity Product Development and the Insurance-Linked Securities Market

Description: 2021 Life Meeting - Session 8E: Insurance M&A Valuation Methodologies and Considerations 9.1.21 Recording

Description: Accounting Standards; Valuation Actuary

Description: Recent regulatory developments and ASOP 56 have reinforced the need for robust governance over actuarial models, but there is no one-size-fits-all solution. Design and implementation of an efficient and sustainable model governance framework requires customizing various aspects (e.g., risk rating system, ownership and responsibilities, usage of testing and documentation templates) to fit each company's unique culture and organizational structure.

Description: With just under 18 months to go until IFRS 17 takes effect for much of the global insurance industry, insurers are deep into their implementation journeys. There have been significant hurdles to overcome along the way, and many are now starting to test their newly-developed systems and processes through dry runs as they construct provisional opening balance sheets and income statements. The dry runs will be a key milestone for the program, but there are still significant challenges ahead. In this session, we will hear from industry practitioners, both on the direct-writer and reinsurance side of the industry, about their implementation experiences to date, where they are currently focusing their efforts, and what risks lie ahead.

Description: The National Association of Insurance Commissioners (NAIC) has developed the Group Capital Calculation (GCC) for U.S.-based insurance groups since late 2015. GCC is designed to provide a coherent analytical framework to show a panoramic, transparent view of the interconnectedness, business activities and underlying capital support for an insurance group. The last field testing was completed in May 2019. The final proposal was adopted in late 2020. The Federal Reserve Board (FSB) also recently updated the group capital standard to an aggregation method, which is similar to the NAIC GCC. The Insurance Capital Standard (ICS) is under the development by International Association of Insurance Supervisors (IAIS) for Internationally Active Insurance Groups (IAIGs). It has entered the five-monitoring period from January 2020 to monitor the performance of the ICS V2.0 and the IAIS will perform a comparability assessment of the ICS V2.0 with the Aggregation Method (e.g. NAIC GCC) during this period.

Description: 2021 Life Meeting - Session 4E: LDTI Earnings Analysis for Life Products 8.31.21 Recording