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Agenda Day 2

Wednesday, September 7
11:45 a.m. – 1:30 a.m.

Presenter(s): Randy H. Hardock, Davis & Harmon LLP

A Washington Update: the Election, Tax Reform, and Prospects for the Life Insurance Industry

Session Coordinator(s)

Facilitator(s)

2:30 p.m. – 2:45 p.m.

Session Coordinator(s)

Facilitator(s)

Thursday, September 8
8:00 a.m. – 9:00 a.m.

Session Coordinator(s)

Facilitator(s)

8:45 a.m. – 9:00 a.m.

Presenter(s): Brian King, Ernst & Young, LLP

Session Coordinator(s)

Facilitator(s)

9:00 a.m. – 10:15 a.m.

Presentation(s): View Presentation

Presenter(s): Brian King, Ernst & Young, LLP; Craig Springfield, Davis & Harman, LLP, Sheryl Flum, KPMG; Mandana Parsazad, American Council of Life Insurers; Alexis MacIvor, IRS Office of Chief Counsel

Topics to include:

  • Section 7702 mortality requirements
  • Mortality requirements under the Valuation Manual
  • 2017 CSO Mortality Tables
  • Material change rules revisited

Session Chair:  Brian King, Ernst & Young, LLP

Session Coordinator(s)

Facilitator(s)

10:15 a.m. – 10:30 a.m.

Session Coordinator(s)

Facilitator(s)

10:30 a.m. – 11:45 a.m.

Presentation(s): View Presentation

Presenter(s): John Adney, Davis & Harman LLP; Craig Springfield, Davis & Harman, LLP; Mary Elizabeth Caramagno, Prudential Insurance Company; John Glover, IRS Office of Chief Counsel

Topics to include:

  • Webber v. Commissioner - the "frozen" policy in the investor control case
  • Combination products: basis and ROPs
  • Treatment of riders and their charges
  • Continuing issues in the definition of cash surrender value
  • "Reasonable" mortality and expense charges: living outside the safety net

Session Chair: John Adney, Davis & Harman LLP

Session Coordinator(s)

Facilitator(s)

12:00 p.m. – 12:00 p.m.

Presentation(s): View Presentation

Presenter(s): Mark Smith, PWC; Eric Lanning, Lincoln Financial; Ann Cammack, Ernst & Young, LLP; Alexis MacIvor, IRS Office of Chief Counsel

Variable contract requirements

  • Diversification and investor control - Generally
  • Investor control: Who really owns the assets?
  • Case studies:
    • The facts in Webber v. Commissioner
    • Real-life issues for life insurers and policyholders

Session Chair:  Mark Smith, PWC

Session Coordinator(s)

Facilitator(s)

1:30 p.m. – 2:30 p.m.

Presentation(s): View Presentation

Presenter(s): Daniela Stoia, Davis & Harman LLP; Brian King, Ernst & Young, LLP; Steve Dicke, Scribner, Hall & Thompson, LLP; Katherine A, Hossofsky, IRS Office of Chief Counsel

Remediation of Failed Annuity and Life Insurance Contracts

  1. Implications of failed life insurance and annuity contracts
  2. Avenues for correcting failed annuity contracts
  3. Avenues for correcting failed life insurance contracts and inadvertent MEC's

Session Chair: Daniela Stoia, Davis & Harman LLP

Session Coordinator(s)

Facilitator(s)

2:45 p.m. – 4:00 p.m.

Presentation(s): View Presentation

Presenter(s): Bryan Keene, Davis & Harman LLP; Shannon Gamache, Mass Mutual; Rebecca Baxter, IRS Office of Chief Counsel

Suggested topics to include:

  • QLAC and DIAs
  • LTR 201424014-Annuity Treatment for Term Certain Variable Payout
  • LTR 201515001- Diversification and investor control
  • DOL fiduciary Rules
  • Other recent IRS guidance

Session Chair: Bryan Keene, Davis & Harman LLP

Session Coordinator(s)

Facilitator(s)

4:00 p.m. – 4:15 p.m.

Session Coordinator(s)

Facilitator(s)

4:15 p.m. – 5:00 p.m.

Presenter(s): Brian King, Ernst & Young, LLP; Alexis MacIvor, IRS Office of Chief Counsel; All speakers have been invited to participate

Session Chair: Brian King, Ernst & Young, LLP

Session Coordinator(s)

Facilitator(s)

5:30 p.m. – 7:00 p.m.

Session Coordinator(s)

Facilitator(s)

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