Agenda Day 2

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Monday, August 29
7:00 a.m. – 4:00 p.m.
7:00 a.m. – 8:00 a.m.

Presentation(s): View Presentation

Session Sponsor(s): Taxation Section

Moderator(s): Brian McBride, FSA, MAAA

Presenter(s): Graham Green; Ivan Thomann

Please join us for breakfast to interact with your fellow Tax Section members and learn about the IRS Large Business and International Division (LB&I) reorganization and the new approach to company examinations. 

This breakfast is open to all meeting attendees. If you plan to attend, you must register in advance to obtain a ticket.

Session Coordinator(s) Jacqueline F. Yang, FSA, MAAA, ACIA

Facilitator(s)

Moderator(s): Bryan Neil Amburn, FSA, MAAA

Presenter(s): Bryan Neil Amburn, FSA, MAAA

Join section leaders for an update on recent section activities, and preview Valuation Actuary Symposium sessions that will be of interest to the smaller company actuary.

This breakfast is open to all meeting attendees. If you plan to attend, you must register in advance to obtain a ticket.

Session Coordinator(s) Bryan Neil Amburn, FSA, MAAA

Facilitator(s)

8:00 a.m. – 9:30 a.m.

Presentation(s): View Presentation

Credits: 1.80 CPD

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Lo Linda Chow, FSA, MAAA

Presenter(s): Lo Linda Chow, FSA, MAAA; Gwendolyn Gibbs Hart, ASA; Nilesh Mehta, FSA, MAAA

Experience Level: Intermediate

Previously, most companies have priced LTC products with claims cost factors and filed them as such. This has led to valuation models being based off of these factors. Improvements in experience studies have led to the ability to track assumptions for morbidity, mortality on claim and recoveries explicitly. At the same time, computing power and software advances have led to the ability to model these assumptions explicitly for a "first principles" valuation approach.  How exactly does a company make the move from a claims cost valuation model to one based on first principles?  What is the underlying rationale to move to such a model?  What are the actuarial complexities that arise from such a model?  What are the regulatory hurdles?  And how do you get comfort with this approach? Attend this session to hear a discussion of these questions and more.

At the conclusion of the session, attendees will be able to identify the issues when moving to a first principles model. They will be able to put more constructive thought about the design of such a model.

Session Coordinator(s) Lo Linda Chow, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.80 CPD

Competency: External Forces & Industry Knowledge

Moderator(s): Jeremy James Kush, ASA, MAAA

Presenter(s): Jeremy James Kush, ASA, MAAA; Michael John Gaal, FSA, MAAA

Experience Level: Intermediate

Presenters at this interactive forum will address areas of market instability and uncertainty in the health insurer market place, including:

  • Implications of health insurer and co-op insolvencies;
  • Exchange dynamics; and
  • Evolving ACA laws and rules.

At the conclusion of this session, attendees will understand implications of market instability experienced within health insurance marketplaces, as well as the valuation actuary's role in assessing and communicating associated risks and uncertainty.

Session Coordinator(s) Kristen Walter-Wright, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.80 CPD

Competency: Results-Oriented Solutions

Moderator(s): Thomas Q. Chamberlain, ASA, MAAA

Presenter(s): Ronora E. Stryker, ASA, MAAA; Thomas Q. Chamberlain ASA, MAAA

Experience Level: Intermediate

Experts at this session will discuss the results of the Actuarial Models Governance Survey sponsored by the Modeling Section. Final results will not yet have been published, so this will be a sneak peek.

At the conclusion of the session, attendees will be able to understand the different types of model controls, assess how the industry implements those controls and determine how to best apply those controls.

Session Coordinator(s) Eric Schwartz, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.80 CPD

Competency: Professional Values

Moderator(s): James A. Miles, FSA, MAAA

Presenter(s): Mike A. Boot, FSA, MAAA; Larry N. Stern, FSA, MAAA; James A. Miles, FSA, MAAA

Experience Level: All

You have worked in the same department since you received your actuarial designation. You have attended sessions at SOA meetings each year and you even took some notes. You have read every Financial Reporting Section and Reinsurance Section newsletter. You recently listened to a webcast on a new ASOP. The SOA online directory shows that you are compliant. Your company and you are being sued. The plaintiff's attorney asks if you are a qualified actuary. How would you respond?

At the conclusion of the session, attendees will be able to explain what it means to be a qualified actuary.

Session Coordinator(s) James A. Miles, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.80 CPD

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Mark William Birdsall, FSA, MAAA, FCA

Presenter(s): Mark William Birdsall, FSA, MAA, FCA; Marianne C. Purushotham, FSA, MAAA

Experience Level: Intermediate

Predictive modeling is a tool for developing assumptions that are robust and responsive to stochastic modeling methods. By incorporating both traditional and non-traditional data, experts at this session will describe methods for developing dynamic functions of full surrender and GLWB utilization for variable annuities (VAs) with guaranteed lifetime withdrawal benefits (GLWBs). The technique of applying cluster analysis will demonstrate a process for applying the VA with GLWB full surrender results to fixed indexed annuities (FIAs) with guaranteed lifetime income benefits (GLIBs) .

At the conclusion of the session, attendees will be able to understand the potential use of new tools for analyzing policyholder behavior and reshaping experience studies. They will also understand the process for adapting one product type to another product type with similar characteristics. 

Session Coordinator(s) Mark William Birdsall, FSA, MAAA, FCA

Facilitator(s)

Credits: 1.80 CPD

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Neel Patel, FSA, MAAA

Presenter(s): Aaron Joseph Sarfatti, ASA; David Wiland, FSA, MAAA, CERA

Experience Level: All

Participants at this session will discuss ways to address typical issues encountered during the variable annuity statutory reserving and risk-based capital reporting process. The objective is for attendees to gain an understanding of how others in the industry are addressing similar situations regarding Actuarial Guideline 43 (AG 43) or C-3 Phase II (C3P2).

At the conclusion of the session, attendees will be able to more fully understand how to overcome common issues faced in the variable annuity reserving and capital reporting process.

Session Coordinator(s) Nathan Campbell, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.80 CPD

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): John A. Luff, FSA, FCIA, MAAA

Presenter(s): Dieter S. Gaubatz, FSA, FCIA, MAAA

Experience Level: Intermediate

The underwriting score is one element in setting reserves in principle-based reserving. An Excel workbook that effects the calculation of the score has been available for some time. An online version of the tool has been developed and will be presented at this session. Details of the calculation will also be shared.

At the conclusion of the session, attendees will be able to:

  • Begin preparing for use of the UCS under PBR through the use of the online version of the calculator;
  • Understand the basis for the calculation; and
  • Describe the evolution of the calculator from the Excel to the online version.

Session Coordinator(s) John A. Luff, FSA, FCIA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.80 CPD

Competency: External Forces & Industry Knowledge

Moderator(s): Russell B. Menze, FSA, MAAA

Presenter(s): Thomas Colbrook, FSA, MAAA; Alan J. Routhenstein, FSA, MAAA; Xueli Zhang, FSA, MAAA

Experience Level: Intermediate

Insurance companies have been adjusting to the modeling and reporting requirements resulting from the adoption of Actuarial Guideline 48 (AG 48). However, with the impending effective date of life insurance principle-based reserves (PBR) under VM-20, will there be a need for statutory reserve or capital relief from captive reinsurance?  Will AG 48 be obsolete two years after its effective date? Experts at this session will discuss the current and future applicability of AG 48 and the potential need for statutory captive reinsurance solutions in the post-VM-20 era.

At the conclusion of the session, attendees will be able to understand:

  • The current implications of AG 48;
  • The future implications of AG 48 following effective date of PBR; and
  • The possible applicability of captive reinsurance solutions following effective date of PBR.

Session Coordinator(s) Russell B. Menze, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.80 CPD

Competency: External Forces & Industry Knowledge

Moderator(s): David E. Neve, FSA, MAAA, CERA

Presenter(s): Thomas A. Campbell, FSA, MAAA, CERA; Donna R. Claire, FSA, MAAA, CERA; David E. Neve, FSA, MAAA, CERA

Experience Level: All

Presenters at this session will provide an overview of current statutory valuation issues pertaining to life and annuity products (the major valuation issues for the current year are introduced and covered at subsequent sessions). They will focus on activities of the AAA relative to principle-based approaches, but other matters will also be covered.

At the conclusion of the session, attendees will have a broad understanding of current statutory valuation issues.

Session Coordinator(s) Doug Robbins, FSA, MAAA

Facilitator(s)

10:00 a.m. – 11:30 a.m.

Presentation(s): View Presentation

Credits: 1.80 CPD

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Robert T. Eaton, FSA, MAAA

Presenter(s): Roger Loomis, FSA, MAAA; Missy A. Gordon, FSA, MAAA

Experience Level: All

Valuation actuaries with responsibility for LTC blocks have seen large swings in projection assumptions over the past 15 years. Experts at this session will explore the causes behind these swings and will examine what LTC modelers may anticipate in setting assumptions in the future, whether for cash flow testing or establishing premium deficiency reserves.

At the conclusion of the session, attendees will be able to identify the causes behind swings in LTC block projection assumptions and state what may be anticipated when setting assumptions in the future.

Session Coordinator(s) Robert T. Eaton, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.80 CPD

Competency: Strategic Insight and Integration

Moderator(s): David M. Liner, FSA, MAAA, CERA

Presenter(s): Patrick Dooling; Daniel J. Perlman, FSA, MAAA

Experience Level: Intermediate

The Affordable Care Act (ACA) includes risk mitigation mechanisms, collectively known as the 3R's, for individual and small group health insurance markets. While the 3R's intended to provide market stability, health plans faced many challenges when developing risk adjustment, risk corridor, and reinsurance estimates for 2014 and 2015 financial statements. Presenters at this session will review industry actual-to-expected results for 3R financial statement values and discuss best practices for developing 3R financial statement estimates.

At the conclusion of the session, attendees will be able to apply an actual-to-expected analysis of financial statement estimates to improve the estimate of future ACA risk mitigation program financial statement items.

Session Coordinator(s) Courtney R. White, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.80 CPD

Competency: Results-Oriented Solutions

Moderator(s): Dean K. Slyter, FSA, MAAA

Presenter(s): Stephen J. Bochanski, FSA, MAAA, CERA; Dean K. Slyter, FSA, MAAA

Experience Level: All

Actuaries are being asked to provide meaningful results and analysis faster and with more information.    Insurance companies are transforming their actuarial processes to achieve this. Experts at this session will share transformation stories and lessons that led to success.

At the conclusion of the session, attendees will be able to implement actuarial transformation at their company, find areas for transformation and make a case for the transformation effort.

Session Coordinator(s) Dean K. Slyter, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.80 CPD

Competency: External Forces & Industry Knowledge

Moderator(s): Thomas Q. Chamberlain, ASA, MAAA

Presenter(s): Thomas Q. Chamberlain, ASA, MAAA; Robert G. Frasca, FSA, MAAA, Hoi Yan Kwan, FSA, MAAA; Leonard J. Reback, FSA, MAAA

Experience Level: All

Experts at this session will discuss the most recent developments with U.S. GAAP reporting.

At the conclusion of the session, attendees will be able to describe recent developments in U.S. GAAP and the practical aspects of emerging issues.

Session Coordinator(s) Sam Keller, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.80 CPD

Competency: Results-Oriented Solutions

Moderator(s): Maria Itteilag

Presenter(s): Maria Itteilag; Sam M. Steinmann, ASA, MAAA, CERA

Experience Level: Intermediate

Presenters at this session will provide an overview of potential frameworks for developing, governing and managing assumptions across departments.They will use sample case studies to show how organizations have improved the consistency and transparency of the assumption setting process by restructuring the way assumptions are approved and monitored.

At the conclusion of the session, attendees will be able to:

  • Evaluate whether their organization has opportunities to restructure their assumption governance framework to streamline the assumption-setting process;
  • Identify weaknesses in their current assumption management process; and
  • Explain to both actuarial and non-actuarial executives the benefits of a formally defined assumption process framework.

Session Coordinator(s) Maria Itteilag

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.80 CPD

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Timothy S. Paris, FSA, MAAA

Presenter(s): Robert Andrew Barg, FSA, MAAA; Timothy S. Paris, FSA, MAAA

Experience Level: Intermediate

In recent years, dynamic policyholder behavior has become a significant consideration in the valuation of more types of annuity benefits than ever. Experts at this session will go beyond interest and mortality to describe some of the "moving parts" of the contract and qualitatively assess how they might interact. More importantly, they will provide a basis for how actuaries might need to start thinking about these more recently-introduced benefits and associated risks as the industry moves toward a principle-based approach.

At the conclusion of the session, attendees will be able to successfully incorporate dynamic policyholder behavior in annuity modeling.

Session Coordinator(s) Nathan Campbell, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.80 CPD

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Alexandre Lemieux, FSA, MAAA

Presenter(s): Robert T. Crompton, FSA, MAAA; Alexandre Lemieux, FSA, MAAA; Leonard Mangini, FSA, MAAA

Experience Level: Beginner

Presenters at this session will focus on the new PBR regulation and how companies are implementing it. They will especially focus on methodologies and pain points observed in the implementation of the new guidance.

At the conclusion of the session, attendees will be able to describe the new PBR standards and select appropriate methodologies for PBR calculation.

Session Coordinator(s) Alexandre Lemieux, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.80 CPD

Competency: Professional Values

Moderator(s): Jerry F. Enoch, FSA, MAAA

Presenter(s): Mark William Birdsall, FSA, MAAA, FCA; Lorne W. Schinbein, FSA, MAAA

Experience Level: All

Valuation actuaries are working hard to implement PBR and understanding the requirements and performing the calculations are very demanding. The complexity of PBR and the increased reliance on the actuary introduce new demands on the actuary's professionalism. Professionalism should be considered as we develop our new processes, instead of being addressed later.

At the conclusion of the session, attendees will understand why it's important to make their PBR work meet our professional requirements.

Session Coordinator(s) Jerry F. Enoch, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.80 CPD

Competency: External Forces & Industry Knowledge

Moderator(s): David E. Neve, FSA, MAAA, CERA

Presenter(s): Thomas A. Campbell, FSA, MAAA, CERA; Donna R. Claire, FSA, MAAA, CERA; David E. Neve, FSA, MAAA, CERA

Experience Level: All

Experts at this session will provide an overview of current statutory valuation issues pertaining to life and annuity products (the major valuation issues for the current year are introduced and covered at subsequent sessions). Their focus is on activities of the AAA relative to principle-based approaches, but other matters will be covered.

At the conclusion of the session, attendees will have a broad understanding of current statutory valuation issues.

Note: This is a repeat of session 11 PD

Session Coordinator(s) Doug Robbins, FSA, MAAA

Facilitator(s)

11:45 a.m. – 1:15 p.m.

Anthony Goldbloom Anthony Goldbloom is the founder and CEO of Kaggle. In 2011 & 2012, Forbes Magazine named Anthony as one of the 30 under 30 in technology. In 2013, the MIT Tech Review named him one of the top 35 innovators under the age of 35, and the University of Melbourne awarded him an Alumni of Distinction Award. He holds a first call honors degree in Econometrics from the University of Melbourne. Anthony has published in The Economist and the Harvard Business Review.

The luncheon is included in your registration fee. You may register your guest(s) for the luncheon by including $75 per person with your registration fee. Admission tickets are available for purchase at the meeting as space permits. Refunds will not be given.

Session Coordinator(s)

Facilitator(s)

12:00 p.m. – 12:15 p.m.
1:30 p.m. – 3:00 p.m.

Presentation(s): View Presentation

Credits: 1.80 CPD

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Tasha S. Khan, FSA, MAAA

Presenter(s): Carl Desrochers, FSA, MAAA, FCIA; Tasha S. Khan, FSA, MAAA

Experience Level: Beginner to Intermediate

There are several industry changes impacting the world of disability valuation in 2016, including:

  • New claim termination rate tables for both group and individual long-term disability claims;
  • Increasing interest in credibility-weighting methods; and
  • Changes to GASB accounting standards. 

Experts will explore these and other hot topics in disability reserving in this interactive session. After attending this session, attendees will gain:

  • An awareness of the topics currently impacting disability valuation actuaries;
  • A basic understanding of the new claim termination rate tables being used in group and individual disability reserving;
  • Knowledge of the methods and projects currently underway that impact reserves for disability coverages.

Session Coordinator(s) Tasha S. Khan, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.80 CPD

Competency: Strategic Insight and Integration

Moderator(s): Shyam Prasad Kolli, FSA, MAAA

Presenter(s): Sherry Flippo; Shyam Prasad Kolli, FSA, MAAA; Matthew Kramer, FSA, MAAA, CERA

Experience Level: Intermediate

Own Risk Solvency Assessments (ORSA) has become a regulatory requirement in 2015, with many states passing the NAIC model law. Speakers at this interactive forum will explore the difficulties associated with educating organizations about differences with ERM risk identification, issues faced when attempting risk quantification, approaches taken to estimate capital impact and sufficiency and efforts needed to prepare a board of directors.

At the conclusion of this sesssion attendees will be able to:

  • Describe methods to effectively communicate to their organizations about ERM risk identification;
  • Demonstrate how to integrate the ORSA process and analysis into overall company financial and strategic management; and
  • Create ORSA submissions to regulators that incorporate lessons learned from insights into the challenges faced from a regulator perspective.

Session Coordinator(s) Kristen Walter-Wright, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.80 CPD

Competency: Results-Oriented Solutions

Moderator(s): Van Beach, FSA, MAAA

Presenter(s): Daniel L. Ahlgrim, FSA, MAAA; Van Beach, FSA, MAAA; Matthew James Kraick, FSA, MAAA, CERA

Experience Level: Advanced

Presenters at this session will discuss ways in which insurers have successfully developed and implemented models and processes. In particular, presenters will focus on:

  • The design of models that produce information needed by actuarial and non-actuarial managers;
  • Challenges in managing actuarial models, processes, and resources; and
  • How to communicate results in an understandable and effective way.

This session will include audience polling to gain insights of attendees. At its conclusion, attendees will be able to assess their current modeling operations as compared to their industry peers, and will have additional insights into the challenges and approaches that have been effective.

Session Coordinator(s) Van Beach, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.80 CPD

Competency: Strategic Insight and Integration

Moderator(s): Amit S. Palicha, FSA

Presenter(s): Amit S. Palicha, FSA; Linda Whitmire, FSA, MAAA

Experience Level: Intermediate

Experts at this session will discuss the critical need of an effective controls framework, its key benefits and a high level approach companies can leverage to better understand their processes. The implications from COSO extend to actuarial-related SOX controls, and in the current environment companies are facing an ever increasing number of questions from regulators and other external and internal stakeholders on the effectiveness of their actuarial controls. While this may sound like additional layers of oversight, it could also be viewed as an opportunity to develop sustainable and optimal processes which support the existence of more robust actuarial controls.

At the conclusion of the session, attendees will be able to:

  • Evaluate key challenges and typical issues from not having a controls framework that is effective and efficient;
  • Identify key benefits from effective controls within their departments; and
  • Determine areas that can use process improvement within the financial reporting and analytics space. 

Session Coordinator(s) Amit S. Palicha, FSA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.80 CPD

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Guillaume Briere-Giroux, FSA, MAAA

Presenter(s): Guillaume Briere-Giroux, FSA, MAAA; Paul Benjamin Hance, FSA, MAAA, CERA

Experience Level: All

The NAIC has recently begun work in several areas that will affect annuity valuation actuaries. One area includes the study of Actuarial Guideline 43 and C-3 Phase II, a quantitative impact study to test proposed changes to those requirements and recommendations on methodology improvements. In addition, the Life Actuarial Task Force (LATF) is continuing its work on the section of the valuation manual affecting fixed annuities (VM-22). This work includes potential changes that are intended to modernize how valuation interest rates are set within the statutory reserve framework.

At the conclusion of the session, attendees will be able to understand the implications of ongoing Life Actuarial Task Force ("LATF") work on revising both fixed and variable annuity valuation requirements.

Session Coordinator(s) Christopher David Olechowski, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.80 CPD

Competency: External Forces & Industry Knowledge

Moderator(s): Kerry A. Krantz, FSA, MAAA

Presenter(s): Mark William Birdsall, FSA, MAAA, FCA; Timothy C. Cardinal, FSA, MAAA, CERA; Donna R. Claire, FSA, MAAA, CERA; Craig C. Chupp, FSA, MAAA; Kerry A. Krantz, FSA, MAAA

Experience Level: Intermediate to Advanced

This is an advanced workshop discussion on how actuaries are preparing for the emerging PBR changes. By now, actuaries should be familiar with the PBA Implementation Guide. Experts at this workshop will provide a chance to discuss implementation of the revised SVL with peers.

At the conclusion of the session, attendees will be able to compare their preparedness for PBR to those of peers. 

Session Coordinator(s) Kerry A. Krantz, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.80 CPD

Competency: External Forces & Industry Knowledge

Moderator(s): Thomas Q. Chamberlain, ASA, MAAA

Presenter(s): Thomas Q. Chamberlain, ASA, MAAA; Robert G. Frasca, FSA, MAAA; Hoi Yan Kwan, FSA, MAAA; Leonard J. Reback, FSA, MAAA

Experience Level: All

Presenters at this session will discuss the most recent developments regarding U.S. GAAP reporting. Experts in the application of U.S. GAAP concepts will discuss theoretical and practical aspects of emerging issues.

At the conclusion of the session, attendees will be able to describe recent developments in U.S. GAAP and the practical aspects of emerging issues.

Session Coordinator(s) Sam Keller, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.80 CPD

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Douglas L. Robbins, FSA, MAAA

Presenter(s): Douglas L. Robbins, FSA, MAAA

Experience Level: All

Modern valuation actuaries use many statistical techniques in their daily work. Some are relatively straightforward, while others expose the actuary to pitfalls that need to be avoided. At this session, actuaries will explore the statistical implications of different techniques that might be used to map variable subaccount funds to standard indices. They'll also review common experience study and valuation uses of statistical techniques, and some of the pitfalls that one might encounter.

At the conclusion of the session, attendees will be able to more accurately apply actuarial statistical techniques, while avoiding their pitfalls.

Session Coordinator(s) Douglas L. Robbins, FSA, MAAA

Facilitator(s)

3:00 p.m. – 3:30 p.m.
3:30 p.m. – 5:00 p.m.

Presentation(s): View Presentation

Credits: 1.80 CPD

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Jeremy D. Williams, FSA, MAAA, CERA

Presenter(s): William S. Bade, FSA, MAAA; Jennifer Lashin Caplin, FSA, MAAA; Jeremy D. Williams, FSA, MAAA, CERA

Experience Level: Beginner

Experts at this session will cover basic concepts related to health active life reserve calculations and implications to income. They will focus on the active life reserve differences across various health products and accounting regimes.

After attending this session, attendees will gain an awareness of the calculation methods related to health active life reserve calculations as well as the broader implications to the company's financials.

Session Coordinator(s) Jeremy D. Williams, FSA, MAAA, CERA

Facilitator(s)

Credits: 1.80 CPD

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Zachary Miller Davis, FSA, MAAA; Courtney R. White, FSA, MAAA

Presenter(s): Zachary Miller Davis, FSA, MAAA; Courtney R. White, FSA, MAAA

Experience Level: Intermediate

We are in year three of the Affordable Care Act and have been through two year-end valuations, while CMS has reported actual reinsurance and risk adjustment transfer payments for the first two years. The risk adjustment transfer payments continue to be challenging due to the complexity of the methodology. While carriers have a better understanding of their own risk scores, the statewide averages still require an estimate. The risk adjustment transfer payments also have downstream effects on other actuarial issues. Experts at this session will discuss the data sources and methodologies available to estimate and explain risk adjustment transfers.

At the conclusion of the session, attendees will be familiar with available data sources and methodologies and be able to estimate and explain risk adjustment transfers.

Session Coordinator(s) Ashlee Mouton Borcan, FSA, MAAA

Facilitator(s)

Credits: 1.80 CPD

Competency: Results-Oriented Solutions

Moderator(s): Corey A. Carriker, FSA, MAAA

Presenter(s): Corey A. Carriker, FSA, MAAA

Experience Level: All

Experts at this session will share how companies are adapting their modeling functions to not only address the challenges of consolidated actuarial models, but to reap its benefits. Attendees will have the opportunity to participate in this session through an extended question and answer period.  

At the conclusion of the session, attendees will be able to implement techniques for overcoming obstacles in sharing and maintaining consolidated actuarial models at their organization.

Session Coordinator(s) Corey A. Carriker, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.80 CPD

Competency: External Forces & Industry Knowledge

Moderator(s): Elizabeth K. Dietrich, FSA, MAAA, CERA

Presenter(s): Elizabeth K. Dietrich, FSA, MAAA, CERA; David Sherwood

Experience Level: All

With the completion of the third field test in 2016 and the proposed adoption of the International Association of Insurance Supervisors' (IAIS) first version of the global insurance capital standards (ICS) scheduled for 2017, the IAIS's standards are gaining relevance for insurers. Experts at this session will provide an introduction to the ICS and discuss the latest developments and potential implications of the ICS for insurance organizations. 

At the conclusion of this session, attendees will be able to explain the latest developments and evaluate the potential implications of the IAIS Global Insurance Capital Standards.

Session Coordinator(s) James A Miles, FSA, MAAA

Facilitator(s)

Credits: 1.80 CPD

Competency: Strategic Insight and Integration

Moderator(s): Ken Griffin, ASA, MAAA

Presenter(s): Hal Warren Pedersen, ASA

Experience Level: Intermediate

This session is intended for actuaries and those who manage interest-sensitive assets and liabilities. The session will focus on the topic of ESG modelling. The session will discuss the current challenges of calculating duration when short term interest rates are so low.  It will also focus on a to be released paper sponsored by the SOA on ESGs.  The paper is intended to be a primer on ESGs, including a description of what they are and how they are used in the regulatory and business contexts.  It will also provide a detailed discussion of the financial markets aspects of a good ESG. In the ESG context, a broad range of modeling issues are associated with low interest rates. Recent market behavior such as negative interest rates, significantly higher rate volatility at longer tenors versus shorter tenors and extended periods of persistent low rates place tremendous tension on neoclassical interest rate model. We will examine these empirical issues and provide some examples of model classes that can be used in today's low rate world.

At the conclusion of the session, attendees will be able to:

  • Evaluate key challenges and typical issues from not having a controls framework that is effective and efficient;
  • Identify key benefits from effective controls within their departments; and
  • Determine areas that can use process improvement within the financial reporting and analytics space. 

Session Coordinator(s) George E Eknaian, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.80 CPD

Competency: External Forces & Industry Knowledge

Moderator(s): Robert T. Eaton, FSA, MAAA; Joshua Patrick Pulver, ASA, MAAA

Presenter(s): Robert T. Eaton, FSA, MAAA; Eric D. Johnson, ASA, MAAA

Experience Level: Beginner to Intermediate

While smaller insurance companies are not currently subject to the ORSA requirements, the principles shaping the ORSA and new corporate governance requirements impact all insurers. In this session, experts will examine the unique difficulties small and medium-sized insurers face in this changing regulatory area and will analyze how the ORSA's holistic approach to risk assessment can help smaller companies identify weaknesses and find ways to measure and mitigate risk.

At the conclusion of the session, attendees will be able to:

  • Understand the requirements of current corporate governance regulation (ORSA and Corporate Governance Annual Disclosure) and their impacts smaller insurers;
  • Describe how different risk categories and ORSA considerations are applicable to smaller insurers; and
  • Have techniques and processes smaller insurers should consider implementing in closing the gaps. 

Session Coordinator(s) Robert T. Eaton, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.80 CPD

Competency: Results-Oriented Solutions

Moderator(s): Hye-Jin Nicole Kim, FSA, MAAA

Presenter(s): Sam M. Steinmann, ASA, MAAA, CERA; Rostislav Kongoun Zilber, FSA, MAAA

Experience Level: Intermediate

The coming implementation of PBR will present many challenges. One of the biggest of these challenges will be understanding results and preparing for review by external parties, including regulators and auditors. Experts at this session will provide insight into possible approaches for becoming comfortable with the reserve movements. The panelists will also provide insights that can help companies set up a successful model governance framework for PBR.  Through their experience auditing AG 43 reserves, they have a good sense of what the audit focus areas will be as principle-based reserving for life products is implemented.

At the conclusion of the session, attendees will be able to:

  • Describe potential approaches for becoming comfortable with reserve movements;
  • Describe how companies have implemented model governance frameworks; and
  • State potential areas of audit focus.

Session Coordinator(s) Michael C. Fruchter, FSA, MAAA

Facilitator(s)

Credits: 1.80 CPD

Competency: Strategic Insight and Integration

Moderator(s): Darcy Eikenberg

Presenter(s): Darcy Eikenberg

Experience Level: All

Are you the go-to person for getting work done, but aren't asked often enough what should be done in the first place? Are you seen as a strategic contributor-or just the get-it-done guru? In this interactive session, you'll identify barriers holding you back from being valued for your strategic input, not just your execution talents.

At the conclusion of the session, attendees will be able to:

  • Speak about their work differently;
  • Help leaders see their contribution clearly; and
  • Move away from "taking the order" to providing real business value that gets noticed.

Session Coordinator(s) Louis Posick, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.80 CPD

Competency: External Forces & Industry Knowledge

Moderator(s): Brian McBride, FSA, MAAA

Presenter(s): Graham Green; Brian McBride, FSA, MAAA; Brian Prast, FSA, MAAA

Experience Level: Beginner to Intermediate

Experts at this session will provide an overview of how tax reserves and related items impact the financials of a life insurance company. They will also summarize the tax authorities and resources available to the life insurance actuary and describe how reserves and other actuarial items are calculated and treated for tax purposes. This session was designed actuaries with low to moderate knowledge of tax reserves and related items.

At the conclusion of the session, attendees will gain information on the tax concepts that apply to life insurance companies, tax authorities and calculation of tax reserves. 

Session Coordinator(s) Jacqueline Yang, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.80 CPD

Competency: Results-Oriented Solutions

Moderator(s): David R.W. Payne, MAAA, FCAS

Presenter(s): Dwayne Allen Husbands, FSA, MAAA; David R.W. Payne, MAAA; FCAS; Chad R. Runchey, FSA, MAAA

Experience Level: All

Participants in this session will work on a hypothetical insurance company 'case study' while roleplaying to explore the many things that can go wrong in the absence of governance over model risk management. They will also work in teams to prepare solutions before presenting them to other participants and the facilitator/experts.

At the conclusion of this session, attendees will be able to

  • Understand model risk management;
  • Bring those techniques back to their workplace; and
  • Know the dangers of disorganized and unstructured model development.

This session is followed by Session 56IF which will build upon the themes developed during this session.  Participants are welcome to join either or both sessions.

Session Coordinator(s) David Paul

Facilitator(s)

5:30 p.m. – 7:00 p.m.

Don't miss this annual networking opportunity. Relax, mingle and build professional connections and new friendships. Share your professional experiences with your peers and meet potential clients at this fun and useful event. Meeting badges are required for attendees and registered guests. 

Session Coordinator(s)

Facilitator(s)