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Wednesday, October 18
10:30 a.m. – 11:30 a.m.
10:45 a.m. – 11:30 a.m.
11:30 a.m. – 1:00 p.m.

Credits: 1.80 CPD

Competency: External Forces & Industry Knowledge

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

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

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). The focus is on activities of the Academy relative to principle-based approaches, but other matters will be covered, including status of valuation manual adoption and related PBR issues, universal life with secondary guarantees, contingent deferred annuities, life risk-based capital and developments at the NAIC affecting life insurance companies.

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

Session Coordinator(s)

Facilitator(s)

Credits: 1.80 CPD

Competency: External Forces & Industry Knowledge

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

Presenter(s): Thomas Q. Chamberlain, ASA, MAAA; Karthik M. Yadatore, FSA

Experience Level: Intermediate

Change is in the air! The traditional life insurance US GAAP guidance currently being evaluated by FASB and targeted improvements ("TGAAP") has been exposed for comment and the industry has responded. Join us for an interactive discussion to determine how these changes could be interpreted and how they might impact non-participating life insurance and SPIAs payable for life actuarial balance a GAAP book profit. Focused topics of discussion will include: what the targeted improvements identified by FASB for non-participating life insurance and SPIAs payable for life are (differences between the HGAAP and TGAAP guidance); simplified product introduction (non-participating whole life and SPIA); possible non-participating whole life); methodologies (benefit reserves, and deferred acquisition cost); possible SPIA methodologies (benefit reserves, deferred profit liability, and deferred acquisition cost); operational questions and considerations (data availability, system updates, accounting and actuarial policies); and GAAP book profits compare and contrast (HGAAP without PAD, HGAAP with PAD and TGAAP).

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

  • Identify the current difference between HGAAP and TGAAP for the targeted products;
  • Anticipate and explain the strengths and weaknesses of various possible interpretations  of the TGAAP guidance; and
  • Evaluate for their own companies and products, which interpretation makes sense and, for the simplified products discussed, how these elections impact GAAP book profits. 

Session Coordinator(s)

Facilitator(s)

1:00 p.m. – 1:15 p.m.
1:15 p.m. – 2:45 p.m.

Credits: 1.80 CPD

Competency: External Forces & Industry Knowledge

Presenter(s): Michael W. Santore, FSA, MAAA

Experience Level: All

This session will provide an update on upcoming GAAP issues. It will focus on the relevant year-end 2017 issues (and not the FASB's targeted improvements to long-duration accounting covered in other sessions). Past sessions have focused on gains followed by losses, current audit focus, process and controls, etc.  This session would continue that trend.

At the conclusion of the session, the attendees will be able to describe current GAAP issues. 

Session Coordinator(s)

Facilitator(s)

Credits: 1.80 CPD

Competency: External Forces & Industry Knowledge

Moderator(s): Mary Elizabeth Caramagno, FSA, MAAA

Presenter(s): Paul S. Graham III, FSA, MAAA; Mary Elizabeth Caramagno, FSA, MAAA; Dylan Strother, FSA, MAAA

Experience Level: All

Principle-based reserves have been adopted by most states and are operational. Experts at this session will provide an update on that process and explore the implications of PBR VM-20 on statutory and tax reserving. The Valuation Manual continues to be updated with clarifications needed as more companies start implementation of PBR.

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

  • Understand the current status of PBR; 
  • Describe the effect on statutory valuation; and
  • Explain the implications with regard to tax reserves.

Session Coordinator(s)

Facilitator(s)

Credits: 1.80 CPD

Competency: Technical Skills & Analytical Problem Solving

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

Presenter(s): Guillaume Briere-Giroux, FSA, MAAA; Aaron Joseph Sarfatti, ASA; Brian James Wagner, FSA, MAAA

Experience Level: All

This session will cover assumption determination for annuities under VM-21 with emphasis on contractholder behavior assumptions, prudent estimate mortality assumptions and measuring credibility.

At the conclusion of this session, attendees will be able to describe approaches and considerations for assumption determination for annuities under VM-21.

Session Coordinator(s)

Facilitator(s)

Credits: 1.80 CPD

Competency: External Forces & Industry Knowledge

Moderator(s): William M. Sayre, FSA, MAAA

Presenter(s): Mark E. Alberts, FSA, MAAA; Bryan Neil Amburn, FSA, MAAA

Experience Level: Beginner

This session is designed for appointed actuaries who are new to the role. Presenters will provide  a broad overview of statutory requirements an appointed actuary must address.

At the conclusion of the session, attendees will be able to explain the basic statutory requirements an appointed actuary must address.

Session Coordinator(s)

Facilitator(s)

2:45 p.m. – 3:00 p.m.
3:00 p.m. – 4:15 p.m.

Credits: 1.50 CPD

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Leonard Mangini, FSA, MAAA

Presenter(s): Leonard Mangini, FSA, MAAA; Michael Y. Nam, FSA, MAAA; William M. Sayre, FSA, MAAA

Experience Level: Intermediate

A session detailing how to calculate, understand and explain reserve movements in a PBR world. The session will illustrate how to calculate expected and actual reserve movements, how to analyze the results (SOE/GBS/EBS) and finally how to explain the results to a range of audience members including a non-actuarial focus.

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

  • Evaluate reserve calculation;
  • Explain reserve movements; and
  • Explain PBR earnings.

Session Coordinator(s)

Facilitator(s)

Credits: 1.50 CPD

Competency: Professional Values

Moderator(s): Corwin K. Zass, ASA, MAAA, FCA

Presenter(s): Charles K. Chacosky, FSA, MAAA; Brian D. Forman, FSA, MAAA; Thomas Edward Pyle, ASA, MAAA

Experience Level: All

The presenters' 10 year old actuarial firm has worked in various "review" capacities-from actuarial audit support for non-Big 4 accounting firms in their audit of insurance companies (life, health and casualty), to a few where they acted as recurring regulatory actuaries as it pertained to state financial examinations. During these review assignments they were to provide feedback relating to the selected reserving methods (where not already mandated) and respective reserve assumptions (economic or not) and whether they appear appropriate and reasonable for their intended purpose. Over the years, the initially delivered "actuarial documentation" has appeared less than in full compliance with ASOP #21 and ASOP #41. While not surprising, the actuarial reserve documentation, and respective support, varies within and across the actuarial spectrum-from the large actuarial consulting firms, to the single person 'firms,' to the internal insurance company actuaries, while the quality stretches from our perceived gold standard to others not doing the bare minimum. In the latter case, we can only review after we challenge the responsible actuaries to substantiate their selections and assumption choice rationale.

At the conclusion of the session, attendees will be able to describe the appropriate level of actuarial documentation.

Session Coordinator(s)

Facilitator(s)

Credits: 1.50 CPD

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Marc Slutzky, FSA, CERA, MAAA, FCA

Presenter(s): Ryan David Krisac, FSA, MAAA; April Rijing Shen, FSA, MAAA, CERA; Uri Sobel, FSA, MAAA

Experience Level: All

Management of the development of actuarial assumptions and the assumption change management process is a key element of GAAP model validation. 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)

Facilitator(s)

4:30 p.m. – 5:30 p.m.
Don't miss this 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)