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Thursday, October 19
6:00 a.m. – 7:00 a.m.
7:00 a.m. – 8:15 a.m.

Credits: 1.50 CPD

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): John R. Washburn, FSA, MAAA

Presenter(s): Joshua Liu, FSA, MAAA; Paul R. Vogel, FSA, MAAA

When a company is ready to publish its GAAP income statement, mid or senior management teams would like to confidently discuss the results. The first step is to review how the GAAP income statement was assembled by various stakeholders. This session will provide insight into income statement reconciliation and some key features embedded in the liability side that the valuation actuary contributed to in technical prospective.

At the conclusion of the session, attendees will be able to identify items listed on an income statement and provide an explanation of some technical components, such as DAC amortization and inter-relationship between operating and non-operating income driven by assets and liabilities.

Session Coordinator(s) All

Facilitator(s)

Credits: 1.50 CPD

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Scott D. Houghton, FSA, MAAA

Presenter(s): Scott D. Houghton, FSA, MAAA; Patrick Christopher Ledlee, FSA

Experience Level: Intermediate

PBR projection analyzes the interaction of assets and liabilities as both are projected over the horizon.  Starting portfolio selection, reinvestment strategies and all these approximations may have an impact on overall reserve and capital. One should probably not be grossing up the corporate bond portfolio as a way to model these alternative asset classes that the company has been investing in to look for yield. This session will discuss the options facing the valuation actuary in modeling assets in the PBR projection system.

At the conclusion of the session, attendees will be able to explain the potential options for valuation actuaries in modeling assets in PBR projections.

Session Coordinator(s)

Facilitator(s)

Credits: 1.50 CPD

Competency: External Forces & Industry Knowledge

Presenter(s): Lauren M. Cross, FSA, MAAA; Martin Snow, FSA, MAAA; Erzhe Zhang, FSA, MAAA

Experience Level: All

This session will investigate the impact of PBR from the perspectives of valuation, regulation, and pricing and their inter-connectedness.  The session will focus on strategic, implementation and regulatory issues that arise when valuation actuaries come across sections of the Valuation Manual that are ambiguous or when increased technology power or changed processes appear to be necessary. Our panel of experts will draw from their collective experiences implementing VM-20 on behalf of direct companies, consultancies, and professional working groups.  The panel will include industry experts on valuation, reinsurance and regulatory issues.

At the conclusion of the session, attendees will be able to describe how changes in the pricing process will ultimately impact valuation, some considerations around applying VM-20 to blocks using an accelerated underwriting program, and case studies of challenges presented by different types of products.

Session Coordinator(s)

Facilitator(s)

Credits: 1.50 CPD

Competency: External Forces & Industry Knowledge

Moderator(s): Bryan Neil Amburn, FSA, MAAA; Pamela A. Hutchins, FSA, MAAA; Stefanie J. Porta, ASA, MAAA

Experience Level: Intermediate

This forum has a unique format and will focus on issues faced by actuaries in leadership positions at smaller insurance companies. Attendees will be surveyed in advance to ensure the topics are fresh and relevant. By discussing critical issues with peers, attendees will leave with ideas to incorporate in the business environment.

At the conclusion of the session, attendees will be able to better determine how they will respond to some of the challenges they face and establish relationships with several actuaries facing similar issues.

Session Coordinator(s)

Facilitator(s)

8:15 a.m. – 8:30 a.m.
8:30 a.m. – 9:45 a.m.

Credits: 1.80 CPD

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Kevin Piotrowski, FSA, CERA, MAAA

Presenter(s): Kevin Piotrowski, FSA, CERA, MAAA; Benjamin M. Slutsker, FSA, MAAA

Experience Level: Intermediate

With the adoption of VM-20, companies are spending significant time and resources determining how they will implement principle-based reserves (PBR). While it is tempting to focus on the calculation of reserves under PBR, companies should recognize that reporting and disclosure requirements are heightened considerably under PBR as well. Companies need to pay attention to the challenges of these requirements (VM-31, VM 50/51, VM-G) and integrate them fully within their adoption plans. This session focuses on what companies should be considering from a reporting and disclosures perspective as they develop and work through their PBR implementation plans. Common reporting and disclosure challenges and the impact of these on the implementation process and timeline are covered.

At the conclusion of the session, attendees will:  

  • Understand the importance of knowing PBR reporting and disclosures requirements and expectations early in the PBR implementation process and planning
  • Know the importance of building PBR reporting and disclosure requirements into a PBR implementation roadmap; and
  • Learn about some common reporting and disclosures challenges and how to adequately prepare for these. 

Session Coordinator(s)

Facilitator(s)

Credits: 1.80 CPD

Competency: Professional Values

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

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

Experience Level: All

In a perfect world, all ethical and professional issues would be black-and-white and decisions would be easy to make. In the world in which we live in, many ethical and professional issues are gray and decisions are difficult to make. This session will be an open-forum discussion of professionalism and the actuary. Questions, examples and brief case studies will be used to help focus the discussions.

Session Coordinator(s)

Facilitator(s)

Credits: 1.50 CPD

Competency: External Forces & Industry Knowledge

Moderator(s): Bryan Neil Amburn, FSA, MAAA; Pamela A. Hutchins, FSA, MAAA; Stefanie J. Porta, ASA, MAAA

Experience Level: Intermediate

This forum has a unique format and will focus on issues faced by actuaries in leadership positions at smaller insurance companies. Attendees will be surveyed in advance to ensure the topics are fresh and relevant. By discussing critical issues with your peers, you will leave with ideas to incorporate in your business environment.

At the conclusion of the session, attendees will be able to better determine how they will respond to some of the challenges they face and establish relationships with several actuaries facing similar issues.

Session Coordinator(s)

Facilitator(s)

8:30 a.m. – 11:15 a.m.

Credits: 1.50 CPD

Competency: External Forces & Industry Knowledge

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

Presenter(s): Anthony Dardis, FSA, CERA, FIA, MAAA; Carl Desrochers, FSA, MAAA, FCIA; Kristina L. Kennedy, FSA, David E. Neve, FSA, CERA, MAAA; Kory J. Olsen, FSA, CERA, MAAA

Experience Level: Intermediate

This interactive forum is for appointed actuaries and other credentialed, high-level valuation actuaries to discuss current issues of greatest interest to them in fulfilling their duties and responsibilities with their peers. Prior to the seminar, a survey will be sent to session registrants to determine the issues they would like to discuss in a series of buzz groups. Results of the survey are used to help organize the session. 

At the conclusion of the session, attendees will be able to describe issues facing valuation actuaries and potential solutions.

Session Coordinator(s)

Facilitator(s)

10:00 a.m. – 11:15 a.m.

Credits: 1.50 CPD

Competency: External Forces & Industry Knowledge

Moderator(s): Robert K. Leach, FSA, MAAA

Presenter(s): James R. Collingwood, ASA, MAAA; Robert K. Leach, FSA, MAAA

Experience Level: Beginner to Intermediate

Much has been written about how the new Valuation Manual (VM) will impact life insurance, but the impact doesn't stop there. Some chapters of the VM will also impact annuities, including VM-21, VM-31 and VM-G. This open forum will allow for an interchange of ideas on how PBR will impact annuities.

At the conclusion of the session, attendees will have a better understanding of how to adapt financial reporting processes to new requirements for annuities found in the Valuation Manual.

Session Coordinator(s)

Facilitator(s)

Credits: 1.50 CPD

Competency: Relationship Management

Moderator(s): Stefanie J. Porta, ASA, MAAA

Presenter(s): Ingrid H. Guttin, FSA; Scott D. Houghton, FSA, MAAA

Experience Level: All

This session will delve into how the auditor and the valuation actuary can improve their communication. Presenters will discuss how the auditor can approach requests to make sure they receive what they need, as well as how the valuation actuary can prepare their work in anticipation of what auditors will require. This will discuss the audit of smaller companies, as well as larger companies.

At the conclusion of the session, attendees will have a better understanding of how to prepare work that achieves standards required by auditors.

Session Coordinator(s)

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