A Comprehensive Look at U.S. Reserving Principles for Traditional Life Insurance

Date

June 06, 2018

Location

Embassy Suites Chicago Downtown
Chicago, IL

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Registration is now closed. The SOA Customer Service Center is available to assist you Monday through Friday, 8:00 a.m. to 5:00 p.m. CDT. Please call +1-888-697-3900.

 

The Society of Actuaries and PolySystems are co-sponsoring their annual Reserves Seminars this June. The seminars offer a comprehensive and hands on look at on the latest U.S. reserving principles for VM-20, traditional life, universal life and deferred annuity products. 

All actuaries learn about reserving principles while in school or studying for exams. However, applying reserving principles as part of a company’s financial reporting process requires additional education that cannot be provided by a book. 

The Reserves Seminars have been specifically designed by PolySystems to demonstrate how to apply the fundamental principles of reserving to the practical, on-the-job demands of statutory, GAAP, and tax financial reporting. 

Registration is open to all. The concentrated syllabus and classroom style atmosphere of each seminar provides an environment in which new students and senior management alike will expand their knowledge and learn from actuaries with broad and deep experience in valuation processes. 

About The Sponsors

The Society of Actuaries (SOA) is the largest global professional actuarial organization. With unmatched research and education, and more than 28,000 of the highest skilled actuarial professionals, we prepare the individuals trusted to drive better business decisions and promote financial security in an ever-changing world.

PolySystems is a leading provider of comprehensive valuation, modeling and experience study software to life, health and annuity companies. PolySystems’ core strength is designing software solutions that meet regulatory reserve requirements. Their integrated solutions can be used to calculate reserves and capital, run asset/liability projections for CFT and planning, set assumptions, carry out sensitivity and stochastic analyses, manage inforce profitability, price products and more.

  PolySystems has been co-sponsoring this Reserves Seminar with the SOA for over a decade and is an industry leader in U.S. reserving methods and techniques. PolySystems has over 100 actuaries and IT professionals working in Chicago, New Jersey and South Carolina to meet actuarial software needs at both the product and enterprise level.

Course Overview

Join us at the 2018 Traditional Life Reserves Seminar for a comprehensive, introductory-level session on U.S. reserving principles for traditional life products.

Traditional life insurance continues to be a significant contributor to life insurance industry earnings.  Learn about traditional life product design, the implications of several enhancements made to traditional products, including low-cost term insurance and ROP benefits and ways to minimize statutory reserve strain. 

The presentation begins with a review of the basic product design as a building block for reserving concepts. The presenters will walk through the essential concepts and build on the basics while explaining the features of today’s products and their impact on the reserve calculations. All topics, including PBR Net Premium Reserve, are illustrated with comprehensive worksheet examples that are made available to all participants. 

Course materials will be distributed via email the week before the class. Class participants are encouraged to bring laptops or tablets to dive into the spreadsheet examples along with the presenters. 

Syllabus

Overview

Traditional life product features

Statutory/Tax Valuation

Reserve calculation methodologies

Various forms of reserve factors (mean, mid-terminal, terminal, and final)

Effects of benefit and premium patterns

Alternative minimum reserves

Regulation XXX (Model Reg. 830)

Supplemental benefits and riders

Reinsurance reserves and potential problems

Principles-based reserves for term products (VM-20)

ROP (return of premium) benefits on term insurance

Tax reserve under the new tax reform legislation

GAAP Valuation

GAAP valuation of benefit reserves

DAC calculation, recoverability, and loss recognition

Deferred profit liability on limited-pay products

Mortality deterioration

Who Should Attend

Registration is open to all. PolySystems has specifically designed this seminar to demonstrate how to apply the fundamental principles of reserving to the practical, on-the-job demands of statutory, GAAP and tax financial reporting.  The concentrated syllabus and classroom style atmosphere of each seminar provides an environment in which new students and senior management working as actuaries or other professionals will expand their knowledge and learn from actuaries with broad and deep experience in valuation processes.  

 

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Communication

Demonstrating the listening, writing and speaking skills required to effectively address diverse technical and nontechnical audiences in both formal and informal settings.

Professional Values

Adhering to standards of professional conduct and practice where all business interactions are based on a foundation of integrity, honesty and impartiality.

External Forces & Industry Knowledge

Identifying and incorporating the implications of economic, social, regulatory, geo-political and business changes into the design and delivery of actuarial solutions.

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Technical Skills & Analytical Problem Solving

Applying the actuarial knowledge, skills and judgment required to provide value-added services.

Strategic Insight & Integration

Anticipating trends and strategically aligning actuarial practice with broader organizational business goals.

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