GAAP LDTI regulatory changes are upon us, and everybody is thinking about the impacts. Now is the perfect time for a refresher on U.S. reserving principles for traditional life insurance 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 ways to minimize statutory reserve strain.
This seminar opens with a review of the basic product design as a building block for reserving concepts before exploring the latest product designs and statutory, tax, and GAAP accounting regulations. The 2019 program will cover statutory and tax financial reporting, including the PBR Net Premium Reserve and 2017 tax reform changes, and GAAP reporting, including a comparison of current GAAP methods and calculations to GAAP LDTI.
Course materials, consisting of a set of presentation slides and spreadsheet files, will be distributed via email the week before the class. All topics, including GAAP LDTI, will be illustrated with comprehensive worksheet examples that are made available to all participants. Class participants are encouraged to bring laptops or tablets to dive into the spreadsheet examples along with the presenters.
At the end of this seminar, participants will understand key statutory, tax, and GAAP reserving principles, the VM-20 Net Premium Reserve calculation and the basics of the exclusion tests and modeled reserves, how current GAAP methods and calculations compare to GAAP LDTI, the impact of reinsurance on reserves, and reserve calculations that are presented in sample spreadsheets. While this will cover how to calculate GAAP LDTI for traditional life insurance products and the impact of the new calculations, it will not focus on implementation challenges.
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 this seminar provides an environment in which new students and senior management working as actuaries and other professionals will expand their knowledge and learn from actuaries with broad and deep experience in valuation processes.
Level of Difficulty
The seminar is designed for participants with all levels of experience.
Marianne Clifford, FSA, MAAA, CERA, is a Manager of Actuarial Services in PolySystems Chicago office and has more than 20 years of experience in the life insurance industry, mainly in financial reporting. Marianne works on PolySystems production team supporting life and annuity clients with project implementation and actuarial consulting. She previously worked at two stock life insurance companies and a consulting firm.
Dana Atkins, ASA, MAAA, is a Manager of Actuarial Services in PolySystems Chicago office and has nearly 30 years of financial reporting and analysis experience with traditional life, health, and annuity insurance. Dana works on PolySystems production team supporting life and health clients with project implementation and actuarial consulting. He previously worked at two mutual life insurance companies and a stock life insurance company.