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 universal life insurance products.
Universal life insurance was introduced in the early 1980s to offer policyholders flexibility over traditional products. Over time, the universal life contract design has evolved as insurers add product features to meet consumer demands, including persistency bonuses, secondary guarantees, and equity market participation via indexed and variable universal life. As the product has evolved, new reserving regulations and guidelines have emerged for these new features.
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 for Fixed Account UL, UL with Secondary Guarantees (ULSG), Variable UL (VUL) and Indexed Universal Life (IUL); the ULSG VM-20 Net Premium Reserve calculation and basics of the exclusion tests and modeled reserves; the differences between current GAAP and GAAP LDTI; the impact of reinsurance on reserves; and reserve calculations that are presented in sample spreadsheets. The course will cover the basics of how GAAP is changing with the introduction of GAAP LDTI for universal life insurance products.
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, tax and GAAP 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.
Lisa Nurse, ASA, MAAA, is a Manager of Actuarial Services in PolySystems New Jersey office and has more than 30 years of experience in the insurance industry. Lisa spent the first 15 years of her career at a mid-size insurance company where she worked in product development, compliance, and implementation of universal and traditional life insurance as well as deferred annuities. As a manager on PolySystems production team, Lisa plays a critical role in developing valuation and projection models for clients. She has been part of the SOA Reserves Seminar faculty for the last 10 years.
Marianne Clifford, FSA, CERA, MAAA
Lisa M. Nurse, ASA, MAAA
|SOA Member||$ 725|
|All Others||$ 1,025|
Methods of Registration
- Paying by Credit Card
Online registration is available through May 29.
- Pay by Check—Please contact SOA Customer Service if you wish to pay via check.
- In Person on Site
If you are unable to register online by May 29, you may register at the SOA registration desk located at the Embassy Suites Chicago Downtown beginning June 4 at 9:30 a.m.
If registering within five business days of the program, please call the Society of Actuaries’ Customer Service Center at +1-888-697-3900 to confirm space availability.
Full payment is required at the time of registration.
Order confirmations are emailed upon completion of registration. If you do not receive a confirmation, please go to this page and log in to confirm your order was placed. To request another copy of the confirmation order or to update the registration, please contact Customer Service at email@example.com.
SOA incurs significant expenses prior to an event. To minimize losses, SOA maintains the following refund and cancelation policy:
- Prior to Monday, May 20, you may cancel your registration with a full refund provided, less a $100 administrative fee.
- After Monday, May 20, there will be no refunds provided. You may transfer your registration to another meeting or seminar within one calendar year of the original meeting or seminar registered for. However, you will be responsible for any differences in rates and/or fees.
- An alternate attendee within the same organization may be substituted at any time prior to the conference start with no penalty. However, if the original attendee is a member and the substitute attendee is not the difference in rate, between member/nonmember, must be paid in full at time of substitution.
- The Society of Actuaries reserves the right to cancel any event if conditions warrant. In the event of such cancellation, registration fees will be refunded in full. The Society of Actuaries is not responsible for any airfare or hotel cancellation fees that an attendee may incur due to event cancellation.
To cancel an order, log in to My SOA, choose the item you wish to cancel from your order summary and click the cancellation button. Complete the form to submit your refund request.
Embassy Suites Chicago Downtown
600 North State Street
Chicago, IL 60654
Phone : +1-312-943-3800
Toll-Free Central Reservations Number : 1-800-445-8667
Group room rate (taxes not included):
King Suite $259
Double Suite $279
Cutoff date for group room rate: Tuesday May 14, 2019
Reservations can be made online by following the link below of my calling +1-800-445-8667.
Make your reservations by May 14, reservations made after this deadline are subject to space and rate availability. Please make sure you mention that you are attending the Society of Actuaries Reserves Week. A major credit card is required in order to make a reservation. Reservations may be cancelled without penalty up to 24 hours prior to the date of arrival.
Online Reservations: Embassy Suites Online Hotel Reservation
During check-in all guests will be asked to verify their departure date. At that time, you may change your departure date without penalty. Any guest who departs before the confirmed departure date may be charged an early departure fee.
Why Stay at the Embassy Suites Chicago?
We realize there are many hotel options available and by staying at the Embassy Suites Chicago we offer you the chance to save through the SOA group rate. Staying at the Embassy Suites Chicago also provides the best opportunity to network with your peers and maximizes the quality of your meeting experience.
Confirmation of your hotel reservation is provided by the hotel. If you have not received a confirmation number prior to your departure for Chicago, please call the hotel to make sure your reservation is in order. Remember to mention your affiliation with the Society of Actuaries in all hotel communications to ensure the correct handling of your reservation.
Hotel Check-In and Checkout
Check-in time is 4:00 p.m. and checkout time is noon. Those arriving early may check their bags with the bell desk in the hotel lobby.
Set in the heart of downtown Chicago, this hotel is surrendered by shopping and entertainment venues.
Taxi fare from O’Hare International Airport is approximately $50.
AmTrav Corporate Travel is the Society of Actuaries’ official travel agency. AmTrav is focused on providing cost savings and enhanced travel services. Call AmTrav at +1-866-284-5774 or visit them online at www.amtrav.com.
If you have any concerns or questions, please contact the SOA Customer Service Center Monday through Friday, 8:00 a.m. to 5:00 p.m. CST. Please call +1 888-697-3900 or email.
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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 develops and maintains actuarial software solutions for life, health, and annuity insurance products that are used in over 100 companies for financial reporting and modeling requirements, including valuations, projections, experience studies, source of earnings, and most recently, the new FASB regulations pertaining to GAAP LDTI. Our team of experienced actuarial consultants routinely helps PolySystems clients with critical implementation projects including data management and model design, validation, and testing.
PolySystems has been cosponsoring this Reserves Seminar with the SOA for over a decade and is an industry leader in U.S. reserving methods and techniques. PolySystems has 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.