Description: In summer 2021, the SOA Research Institute’s Mortality and Longevity Strategic Research Program sponsored a webcast examining individual life and group life emerging mortality in a COVID-19 world. Since then, Delta and Omicron coronavirus variants have fueled waves of the virus in the U.S., boosting the total number of COVID-19 deaths since the beginning of the pandemic to near the 1 million mark. Hear an update and insights into how the life insured population is faring during COVID-19 by discussing the findings from two recent SOA Research Institute initiatives. LIMRA, Reinsurance Group of America (RGA), the Society of Actuaries (SOA) and TAI have collaborated to analyze the impact of COVID-19 on the individual life insurance industry’s mortality experience. Additionally, the SOA Research Institute has surveyed insurers to gather a high-level view of U.S. Group Term Life Insurance mortality results during the COVID-19 pandemic, comparing them to pre-pandemic mortality levels. The Group Term Life industry mortality results will be presented with monthly data through March 2022.

Description: The National Association of Insurance Commissioners (NAIC) has developed the Group Capital Calculation (GCC) for U.S.-based insurance groups since late 2015. GCC is designed to provide a coherent analytical framework to show a panoramic, transparent view of the interconnectedness, business activities and underlying capital support for an insurance group. The last field testing was completed in May 2019. The final proposal was adopted in late 2020. The Federal Reserve Board (FSB) also recently updated the group capital standard to an aggregation method, which is similar to the NAIC GCC. The Insurance Capital Standard (ICS) is under the development by International Association of Insurance Supervisors (IAIS) for Internationally Active Insurance Groups (IAIGs). It has entered the five-monitoring period from January 2020 to monitor the performance of the ICS V2.0 and the IAIS will perform a comparability assessment of the ICS V2.0 with the Aggregation Method (e.g. NAIC GCC) during this period.

Description: Discuss a comparison of the U.S. general and insured population mortality experience and how COVID-19 and non-COVID-19 excess deaths impacted the populations differently. Discover the population mortality experience in the UK with a focus on the recent emergence of excess deaths for non-COVID causes. The long-term implications on the insured population will also be explored. Wrap up with a discussion of different conditions of long COVID, including organ impairments.

Description: If you're intrigued by the impact of recent interest changes or updates about the Principle Based Reserves ASOP 22 Statements of Actuarial Opinions Based on Asset Adequacy Analysis for Life Insurance, Annuity or Health Insurance Reserves and Other Liabilities, then this webcast discussion featuring three expert speakers will grab your attention. Join us for the annual Year-End U.S. Statutory Financial Reporting Considerations webcast and discover more about cash flow testing, as well as potential changes to statutory financial reporting due to climate change. This popular webcast will be taking place December 14, so don't miss out on the latest considerations from our important speakers.

Description: With record numbers of job openings, rising interest rates, the highest inflation in decades, and the possibility of a recession, it has been an unusual and challenging time for the U.S. economy. Explore the impact that recent economic trends may have on group disability insurance, including morbidity, growth, and financial performance..

Description: The SOA, with SCOR as the researcher, completed an experience study of post-level term (PLT) lapse and mortality. In the first part of this session, the presenters will cover the key findings of the traditional analysis regarding the shock lapse, the PLT lapse and mortality experience. The remainder of the session will focus on the results of the predictive modeling, which will provide further insights into policyholder behavior in the post-level term period.

Description: Despite its significance, longevity risk in the U.S. market has historically received fairly little attention, especially in international comparison, but the tide seems to be turning.

Description: Discover a comparison of U.S. and international mandated leave programs which mandate employers to provide a minimum level of benefits to employees for qualifying leaves of absence, such as parental leave or medical leave.

Description: This session will present results of the most recent SOA/LIMRA studies of variable and fixed-indexed annuity policyholder behavior including withdrawal behavior, guaranteed living benefit elections and surrender activity. Conducted annually since 2006, a discussion on the results of these studies show how they have changed over time, as well as areas where the analysis will need to change or expand. After that, the presenters will focus on dynamic lapse for hot money businesses, which is an important topic for fixed deferred annuity. Key takeaways from this area will include an understanding how to differentiate between hot money and warm money, the different formulas used in the industry, and how to adjust an asset portfolio to protect against the risks associated with hot money businesses.

Description: Recent regulatory developments and ASOP 56 have reinforced the need for robust governance over actuarial models, but there is no one-size-fits-all solution. Design and implementation of an efficient and sustainable model governance framework requires customizing various aspects (e.g., risk rating system, ownership and responsibilities, usage of testing and documentation templates) to fit each company's unique culture and organizational structure.