Description: An exploration of drivers, cohorts and dynamics for policyholder behavior for VA and FIA based on industry experience data, including changes in recent years and the emergence of long-term data in key areas. We will also discuss critical elements to developing a sustainable and coherent framework to translate this complex experience data into assumption models.

Description: The NAIC has adopted revised VM-21 and AG43 for variable annuities, effective Jan. 1, 2020. The panel of presenters will provide background and an overview of the revisions, discuss detailed aspects of the new CTE Amount Standard Projection and prescribed assumptions, as well as discuss implementation considerations and the implications to hedging. In addition, the panelists will share progress on VM-23, principle-based reserves for non-variable annuities.

Description: The speaker of this session will provide a bottom up analysis and categorization of the $200 billion of volatility control funds related investments while recapping volatility control fund trading around volatility spikes (including Aug. 2015 and June 2016). The assessment of potential market impact of the volatility control funds’ rebalancing activity will also be discussed.

Description: This paper presents a procedure for calculating aggregate stop-loss premiums that takes parameter uncertainty into account. From Actuarial Research Clearing House ARCH 1988, Vol. 3

Description: Tomorrow’s risk landscape is shaped by macro trends and their interconnections, and those new, changing but not-yet envisioned risks will shape tomorrow's insurance needs. Karen would like to share Swiss Re's insights on new emerging risk themes and trends, climate change and its effects on the L&H business. Hopefully the session can provoke new ideas and enable us to build resilience together.

Description: This is a report on Phase 2 of a research project on the role of automated systems in life insurance underwriting. This paper discusses: 1. How and why companies are using automation to make underwriting decisions. 2. Its impact upon operational efficiency, sales, and retention. 3. The quality of risk selection produced by automated systems. 4. Cultural acceptance of increased automation in underwriting. 5. Challenges insurers must overcome to implement and maintain automated underwriting.

Description: The article describes the nature of actuarial research conducted at the Goldenson Center at the University of Connecticut. One of the research projects to create a National Retirement Sustainability Index is analyzed in detail. It demonstrates how the work we do at the Goldenson Center is both an art and a science while satisfying the following research criteria we adhere to at the Goldenson Center:  >The problem has to come from industry  >The solution has to add value to what is currently done in practice  >The solution has to be implementable

Description: The presentation will outline the different possibilities insurance companies have to hedge their equity risk for the various products.

Description: 2003 Valuation Actuary Symposium, San Diego, CA. In this Teaching Session the instructor discussed the importance of making sure the correct inferences were drawn from stochastic testing exercises. Topics included: 1. Applying the assumption of a normal distribution. 2. Drawing inferences about, and creating confidence intervals around, a population mean. 3. Drawing inferences about, and creating confidence intervals around, tail percentiles. 4. Certifying anticipated mortality under XXX in a mathematically concise way.

Description: How to make the third pillar of the pension system develop faster is a hot topic in the field of social security research in recent years. Its development is facing three dilemmas: cognitive dilemma, economic transformation dilemma and incentive dilemma. According to the order from easy to difficult, four suggestions are put forward: to build the third pillar system by introducing personal accounts; to separate individual accounts from urban and rural residence insurance and put them in the third pillar; to integrate housing funds into the third pillar; to turn short-term bank savings into long-term pension reserve by improving social welfare.