Description: The presenters will dig into the little rider that most actuaries don't spend much time thinking about. A regulator, a direct writer and a consultant will discuss their thoughts on this rider and point out areas where actuaries should focus before deeming it insignificant. Topics will include the current study underway to update the industry experience study (most recently done in 1952), underwriting considerations, interactions with other riders, benefit designs, unique issues on UL policies, tax implications and reserving considerations

Description: Regulators observed a wide range of practice from early adopters of PBR in regard to the treatment of non-guaranteed reinsurance and adopted a formulaic solution on an interim basis for the 2020 Valuation Manual. A field test, supplemented with additional analysis performed using a model-office approach with representative models, is being performed over the first half of 2020 to inform regulators as they select a longer-term solution. This session will provide an update on this important issue as well as perspectives on how the resolution of this issue was approached and lessons learned for the future from those intimately involved in this work.

Description: The valuation manual is a living document that continues to evolve. As more companies adopt Principle-Based Reserving (PBR) and file PBR Actuarial Reports, regulators have observed gaps and inconsistencies across the industry. As a result, PBR reporting requirements (VM-31) have expanded significantly in 2020 and still continue to evolve. This session will provide attendees with everything they need to fill out their PBR reports for both Life business and Variable Annuity business. We will dig into the new changes effective for 2020 reporting and approved changes for 2021, and compare and contrast the Life and VA requirements to help companies identify areas that can be leveraged between the two. In addition, we will share insights from regulators, consultants, and company actuaries on what to include or exclude in your report.

Description: The presenters will cover the latest research undertaken by the Individual Life Experience Committee (ILEC). With several years of very robust individual life insurance experience data accumulated through the mandatory Statistical Agent data calls, this vast amount of data allows for various deeper dives into specific segments of business, such as large face amount, older age or juvenile. Speakers will cover studies the committee is currently involved in, future planned efforts, and results from a variety of sub-segments of business. Attendees will learn about emerging statistical techniques in scrubbing data, more refined quintile-grouped data segments, and interesting ways of conceptualizing how A/E results have changed from year to year. There will be something for everyone!