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: 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: The IFRS 17 implementation deadline is near and companies have decisions to make. While many decisions pertain to specific IFRS 17 requirements, others are more strategic in nature. This session will explore key considerations and decisions faced by stakeholders as they finalize their implementation work and determine ongoing best practices in light of this new standard.

Description: 2021 ImpACT Conference -Insurance ALM Survey - Early Results and Best Practices Recording

Description: Broaden your understanding of how long-term care (LTC) is provided and brainstorm with other actuaries on ways to help society fund future LTC solutions. How we fund and provide LTC for our loved ones has changed over time and will evolve still by the time we retire. In this session we will explore the variety of ways that we fund LTC services: out of pocket and with informal care, Medicaid, lifeplan communities (Continuing Care Retirement Communities and and the Continuing Care at Home model), private LTC insurance and more. You will leave the session appreciating that providing long-term care is a key feature of our aging society and understand the variety of ways that we fund LTC today and may in the future.

Description: After more than a decade of a prolonged low interest rate environment, long-term Treasury rates have started to increase with higher volatility. While it is generally agreed that a modest increase in interest rates and inflation is beneficial to the life insurance industry, interest rate risk remains a significant challenge for life insurance industry to manage its long duration liabilities, especially under volatile interest rate environments. Learn how to proactively manage interest rate risk and improve capital efficiency through the cash flow based strategic asset allocation (SAA) framework. Discover practical examples of how to combine asset allocation with derivatives to manage tail risk and liability convexity.

Description: Join us for the Pandemics & Paradigm Shifts: ERM in an Intensely Dynamic World panel discussion, where industry and regulatory perspectives will help provide insight into a number of topics. Expect interactive dialogue opportunities based on the conversation between the panelists and the audience. Key topics that will be conversed about, but the panel is not limited to, include a brief review of historical paradigm shifts and subsequent insurer failures, best practices and an outlook on the ultra-dynamic world of today and consideration of a company's enterprise risk management framework as it affects ratings and insurance department examinations.

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.