Description: In this translation of an original article by Oscar E. Velandia, the role of the actuary in the Colombian insurance market place in light of regulatory change is examined. A comparison with the rules from the Solvency II Directive puts the actuarial function into context. In addition, the new financial reporting requirements set forth by IFRS 17 and the involvement of the actuary in finance is described.

Description: Recognizing the benefit for actuarial discussions about how COVID-19 will affect our work, the Smaller Insurance Company Section of the Society of Actuaries hosted “COVID-19: What a Smaller Insurance Company Actuary Needs to Know Virtual Town Hall” on April 17, 2020. The following delves into these presentations and discussions.

Description: As the topic of affordable long-term care (LTC) insurance comes into focus in political conversations, we often find ourselves thinking, “What is going to happen to the private LTC insurance industry going forward?” The need for LTC in the United States is not going away, especially as the population continues to age. With this in mind, this article explores three possible future paths for LTC insurance funding and the associated implications for the private LTC industry.

Description: Retirement isn't a solo endeavor and the prospect of retirement looks starkly different depending on your family, your generation, your income and a host of other socioeconomic factors. The presenters will review the study, 'Financial Perspectives on Aging and Retirement Across the Generations' with an eye towards how these findings impact public policy, plan design for employers and financial planning for individuals and families.

Description: As the use of predictive models and novel datasets becomes more prevalent, a focus on consumer protection is being highlighted by regulators, ethicists, and industry insiders. Over time, increased rigor should and will be applied in model development and implementation. These issues are not new. Hundreds of individuals have worked on these issues in the laboratory, the board room, and the court room. The Civil Rights Act of 1964, Uniform Guidelines of the US EEOC, the Principles for the Validation and Use of Personnel Selection and other sources are intended to protect the rights of citizens and consumers and provide guidance to professionals in the development and use of decision-making tools. Drawing heavily on examples and parallels from psychology and employment practices as well as other disciplines, concepts such as model bias, fairness, adverse impact, disparate treatment and the like will be presented. Suggestions to ensure model validity, demonstrate model and data relevancy and minimize the potential for adverse impact to protected classes will also be offered. Each of these considerations will be linked to recent dialogue and concerns in the Life Insurance sector.

Description: A pension plan uses Actuarial Equivalence to determine a 'fair' adjustment to pension benefits for form and timing of payment. The definition of Actuarial Equivalence is set in the Plan Document which may not have been reviewed for decades. With a wave of recent pension litigation in the U.S., plan sponsors, attorneys and actuaries now pay more attention to how pension plans define Actuarial Equivalence. How does a change in mortality table or interest rate affect the ultimate benefit? What are the requirements under ERISA and pertinent regulations? Are there court cases that have examined this question before? What are the issues behind the recent lawsuits and what can a plan sponsor do now to reduce their legal exposure? What alternative strategies are available for changing or not changing the definition in the plan document?

Description: Insurance commissioners and deputy insurance commissioners will discuss current topics including health care reform, life insurance issues, risks in the major medical markets, voluntary products and other topics.

Description: This article discusses final Treasury Regulations published in October 2019 under Internal Revenue Code sections 101 and 6050Y. The regulations cover new tax reporting requirements for transfers and sales of life insurance contracts, as well as changes to the transfer-for-value rules related to reportable policy sales

Description: The presenters will cover the variation in risk adjustment approaches used across state Medicaid programs and compare them to other Federal programs. Additionally, recent developments, such as the use of OCR to extract data from medical charts for risk adjustment, will be discussed.

Description: This reinsurance refresh session will review different types of reinsurance, main reinsurance regulations and resources, key reinsurance treaty provisions, as well as recent developments in reinsurance. We will also introduce LEARN, an education initiative sponsored by the SOA Reinsurance Section to help improve communication with regulators.