Description: 2021 Life Meeting - Session 9D: MRBs: Special Considerations for Fixed Indexed Annuities 9.1.21 Recording

Description: 2021 Life Meeting - Session 3F: LDTI - Disclosure Production Deep Dive 8.30.21 Recording

Description: 2021 ImpACT Conference -Session 9C: ABCs of Data Governance 10.28.21 Recording

Description: 2021 ImpACT Conference - Session 13B: Forecasting LDTI 10.29.21 Recording

Description: The National Association of Insurance Commissioners (NAIC) is in the middle of of a project to change the real-world economic scenario generator (RW ESG) prescribed for principle-based reserve and capital calculations. The presenters will provide a brief summary of the NAIC's RW ESG project and provide a general overview of RW ESGs. In addition to that, they will explain how RW ESGs impact principle-based reserve and capital levels and consider potential differences between the currently prescribed RW ESG and the proposed RW ESG.

Description: The annuity market has been declining while the Registered Index Linked Annuity (RILA) market has been expanding. The presenters will share why the market is growing along with key features and considerations for the product from an actuarial perspective.

Description: The implementation of the IFRS 17 insurance accounting standard has brought significant changes to the financial reporting landscape of insurance companies. With new disclosure requirements and altered profit analysis, understanding and interpreting future profitability have become a topic of concern for the industry. While stability remains a key objective for insurance companies, the earning patterns might become more volatile especially when the contractual service margin (CSM) is exhausted, and a loss component (LC) needs to be established. Reinsurance, a common risk mitigation tool, can play a pivotal role in managing earnings volatility and minimizing losses for onerous measurement units. In this article, we propose a new key performance indicator (KPI) called “loss recoverability” to assess the performance of reinsurance treaties in achieving these objectives. We explain how this KPI can be utilized in multiple scenarios to evaluate the effectiveness of reinsurance strategies and pursue stability in earning patterns.

Description: Actuaries and their IT counterparts are required to collaborate more frequently and on more complex projects than ever before. The recent accounting changes (LDTI, IFRS 17, PBR), investor demands for increased transparency, and competitive pressures have led to many insurers undertaking large actuarial and financial transformations. As a result, senior management is challenging their actuarial and IT leaders to develop new processes that use data in new and improved ways. The actuarial and IT functions are being tasked with not only delivering on changes to systems, processes, and data, but also with rethinking how their teams collaborate and interact

Description: S&P reissued a second Request for Comment (RFC) in May 2023 that proposed changes to their insurer capital adequacy methodology and assumptions, and suggested these proposed changes may become effective at the end of 2023. This paper is to highlight the notable changes between the current capital model criteria and the proposed model. We also discuss major changes from the first RFC and the second RFC, as well as several key items that still require enhanced guidance and clarification. Our analysis is based on information gathered from S&P's public comments, conversations with industry participants, and publications released by S&P Global as of July 2023 when this paper was written. Most U.S. life insurers are rated by S&P using their U.S. Life Statutory Capital model, while other insurers use the GAAP/IFRS Capital Model. Statutory financials will remain the starting point for U.S. life insurers under the proposed model, however there will be additional adjustments made to these numbers in an effort to create consistency and comparability with other accounting and solvency regimes.

Description: In the United States, there has been much industry discussion of the challenges associated with a sustained low interest rate environment, which impacts both the asset and liability sides of the balance sheet in unfavorable ways. The intent of this article is not to focus on these strategic issues. Rather, we attempt to shine a spotlight on some of the modeling challenges that practicing actuaries may experience when incorporating negative interest rates into their models.