Description: Future mortality improvement is an important assumption in the valuation of life insurance. In this session, presenters will discuss the work of the Life Mortality Improvements Subgroup (LMISG) of the Society of Actuaries (SOA) Mortality and Longevity Oversight Advisory Council (MLOAC) developing mortality improvement scales for individual life insurance.

Description: This session will uncover the mystical findings that can be uncovered when leveraging a reinsurer. Insights discussed during this session include mortality at high face amounts, interactions between lapses and mortality, mortality improvement on low face amounts, fully underwritten mortality by Resident State and more. At the conclusion of this session, attendees will be able to identify where reinsurer data can help uncover insights, how mortality and lapse knowledge can improve product performance and what some mortality results can come from reinsurance research.

Description: This session will discuss SECURE 2.0 and the recent required minimum distribution regulations, section 7702’s floor interest rates and managing contract changes, SECURE 2.0’s rules for withdrawals from retirement plans for long-term care insurance, and issues on the horizon such as the global minimum tax and Billionaire’s tax proposal.

Description: This session will27601 summarize the key National Association of Insurance Commissioners (NAIC) activities with a primary focus on updates to principle-based reserve valuations and appointed actuary topics. Hear insights into the current set of activities and initiatives being considered and/or adopted by the NAIC Life Actuarial Task Force (LATF) and the NAIC Risk Based Capital Working Group. In addition, other actuarial practice issues and other appointed actuary and opinion topics relevant to life insurance, variable annuities and fixed annuities will be discussed, including recent exposures and adoptions by the Actuarial Standards Board. By the end of the session, attendees will understand what changes are being made to reserves, RBC, PBR and actuarial standards and related topics, and the anticipated timing of such emerging changes.

Description: This session will discuss what is meant by 'bias' and 'fairness', the regulatory environment, how to identify and mitigate bias in models, and proper oversight and governance of model building. The session will include a case study.

Description: Global trends in both technology and regulation are causing US insurers to reflect deeper on their model risk management frameworks. The world has seen a rapid proliferation of AI-based tools accompanied with an overall increased usage of machine learning models, exacerbating model risk and reducing transparency in an unprecedented manner. This rising tide of AI means that it is imperative for US-based insurers to address these emerging risks within their Model Risk Management (MRM) frameworks. Regulation also continues to evolve in this space: in Canada, the Office of the Superintendent of Financial Institutions (OSFI) revised Guideline E-23 to instill more detailed model risk management standards; in Bermuda, the Bermuda Monetary Authority (BMA) has published CP2 to add increased scrutiny on the data and models used by insurers. Insurers must react: MRM frameworks require prudent revisions to reflect these ever-changing landscapes of risk. Reassessing the core pillars of MRM frameworks - risk measurement, model development, validation, monitoring, and governance – is key to understanding the consequences of these evolving market changes on insurers’ risk profile. Overall, the inclusion of these new tools into the world of insurance necessitates a thorough examination of insurers’ MRM frameworks in order to align these new risks with core MRM principles. In this session we will: - Reflect on recent drivers of change and how they should be considered in the context of MRM - Explore best practices as it relates to MRM frameworks in the context of current global trends - Describe challenges, success stories, and lessons learned relating to recalibrating and embedding MRM frameworks

Description: In this session, we will explore the innovative use of artificial intelligence in developing narrative scenarios to enhance life insurance investment strategy discussions. Participants will discover how developing comprehensive and imaginative scenarios can help identify potential future risks and opportunities, leading to more informed investment strategy planning. The session will cover practical approaches to creating and utilizing narrative scenarios, emphasizing their role in improving decision-making processes. Join us to learn how to craft compelling scenarios that provide a broader understanding of drivers of emerging trends and uncertainties, ultimately transforming traditional investment strategies in the life insurance sector. Learning Outcomes: - Understanding the role of AI in Scenario Development - Enhancing Investment Strategy Decision-Making - Writing comprehensive scenarios and using them for specific investment strategy decisions

Description: Life insurance products have evolved over time from the early mutual aid societies paying benefits when members died to comprehensive products covering a range of financial needs over an individual’s lifecycle. While some life insurance benefit riders have been offered for decades and are well-established, recent years have seen a number of accelerated benefit riders being introduced by carriers for a growing range of covered triggers. Join us as we discuss these acceleration and extended benefit riders, trends and innovations in the space, and discuss challenges and actuarial considerations in designing, pricing, and modelling them. We will also explore issues carriers have experienced, how to consider the interactions between these benefits and the underlying mortality coverage, reinsurance considerations, and more!

Description: There are a variety of regulatory changes that are being contemplated by the National Association of Insurance Commissioners (NAIC) that have the potential to materially impact actuarial, statutory reporting and disclosure requirements relating to reinsurance. This session will provide an introduction to these changes, explaining both the motivation as well as the potential impact these proposed changes may have on US ceding companies. The focus of the presentation will be primarily on changes affecting Asset Adequacy Testing and statutory risk transfer for combination Coinsurance / Yearly Renewable Term agreements. An update will be provided regarding industry responses to proposed changes and the potential timing for implementation of these new requirements.

Description: Value of new business (VNB) is being used by many companies for various purposes including: internal and external financial reporting, incentive compensation, pricing, capital management, and comparing products, distribution channels or regions on a consistent basis. Presenters will discuss how and why value of new business is used within their companies including: the various methodologies considered, some of the benefits and challenges related to implementing VNB, integrating VNB within their business as usual processes, and managing to VNB.