Description: Pension risk transfer (PRT) involves two distinct disciplines of the actuarial profession, retirement and life insurance. This session is open to all but targeted to retirement actuaries looking to understand the considerations of how PRT is priced by life insurance actuaries and the nature of the risks that life insurers face. If you're a life insurance actuary, you will gain insight into how the retirement side views the PRT insurers, particularly in relation to safety.

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: At the conclusion of the first part, attendees will be able to describe sources of reserve redundancy for products under Principle Based Reserve (PBR) and products under Commissioners' Annuity Reserve Valuation Method (CARVM). Such products include Term Life, Whole Life, Universal Life, and Fixed Annuity with and without rider. We will also review sources of capital redundancy from the C-1 factor under Risk-Based Capital (RBC) and assets such as Unrated Asset Credit Fund can have high C-1 factor even if its risks are limited. At the conclusion of the second part, the attendees will learn about potential Reserve Relief reinsurance solutions. Such solutions can provide Reserve Relief for annuity and term life businesses, as well as potential innovative asset-side solutions. Asset managers can structure assets that the C-1 factor aligned with the corresponding risk.

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: Many insurance companies have started Diversity, Equity, and Inclusion (DEI) initiatives over the past few years to better engage with their employees and communities in new ways. Explore another important audience of DEI programs: the customers who purchase insurance products. Review research on the unique needs of specific groups that may have been underserved by insurance companies in the past. You will also touch on ways to make the insurance buying process more accessible to everyone.

Description: Even though the 2018 Tax Cut and Job Act significantly simplified the tax valuation methodology, taxation can impact the valuation outcomes and financial decisions. This presentation will start with an overview of the key taxation topics relating to valuation work, and then dive into more complex topics, such as the deferred tax asset/liability handling and reinsurance implications.

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.

Description: Product complexity, the services provided by distributors, their method of obtaining clients, and their relationship to insurers all affect the characteristics of in force membership. Selecting the distribution channel(s) for a product can have a significant effect on overall profitability. Total sales, acquisition costs, anti-selection/quality of business, persistency, control over market targeting, etc., will vary based on the initial strategy decisions and future adjustments. Gaining a high-level understanding of distribution channels will help develop an appreciation for the importance of these decisions.

Description: Explore the importance of financial well-being and current efforts to improve it for all stakeholders, including employers, insurers and individuals. With factors like the COVID-19 pandemic and economic pressures driving rapidly rising inflation, dive into this webcast to learn better preparation for retirement security. How will we meet the future challenges of financial well-being? Discover research materials from the Geneva Association, Financial Finesse and the Society of Actuaries Aging and Retirement Strategic Research Program crafted to help clients and colleagues financially plan for the future.

Description: At the end of this session attendees will understand how their company's existing cash flow models can be leveraged to meet the new requirements for principle-based reserves under VM-22.