Description: "The purpose of this presentation is to give an overview of the CP2 requirements for Bermuda statutory reserves and capital, which went into effect for 2024 reporting, along with a summary of the impact of these new requirements. Some of the CP2 changes include bringing the Bermuda Solvency Capital Requirement (BSCR) more in line with other capital reporting regimes, such as Solvency II. For example, lapse, expense, interest rate, and equity shocks are now required to compute the lapse, expense, interest rate, and equity shock components of required capital. The Bermuda Monetary Authority (BMA) also clarified in the CP2 paper that borrowing under any form is not permitted in the Scenario Based Approach to computing the Best Estimate Liability (BEL), and realistic transaction costs must be reflected. Proving model safety controls are in place is another key component of the CP2 paper, and reinsurers/insurers must prove their model governance is up to standard. These new requirements pose operational challenges for insurers and reinsurers reporting under the Bermuda framework, and have an impact on the economic balance sheet. The presenters include folks working with AXIS software from Moody's, who have been involved in enhancing the software to align with Bermuda reporting standards, and consultants from Valani who worked with many companies on setting up their Bermuda reporting processes. All presenters are very knowledgeable on Bermuda reporting, and have observed the impact of the CP2 requirements. The presenters want to share their knowledge with fellow actuaries at this industry meeting, and hopefully inspire insightful discussions."

Description: The use of data to assess risk is not new to the life insurance industry, but has historically been limited to leveraging structured data. Join us as we discuss the next frontier: unstructured data.

Description: The post COVID-19 period exhibited a fast-changing capital market with higher interest rates, uncertain monetary policies, and revaluation of asset classes. At the same time, regulators introduced changes to reward better risk management, such as the scenario-based approach for reserving under Bermuda regulatory framework. For life reinsurers, while new opportunities arising from these changes, challenges also exist to be able to adjust reinsurance portfolios and ALM strategies appropriately. A holistic modeling framework can assist companies better position themselves in front of these challenges and other potential future unknowns. In particular, a well-designed stochastic and dynamic modeling framework enables the quantifications of such probabilities and potential impacts.

Description: Come discuss the benefits and challenges of collaboration between academic institutions and industry stakeholders in shaping actuarial education and research agendas. Register for this event now.

Description: Principle-Based Reserves for fixed annuities are coming. Hear the latest from industry experts on the current Valuation Manual (VM)-22 draft and field test, as well as when it will be effective. Participants will learn about principle-based reserving for fixed annuities and be better prepared to implement it.

Description: Global trends in both technology and regulation are causing U.S. insurers to reflect more deeply 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.

Description: Understanding Asian Capital Regimes

Description: It's your first full day of productive learning! Start it off right with a delicious breakfast and warm welcome.

Description: In this presentation, actuaries and data scientists from Cleveland Clinic and Milliman discuss the development of a sepsis prediction model using machine learning. Presented with a unique challenge of handling massive amounts of data for near real-time risk scoring, the team took their model development to the cloud and delivered a product in less than a week through a unique virtual engagement.

Description: Join us for discussion about the tax implications for direct writers ceding annuity blocks. The presenters will describe the mechanics and consequences for both onshore and offshore reinsurance arrangements. This will introduce the audience to the tax consequences, with the risk transfer of annuity features and guarantees to reinsurers to reinsurers that are US-based and not US domiciled.