Description: Session 9E: The ACA Marketplace and 1332 Waiver State Innovation Programs

Description: Virtual - Session 5C: Simplifying Risk Adjustment

Description: This newsletter article provides an update, as of December 2024, on Financial Reporting Section sponsored research projects in process and those recently completed.

Description: With recent and continuing changes in regulatory requirements under VM-20, new accounting standards under GAAP LDTI/IFRS 17, expansion of accelerated underwriting programs and digital distribution, and the impact of COVID-19, the needs and challenges being faced by life insurance companies are greater and more varied than ever. Both under favorable and stressed conditions, companies heavily rely on reinsurance and the market has seen several major transactions enacted in this space over recent months. Reinsurance offers a wider variety of opportunities for companies to manage their balance sheets and increase their return on capital. Find out how reinsurance can be utilized to address the challenges associated with earnings growth and volatility, risk management, capital allocation efficiency, and product performance optimization. Moreover, upon enacting a transaction, ensuring the implementation of effective reinsurance operations is crucial to avoid operational inefficiencies and monitor the transaction's performance. Understanding the potential opportunities and common pitfalls in the reinsurance processes is vital for capturing the full value of reinsurance. By attending the session, you will be able to understand the various challenges being faced by direct writing companies today and where reinsurance can be leveraged to improve capital and tax position, as well as achieving the optimal balance of risk appetite and underwriting profit. Additionally, the presentation will provide real life case studies on how innovation and operational excellence can improve earnings by reducing costs related to inefficiencies, reducing process timing, improving controls, and reducing reinsurance leakage.

Description: LDTI requires that reinsurance recoverables be recognized in a manner consistent with the liabilities of underlying direct contracts. Consider implications of multiple ceded reinsurance contracts (e.g., coinsurance and YRT on the same business) and how this impacts the calculation of the net premium ratio (NPR) and other related approximations. Explore different options when only some of the policies within a cohort are reinsured. Multiple interpretations of the components of the NPR formula exist. Two main approaches will be presented-standalone and integrated approach. Other considerations to be discussed include implications of closed-block reinsurance transactions at transition and subsequent to transition, contra-DAC, market risk benefits. Finally, explore the short-duration YRT approximation (1/2 Cx) compared to the long-duration calculation.

Description: The SOA has been interested in financing of long term care for many years. As part of this interest, they approved a state-based research effort in the chosen location of Minnesota. Join authors of the research as they present their findings . The research effort looked at stakeholder responses in Minnesota to several designs that would create a state-based catastrophic long-term care insurance program. The conceptual work was based on efforts by Cohen, Feder and Favreault using the DYNASIM model created by the Urban Institute. Catastrophic coverage would be provided after a variable waiting period based on income. Private resources, including long-term care insurance, would be expected to cover the front end. (Persons on Medicaid would continue to have their gap coverage provided by that program).

Description: The Society of Actuaries is committed to fostering a more inclusive and diverse environment in the U.S. and elsewhere around the world for members, candidates and customers wherever they live. An important aspect of this commitment is dedicated research that the Society of Actuaries has sponsored to further advance this effort. Explore diversity, equity and inclusion issues from the aspect of retirement preparedness and other aging issues. Results from a recently released research report and author's views from an invitation to write essays on these issues will be presented with an opportunity for audience suggestions for future work. By attending the session, you will be able to:

Description: Join us for this session that will discuss various sources of risk and approaches to mitigating those risks in defined contribution (DC) solutions. Although additional topics may be added based on speaker availability, the key topics you will learn about will be:- Equity as a source of risk mitigation, which covers risks such as shortfall risk and inflation. - The role of LDI in DC plans and what it means in a DC context.- Approaches to inflation management in DC. If extra time remains, we may add a section on behavioral risks. Expect not to cover sources of legal risks to plans, but instead focus on investments.

Description: Due to competitive pressures, resource constraints, and the evolving availability of new evidence-based underwriting tools, many direct writing insurers are struggling with how to evaluate new data sources and incorporate them into their underwriting workflow to create an efficient accelerated underwriting program. Explore the results of a recent Individual Life AU Survey, where development was guided by a steering committee of direct writing companies. Learn more about trends that were identified through the study, including a focus on increased throughput, post-implementation monitoring, and minimization of mortality slippage.

Description: Recent and potential near future extreme experiences are leading us to a new normal rather than back to the prior environment. Learn more about several examples of past Regime Changes along with a detailed discussion of how recent disruptions lead toward a persistent change in the business, social and political environment. Come develop an understanding of these drivers of change as well as the likely impacts on the Financial Services industry.