Description: "New regulatory requirements demonstrate an increased focus on understanding the liquidity and behavioral risks of structured assets and the close association and interaction with liability lapse risk. In the US, Actuarial Guideline LIII (“AG53”) requires additional analysis & disclosure around the risks of structured, less liquid assets used to back insurance liabilities. In Bermuda, the implementation of Consultation Paper #2 includes several targeted requirements to capture lapse risk, asset behavioral risk, and liquidity risk in a more robust and dynamic way. These emerging requirements necessitate enhanced ALM modeling capabilities and a more holistic view of liquidity risk that incorporates both sides of the balance sheet. In this session, we will discuss these requirements, what companies are doing to fulfill them, and how their efforts feed into a broader improvement of the ALM function."

Description: "This session is designed to provide small companies with a understanding of the VM22 update and practical steps to ensure a smooth implementation. VM22, a critical update in the industry, introduces new features, compliance requirements, and operational changes that can significantly impact business processes. Attendees will gain insights into the key aspects of the update, its implications for small businesses, and actionable strategies to prepare for implementation. The session will also address common challenges faced by small companies and provide best practices to mitigate risks and leverage the update for improved efficiency and compliance. By the end of this session, participants will be able to: 1. Understand the VM22 Update: - Explain the key features and changes introduced in the VM22 update. - Identify the compliance requirements and deadlines associated with the update. 2. Assess Impact on Small Companies: - Evaluate how the VM22 update affects existing business processes, systems, and workflows for small companies. - Recognize the potential challenges and opportunities. 3. Prepare for Implementation: - Identify the resources, tools, and support needed for a successful transition. - Access support for resources"

Description: This is the first in a series of articles about accounting for reinsurance under GAAP Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI). It provides an introduction to the topic, giving an overview of what has and hasn't changed. Changes include a few that directly address reinsurance and others that indirectly result from changes to direct accounting and the existing ties between reinsurance and direct accounting.

Description: This session will explore the evolving landscape of accident and health valuation, with a special focus on GAAP Long Duration Targeted Improvements. Discussion will delve into the intricacies of change brought by GAAP LDTI for calculation of both Lifetime Future Policy Benefits (LFPB) and Deferred Acquisition Costs, as well as potential downstream impacts to other activities related to general GAAP and STAT reserving such as experience analysis, model system conversion, financial planning and analysis, and statutory margin analysis. Attendees should be able to connect accounting and financial reporting concepts under GAAP LDTI to opportunities for technology modernization, improved transparency of financial analytics, and important considerations unique to Accident and Health products.

Description: Both LDTI and IFRS 17 have introduced numerous new metrics with most companies having only crossed the finish line, just complying with what's needed for reporting due the complexity and large amounts of data required to simply comply. How do you leverage all the work you did to get proper business insights across the organization that tie back to these reporting metrics? This presentation covers a perspective of pain points faced in getting over the the hurdle in complying with LDTI and IFRS 17, upcoming hurdles, emerging KPIs, as well as how to best manage the data, technology, and processes to produce the analysis around these KPIs efficiently.

Description: Market consistent valuations require path-dependent discounting for scenarios. IFRS 17's requirement to discount best-estimate cashflows using locked-in rates could give non-sensical results in many instances. This article describes a technique for calibrating each of the scenario's cashflows so that they can be discounted with other discount factors or curves without distorting the value of underlying options and guarantees.

Description: LDTI’s introduction has forced many insurers to examine their existing operations and technologies. They must determine how to optimize compliance efforts while balancing data, analytics and system modernization considerations to achieve maximum value. This article will examine the four key facets—the data, technology, processes, and people—essential to any successful LDTI exercise. It will also touch on the various approaches for tackling LDTI and how a modernization mindset can help insurers realize much greater transformation for the business.

Description: Reunite with members and non-members in the China actuarial community to discuss recent topics and related issues in areas such as macroeconomic sharing, IFRS 17, product strategy, cross-border communication and discussion, and more. Advance your career through learning and networking opportunities, and share your experiences in the finance and insurance industries, as well as other fields related to actuarial science.

Description: Almost half of recent FDA approvals have been for orphan drugs. This trend is expected to continue in 2023. Orphan drugs are priced more than 30 times higher than non-orphan drugs, therefore their cost burden in aggregate has the potential to overwhelm the budgets of payers, especially that of smaller health plans. Hear how the cost impact analysis for smaller health plans require different considerations than for a larger health plan when modeling the impact of rare diseases.

Description: Learn about the innovations of life & health products and distribution in the Asia market.