Description: As the size of the life reinsurance market in Bermuda has grown to over half a trillion dollars at the end of 2021, more and more actuaries are getting involved with this 21 square mile North Atlantic island in one way or the other. Come explore a fundamental understanding of the Bermuda solvency framework and an overview of its upcoming changes.

Description: This article outlines how Bermuda advanced in global tax compliance through the enactment of the Bermuda Corporate Income Tax (CIT) Act of 2023, which will take effect for tax years beginning on or after January 1, 2025. The Bermuda CIT rules incorporate key foundational definitions from the Organization for Economic Cooperation and Development’s (OECD) Pillar Two GloBE model rules, while also exhibiting significant differences from Pillar Two. The article discusses the various elections available for taxpayers, key mechanics of the CIT, and the latest administrative guidance released by the Government of Bermuda.

Description: This article briefly summarizes the history of the Passive Foreign Investment Company (PFIC) tax regime. Then it provides a detailed description of the PFIC proposed regulations issued in July of 2019.

Description: History of Life Insurance insolvencies and evolution of statutory reporting requirements and laws to enable improved control over preventing insolvencies. Reflects my extensive personal knowledge serving on regulatory and industry boards and committees regarding these developments. A key item of solvency control in Risk Based Capital. References provided for FRBC/insolvency data from NAIC and the GAO.

Description: This article helps companies better understand the currently proposed upcoming VM-22 regulation by comparing the VM-22 measurement model to LDTI MRBs. The article highlights key considerations as companies plan for adoption of these two measurement models. These considerations should help inform a company’s strategy related to the business impacted by these standards.

Description: "This session will provide a comprehensive overview of key aspects related to the GAAP/VM-21 valuation for RILA. We will discuss how VM-21 can reward companies for making conservative decisions and examine the key factors that drive different levels of VM-21 reserves and capital. We will also cover how ALM management for RILA differs from other annuities. Attendees will gain insights into practical considerations, challenges, and solutions in implementing RILA valuation."

Description: The life insurance industry has a long tradition of trying to calculate the economic value with different forms of concepts. Especially with reinsurance, which is often a strategic part of a company's operation, it is important to understand the economics of the transactions given the complexities involved. However, despite the focus on economic value creation, the financial metrics demanded by various stakeholders often tie to one or more accounting basis.

Description: TAXING TIMES recently sat down with a group of retired tax actuaries to hear about how they got involved in actuarial tax matters and how their tax experience impacted their careers. Their insights will be useful for actuaries who are just starting out in the profession, as well as more seasoned actuaries.

Description: Key performance indicators (KPIs) are essential in order to monitor and communicate a life insurance companies’ financial results, and effectively manage the business. This presentation will illustrate how the currently used KPIs may develop and evolve with the adoption and implementation of IFRS 17. Will the IFRS 17 insurance revenue be an appropriate measure for growth? Will the profitability and new business value measures be different? The panelists will discuss the implications of IFRS 17 on the existing KPIs and the possible changes that may lay ahead

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.