Description: Review the Bermuda Monetary Authority's Consultation Paper I and focus on required changes to governance, risk management, modeling, lapse risk, filing requirements, model governance and more.

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: There are a variety of regulatory changes that are being contemplated by the National Association of Insurance Commissioners (NAIC) that have the potential to materially impact actuarial, statutory reporting and disclosure requirements relating to reinsurance. This session will provide an introduction to these changes, explaining both the motivation as well as the potential impact these proposed changes may have on US ceding companies. The focus of the presentation will be primarily on changes affecting Asset Adequacy Testing and statutory risk transfer for combination Coinsurance / Yearly Renewable Term agreements. An update will be provided regarding industry responses to proposed changes and the potential timing for implementation of these new requirements.

Description: The past several years have seen a significant increase in the number of insurers and investment managers partnering to establish new reinsurance vehicles. These entities, frequently domiciled in Bermuda and the Cayman Islands, are funded in part or in total by third-party investors. This session will explore the mechanics of these innovative structures and the benefits they offer to all stakeholders - from policyholders to sponsoring insurers to investors. Hear actuaries and investment professionals provide insights on the what and why of private capital in the insurance industry: how it is effectively utilized, why it has taken shape, and how conflicts of interest are appropriately managed within these complex ventures. At the conclusion of the session, attendees will have an understanding of the following: - Market drivers and economics of 'sidecar' reinsurers - How alignment of interest is maintained between policyholders, insurers, asset managers, and third-party investors

Description: EHRs are a source of digital health data that present both an opportunity and a challenge for insurers. These rapidly maturing data sources contain valuable insights and can create a faster, better applicant experience, but the costs can quickly add up. Listen to panelists discuss various use cases for EHRs, their protective value in relation to traditional underwriting approaches, and other considerations for expanding EHR use. We will take a look at how using EHRs could promote a smart ordering approach allowing us to be quicker and more cost effective, all while understanding the impact to mortality.

Description: Over the past year, we conducted several industry surveys, including the Asset-Intensive Reinsurance Companies Survey, where we interviewed nearly 30 reinsurers, and the Survey on Internal Reinsurance and Internal Affiliates (such as captives and sidecars), which saw participation from more than half of the top 30 U.S. life insurers. While full survey reports were shared exclusively with participating companies, this presentation will highlight key findings on some of the industry's most frequently discussed topics.

Description: "This session will cover recent and new NAIC actuarial guidelines and their impact on U.S. statutory cash flow testing. The focus will be on the new Reinsurance Asset Adequacy Testing Actuarial Guideline and Actuarial Guideline 53. It is intended to benefit consultants interacting with NAIC statutory regulations, including those involved in appointed actuary work, statutory financial reporting, or mergers and acquisitions."

Description: This session will go through recent and new NAIC Actuarial Guidelines and the impact it has had on the US Statutory Cashflow testing. The focus will be on the new Reinsurance Asset Adequacy Testing Actuarial Guideline and Actuarial Guideline 53.This session is intended to be beneficial for consultants who interact with NAIC statutory regulations. This could be Appointed Actuary work, statutory financial reporting work, or M&A.

Description: Virtual - Session 3B: Medicare Supplement – Market and Opportunity