Description: The Society of Actuaries are once again offering a seminar that investigates all aspects of life insurance, annuity and long term care product tax compliance. Developed by the Taxation Section, participants will be brought up-to-date on recent Internal Revenue Service (IRS) guidance and learn about the newest tax issues related to product design and administration. Legal, IRS and product development experts will provide vital insights into the challenges of developing and administering products within the requirements of the Internal Revenue Code (IRC), and allow ample opportunities for networking, questions and information exchange.September 12The optional “boot camp” will provide an intense introduction to the basics of product taxation. The boot camp will include sessions focused on life insurance, annuities, and long-term care combination products. The basis of the boot camp will be the authoritative textbooks, “Life Insurance and Modified Endowments Under IRC Sections 7702 and 7702A” and the “Annuities Answer Book.” Book authors will conduct these optional programs. September 13–14The general sessions will feature product, tax, legal and compliance experts as well as Internal Revenue Service (IRS) representatives. Recent changes in the qualification requirements of insurance products and a host of product tax issues beyond Internal Revenue Code (IRC) section 7702 and 7702A will be emphasized.

Description: The Society of Actuaries will be offering this webinar series intended to educate and investigate aspects of life insurance, annuity, and long-term care product tax compliance. Developed by the Taxation Section, participants will be brought up to date on recent Internal Revenue Service (IRS) guidance and learn about the newest tax issues related to product design and administration. Legal, IRS and product development experts will provide vital insights into the challenges of developing and administering products within the requirements of the Internal Revenue Code (IRC) and allow ample opportunities for questions and information exchange. The session will look to define the “Product Tax Compliance" and "Information Reporting" Operational Risks associated with the administration of life insurance, annuity, and long-term care products. Panelists from leading insurance companies will discuss practical, real-life situations that they encountered and strategies they have used for risk mitigation.

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: A contract owner selects a payout for his annuity using an AI/bot. The AI/bot presents various options with differences in payment and interacts with him in a simulated chat session. He decides on the form of payout. Compared to regular customer service the AI/bot was an improved experience with a call to action for the industry to build it.

Description: This article summarizes the key changes to VM-31 requirements in the 2020 version of the Valuation Manual for both life and variable annuities, and compares and contrasts the requirements for each. In addition, the article offers insights into common issues and recommendations for VM-31 reports from the viewpoints of a regulator, consultant, and company actuary.

Description: Provide high level summary of changes to Valuation Rates for Payout Annuities and similar contracts.

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: SOA and LIMRA request mortality data for deferred annuities issued 2015–2024 to support an updated industry experience study.

Description: Equity-Based Insurance Guarantee Webcast Series

Description: Recently, there has been an increase in the product development of simplified issue products in the United States. In the past two years, Gen Re LifeHealth has reviewed over 40 such products, ranging from vanilla direct-marketed products to high-end single premium immediate annuity SPIA paid universal life products. From Small Talk Newsletter, June 2005, Issue No. 24.