Description: Value of new business (VNB) is being used by many companies for various purposes including: internal and external financial reporting, incentive compensation, pricing, capital management, and comparing products, distribution channels or regions on a consistent basis. Presenters will discuss how and why value of new business is used within their companies including: the various methodologies considered, some of the benefits and challenges related to implementing VNB, integrating VNB within their business as usual processes, and managing to VNB.

Description: Even though the 2018 Tax Cut and Job Act significantly simplified the tax valuation methodology, taxation can impact the valuation outcomes and financial decisions. This presentation will start with an overview of the key taxation topics relating to valuation work, and then dive into more complex topics, such as the deferred tax asset/liability handling and reinsurance implications.

Description: Global trends in both technology and regulation are causing US insurers to reflect deeper on their model risk management frameworks. The world has seen a rapid proliferation of AI-based tools accompanied with an overall increased usage of machine learning models, exacerbating model risk and reducing transparency in an unprecedented manner. This rising tide of AI means that it is imperative for US-based insurers to address these emerging risks within their Model Risk Management (MRM) frameworks. Regulation also continues to evolve in this space: in Canada, the Office of the Superintendent of Financial Institutions (OSFI) revised Guideline E-23 to instill more detailed model risk management standards; in Bermuda, the Bermuda Monetary Authority (BMA) has published CP2 to add increased scrutiny on the data and models used by insurers. Insurers must react: MRM frameworks require prudent revisions to reflect these ever-changing landscapes of risk. Reassessing the core pillars of MRM frameworks - risk measurement, model development, validation, monitoring, and governance – is key to understanding the consequences of these evolving market changes on insurers’ risk profile. Overall, the inclusion of these new tools into the world of insurance necessitates a thorough examination of insurers’ MRM frameworks in order to align these new risks with core MRM principles. In this session we will: - Reflect on recent drivers of change and how they should be considered in the context of MRM - Explore best practices as it relates to MRM frameworks in the context of current global trends - Describe challenges, success stories, and lessons learned relating to recalibrating and embedding MRM frameworks

Description: In this session, we will explore the innovative use of artificial intelligence in developing narrative scenarios to enhance life insurance investment strategy discussions. Participants will discover how developing comprehensive and imaginative scenarios can help identify potential future risks and opportunities, leading to more informed investment strategy planning. The session will cover practical approaches to creating and utilizing narrative scenarios, emphasizing their role in improving decision-making processes. Join us to learn how to craft compelling scenarios that provide a broader understanding of drivers of emerging trends and uncertainties, ultimately transforming traditional investment strategies in the life insurance sector. Learning Outcomes: - Understanding the role of AI in Scenario Development - Enhancing Investment Strategy Decision-Making - Writing comprehensive scenarios and using them for specific investment strategy decisions

Description: Life insurance products have evolved over time from the early mutual aid societies paying benefits when members died to comprehensive products covering a range of financial needs over an individual’s lifecycle. While some life insurance benefit riders have been offered for decades and are well-established, recent years have seen a number of accelerated benefit riders being introduced by carriers for a growing range of covered triggers. Join us as we discuss these acceleration and extended benefit riders, trends and innovations in the space, and discuss challenges and actuarial considerations in designing, pricing, and modelling them. We will also explore issues carriers have experienced, how to consider the interactions between these benefits and the underlying mortality coverage, reinsurance considerations, and more!

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: Virtual - Session 6A: The ROI of Wellness - Actuarial Insights on Digital Health Engagement

Description: This will be an engaging and interactive session that will begin with a game show to level set basic knowledge of LDTI. Next, you will have an opportunity to ask the experts in-depth questions about anything related to LDTI. Finally, we will invite the 2023 adopters to share their experiences with the 2025 adopters. The exact content will be driven by participants but is expected to include MRB valuation approaches, LFPB reinsurance topics, DPL, DAC, and disclosure topics. At the end of the session, participants will understand different perspectives from industry experts and peers on the many facets of LDTI.

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: The Academy Economic Scenario Generator is set to be replaced by a new ESG created in a partnership between the NAIC and Conning. This summer, we will present three separate webinars that will investigate the key features of the new ESG, examine the process through which it was created, and discuss what it all means for actuaries impacted by the change.