Description: We will determine the role of risk function in evaluating operational risks associated with the implementation of LDTI and any system conversions. Are all models validated by the risk function before they are productionalized and results used by management to make business decisions? Does the risk function play a part in to assist finance, actuarial and investor relations in communicating changes and volatility resulting from LDTI? If not, should it? We will articulate the role that risk functions play in being part of large transformation from the start as a stakeholder/input provider to subsequently being an independent reviewer (i.e., second Line of defense).

Description: The Financial Accounting Standards Board (FASB) recently introduced the Target Improvements for Long-Duration insurance Contracts (ASU 2018-12), including creation of the market risk benefits product category. The presenters will review and summarize the FASB target improvements and discuss its impact on variable annuities and fixed indexed annuity in-force management and product development.

Description: This article provides an overview of the impact of the revisions to the Standard Valuation Law adopted by the NAIC in 2009 on accident and health insurance.

Description: This article is designed to provide a statistical method for reviewing the accuracy of the incurred but not reported IBNR life claim liability estimates from prior points in time.

Description: Feature article discussing uncertainty in insurance accounting.

Description: Accounting Standards Update (ASU) 2018-12, commonly referred to as long duration targeted improvements (LDTI), is the most significant GAAP accounting change impacting the life insurance industry in the past 40 years. This article discusses the impact of LDTI on variable annuities (VA) and fixed indexed annuities (FIA) from a product development and in-force management angle. Detailed discussion topics include hedging and ALM, product strategy and development, and pricing. LDTI will cause many VA and FIA writers to re-evaluate their hedging and asset liability management (ALM) strategy following the move to fair value accounting under the new MRB requirement. Stakeholder appetite for accounting volatility and resulting changes to hedging and ALM may trigger changes in product mix and designs. In addition to updating pricing infrastructure to handle the new requirements, pricing actuaries will need to produce analyses to educate stakeholders on the risks and pricing implications of any changes to designs, hedging and ALM.

Description: Thoughts on the future of financial reporting.

Description: An update on the latest actions of the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB).

Description: This article discusses market declines and the impact that white collar crime or gross dishonesty in financial reporting can have on market declines.

Description: Historically for coinsurance deals some appointed actuaries have only concerned themselves with the reinsurer counterparty risk and in certain cases have ignored 100% coinsurance business in their asset adequacy analyses (AAA). Recently there have been regulatory discussions about concerns relating to asset intensive reinsurance and how these deals may be exposing policyholders to additional risk. Presenters will discuss the recent draft APF 2024-3 and issue brief 'Asset-Intensive Reinsurance Ceded Offshore From U.S. Life Insurers (With Focus on Bermuda)', potential impact to AAA, and modeling considerations.