Description: Go over how the actuarial processes have changed over the past 10+ years with the move to PBR, US GAAP LDTI, IFRS 17 and other emerging requirements.

Description: Guarenteed Minimum Benefits of type x (GMxB) riders under ASU 2018-12, the Long Duration Targeted Improvements (LDTI) guidance, are now classified as Market Risk Benefits (MRBs). There are several acceptable approaches for calculating the MRB balance on a block of GMxBs. Depending on the product provisions, certain approaches may be more desirable than others. IThis session will give you the opportunity to examine different strategies for calculating the MRB liability for GMxB riders under LDTI.By the end of the session, you will understand the pros and cons of the several approaches permitted for calculating the MRB balance on a block of GMxBs.

Description: The rising interest rate environment has presented more attractive alternatives for VA risk management, but the benefits of different strategies can vary significantly by block of business. This session will highlight key drivers for risk management decisions for variable, fixed index, and registered index-linked annuities. With the viewpoints from different direct writers, reinsurers and preliminary findings of the 2024 Milliman Derivatives Study, the session will then show how product mix, tenure, and regulatory regime influence strategic decision-making. At the end of the session, the audience will help make strategic decisions on sample blocks of business and see how their choices play out in different hypothetical scenarios.

Description: Over the past year, the life industry has seen the continued expansion of the Registered Index Linked Annuity (RILA) market. In this session we will take a deep dive into registered index linked products. We will explore common product features and mechanics, key risks, pricing, regulatory, and reserving considerations, and reasons why RILAs have been successful. We will also consider the potential impacts of the rising interest rate environment on product sales and design.

Description: Equity-Based Insurance Guarantee Webcast Series

Description: Sales of index-linked annuities such as FIAs and RILAs have been setting new records while sales of traditional VAs have been declining. This webcast will survey the latest generation of FIA and RILA products, examining the impact of the current market environment and how the landscape is expected to change when the FED starts cutting interest rates.

Description: "The purpose of this presentation is to give an overview of the CP2 requirements for Bermuda statutory reserves and capital, which went into effect for 2024 reporting, along with a summary of the impact of these new requirements. Some of the CP2 changes include bringing the Bermuda Solvency Capital Requirement (BSCR) more in line with other capital reporting regimes, such as Solvency II. For example, lapse, expense, interest rate, and equity shocks are now required to compute the lapse, expense, interest rate, and equity shock components of required capital. The Bermuda Monetary Authority (BMA) also clarified in the CP2 paper that borrowing under any form is not permitted in the Scenario Based Approach to computing the Best Estimate Liability (BEL), and realistic transaction costs must be reflected. Proving model safety controls are in place is another key component of the CP2 paper, and reinsurers/insurers must prove their model governance is up to standard. These new requirements pose operational challenges for insurers and reinsurers reporting under the Bermuda framework, and have an impact on the economic balance sheet. The presenters include folks working with AXIS software from Moody's, who have been involved in enhancing the software to align with Bermuda reporting standards, and consultants from Valani who worked with many companies on setting up their Bermuda reporting processes. All presenters are very knowledgeable on Bermuda reporting, and have observed the impact of the CP2 requirements. The presenters want to share their knowledge with fellow actuaries at this industry meeting, and hopefully inspire insightful discussions."

Description: Summary - VM-22 will be finalized during 2025, with an optional phase-in period beginning Jan. 1, 2026, and mandatory implementation by Jan. 1, 2029. This session will discuss the regulation, including background, calculations, high-level results from the field test, and other modeling, as well as key considerations and documentation for actuaries and companies as they prepare to transition their fixed annuities into a principle-based reserve framework. Attendees will better understand the new VM chapter and some of the thinking behind the decisions made.

Description: This panel discussion dives into the NAIC's new principles-based reserving (PBR) requirements for fixed annuities (VM-22) set to be effective January 1, 2026. After a brief overview of the VM-22, this session will focus on practical implementation considerations and adapting cash flow models to the new requirements, tackling sensitivity runs, margin testing, the Stochastic Exclusion Test, and mapping prescribed assumptions for the Standard Projection Amount (SPA) to companies' unique products and features.

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.