Description: The NAIC revamped SSAPs No 26R 'Issuer Credit Obligation', No 43R 'Asset-Backed Securities' and 21R 'Other Admitted Assets' effective 1/1/2025. The definition of a bond was changed to be principles-based rather than based on legal form. Current and future bond holdings will need to be assessed against the frameworks outlined in the revised SSAPs to determine which assets will continue to remain on Schedule D (i.e., in scope of SSAP No. 26R and 43R) and which assets will need to be reclassified to Schedule BA (i.e., in scope of SSAP 21R). By attending this session, attendees will understand the regulatory, financial and operational implications of this change for insurers.

Description: Runtime of actuarial models and their associated processes has been a growing concern amongst the industry. This session will explore how expanding regulatory requirements, refined analytical objectives, and the desire for process optimization have increased the amount of processing power needed to get answers in a timely manner. Presenters will dive into how companies are leveraging data, refined pre- and post-processing routines, runtime reduction techniques, and cloud-based solutions to increase their efficiency in producing, analyzing, and validating model results.

Description: The purpose of this session is to discuss hot topics pertaining to post-LDTI GAAP valuation for FIA and RILA products including FAS 133, market risk benefits, intangibles, and ceded GAAP. At the conclusion of this session, attendees will have a clear understanding of how the industry views GAAP approaches to indexed annuity products in a post-LDTI framework. In addition, attendees will learn about ongoing pain points in GAAP valuation for indexed annuities and areas of post-LDTI GAAP where the industry still has broad variation in methodology and application.

Description: The session will use a case study to discuss some of the nuances and general considerations for an MRB, FAS 133 and VOBA balances for a business combination for an fixed index annuity (FIA) contract. The case study will discuss some MRB fair value considerations and followed by FAS 133 fair value techniques.

Description: This session will showcase how from an actuarial perspective IFRS17 has its roots in market consistent valuations. It will also show how International Financial Reporting Standard (IFRS) 17 is rooted in probability-weighted stochastic scenarios-same as fair valuation, and how initial recognition sets the stage, as in the pricing basis and report, for actual experience to emerge as in the subsequent recognition. A detailed model will be given for a simple annual premium non-par endowment and actual numbers given and explained. The stochastic model will explain in detail the key reserve items in IFRS 17 including: - Liability for remaining coverage (LRC) - Risk Adjustment (RA) - Contractual Service Margin (CSM) And it will explain their interactions with one another. A discussion will be held regarding universal life policies with simple interest guarantees. And how these guarantees merit a valuation similar to Lookback options because of their path-dependent nature.

Description: Join us for discussion about the tax implications for direct writers ceding annuity blocks. The presenters will describe the mechanics and consequences for both onshore and offshore reinsurance arrangements. This will introduce the audience to the tax consequences, with the risk transfer of annuity features and guarantees to reinsurers to reinsurers that are US-based and not US domiciled.

Description: For actuaries, finance and IT professionals, the long-duration targeted improvements (LDTI) implementation has been a career milestone. These projects were often the most significant undertaking of individuals’ careers, with respect to scale, complexity and duration. Join this session and participate in small groups, with consideration given to ensure each group has representation from both 2023 and 2025 filers., with moderators presenting questions to encourage small group discussion.

Description: The tape has finally been broken on live reporting with International Financial Reporting Standard 17 (IFRS 17). The insurance industry across much of the world now pivots focus from implementation efforts to assessing disclosed impacts of the new global standard. During this session, the presenters will explore how equity positions are changing for companies after adopting IFRS 17, particularly given the recent interest rate environment.

Description: It's time to talk about Bermuda and Cayman as offshore jurisdictions for life reinsurance. Bermuda, a growing destination for life and annuity reinsurance over the last few years is developing significant changes to its regulatory framework. Asset, liability, and capital requirement will all change under proposed new rules. The changes will not only require rethinking of U.S. and international reinsurance ALM strategy and pricing, but also product strategy and pricing for primary insurers. Developing compelling ALM strategies and products under the evolving Bermuda regulatory framework is an interesting challenge for the U.S. and international insurers and reinsurers. In addition to Bermuda, the speakers will discuss the emerging Cayman life reinsurance market.

Description: This session will discuss two important dimensions of why a holistic approach is recommended over a piecemeal, nonintegrated approach for an IFRS 17 modeling solution. Attendees will receive three perspectives from actuaries working as actuarial consultants or within an insurance company or as a software developer. The first dimension is model design. The session will demonstrate holistic model design advantages with regards to model inputs, model outputs, liability portfolio management, modeling efficiency, and transparency. The second dimension represents organizational impacts resulting from the model design.