Description: CMS provides a significant and growing amount of information that can be leveraged by actuaries. Between the public use and research files CMS makes publicly available, large amounts of information that can be assimilated to help understand the who, what, when, where and how of Medicare. With the CMS allowance of supplemental benefits to address SDOH, adding SDOH data into your data landscape is critical to better understand your members' cost drivers. The presenters will focus on the depth and breadth of data available, summarize any restrictions on the use of the data, and identify areas where access to the new data can provide more meaningful insights.

Description: An exploration of drivers, cohorts and dynamics for policyholder behavior for VA and FIA based on industry experience data, including changes in recent years and the emergence of long-term data in key areas. We will also discuss critical elements to developing a sustainable and coherent framework to translate this complex experience data into assumption models.

Description: The NAIC has adopted revised VM-21 and AG43 for variable annuities, effective Jan. 1, 2020. The panel of presenters will provide background and an overview of the revisions, discuss detailed aspects of the new CTE Amount Standard Projection and prescribed assumptions, as well as discuss implementation considerations and the implications to hedging. In addition, the panelists will share progress on VM-23, principle-based reserves for non-variable annuities.

Description: Traditionally the SOA formulates pedagogic excellence in terms of the Marzano Taxonomy. For example, the "analysis level" consisting of generalization, specification, classification, contrast, matching, and error identification, is considered superior to the "retrieval level" consisting of rote memorization such as recognition, recall, and using. In this presentation, we first show that pedagogic excellence can be equivalently, but more simply, formulated in terms of executive function and goal-setting. Here executive function refers to problems requiring multiple mental modalities - such as, formal, verbal, computational, and graphical - for their solution. Goal-setting refers to the skillful breakup of a complex problem into a sequence of subgoals each of which is clearly formulated, challenging, but achievable timely. Light examples from the literature illustrate these concepts. Five "challenging FM problems": reinvestment, refinancing, multiple rate/deposit problems, pricing deferred bonds using a term structure, and obscure loan problems, illustrate the following fundamental techniques of goal-setting and executive function: i) a fellowship approach to teaching preliminary exam material, ii) using subgoals to give difficult homework, iii) alternating between different mental modalities to achieve elegant brevity in solutions, iv) goal-setting reflecting familiar vs. new, and v) skillful definition of unit subgoals.

Description: In recent years, China's aging population is worsening, the fertility rate is decreasing year by year, the dependency ratio is increasing day by day, the people's diversified pension needs are increasing day by day. In order to actively participate in the construction of multi-level and multi-pillar pension insurance system, steadily promote the reform and development of pension finance, and serve the people's diversified pension needs, commercial pension insurance, as the third pillar, is in urgent need of rapid development. This speech analyzed the future prospect and strategic position of pension from three dimensions of industry development, company development and continuous demand of customers. It also discussed how to develop the third pillar pension insurance rapidly from three aspects: national policy, individual pension consciousness and channel cognition.

Description: The speaker will share his insights into the hedging challenges faced by FIA and VA business in the current market environment.

Description: To discuss the principles to be followed in the determination of dividend distribution scheme, how to ensure the fairness and sustainability of dividend distribution, and the specific issues to be considered in the practice of dividend distribution.

Description: The prospects for China's health insurance has increased significantly in 2018, incentivized by a series of favorable government policies to support the development of commercial health insurance. However, the market still lacks relatively mature products and services. Overall there is a common understanding in the industry that good coverage plus service is the foundation for health insurance future development, and product innovation plus care management is key for an insurance company to maintain sustainable development in the competition. In this presentation, Dr. Yang will discuss the market trend both at home and abroad with respect to health management as well as its impact on product design, pricing and cost control. With the development of internet and big data, today’s health actuary has a special role in taking advantage of the digital transformation and achieving a high-quality and efficient health care service model.

Description: The presenters in this session will discuss the simultaneous use of DB and DC plans. With the continued growth of DC assets and the freezing of DB plans, it is increasingly common to see DB participants with a DC plan that is more than just supplemental. Because of this, it is important that retirement professionals see DB and DC plans as not just competitors for contributions, but as partners. The presenters will discuss how that partnership can work and how the presence of a DB plan can influence the design of DC solutions such as target date funds.

Description: The proposed revisions to the variable annuity statutory framework and the FASB targeted improvement for long duration contract, motivate life insurance companies to re-evaluate their hedging strategy. Recently proposed revisions of AG 43/VM-21 and C3 Phase II, reward companies that have a clearly defined hedging strategy, if the companies can demonstrate that the valuation model and capital model can estimate real hedge performance accurately. The speakers of this session will discuss the hedging implication of the proposed AG 43/VM-21 and C3 Phase II framework. Additionally, methodology computational requirements, back-testing results under different economic scenarios and the resulting hedge credits of different hedging strategies will be compared, including explicit dynamic hedge and implicit dynamic hedge. The speakers will also touch on the impact of rebalance frequency on the performance of dynamic hedge. Case studies will be presented to provide guidance on practical implementation.