Description: VM-22 will be finalized during 2025 with an optional phase-in period beginning 1/1/2026 and mandatory implementation by 1/1/2029. 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 gain a clearer understanding of the new VM chapter as well as some of the thinking behind the decisions made.

Description: With more accounting basis and regulations to adhere to, our models have become more complex and sophisticated. Additionally, more and more models are run on the clouds where a mistake can cost big dollars for reruns. In this session, we will explore immediate ways you can transform you models to be more reliable and robust. We will dive deep into different methods to review and validate models.

Description: This session will focus on US GAAP accounting for life insurance and annuity transactions from an actuarial valuation perspective. With the high volume of recent M&A and reinsurance activity, many companies are onboarding blocks of business and performing Purchase GAAP or PGAAP-like exercises. Methodologies for establishing liabilities and intangible balances often vary based on the unique aspects of each transaction. This first half of this session will provide an overview of PGAAP elements and considerations, while the second half will dive into examples using interactive case studies. By attending this session, you will learn: Perspectives and approaches for initiating reserves and intangible balances when onboarding a new block of business

Description: Hybrid life and LTC products are growing in popularity, and reserve calculations for these products pose unique challenges. Find out how practitioners are thinking about modeling, assumption updates, and product considerations.Attendees will be able to describe today's hybrid product reserving considerations, including keys to reserving for acceleration (vs. extension and restoration) benefits, under different reserve paradigms.

Description: The session will discuss key areas of statutory reserving that contain some ambiguity or areas where there are simplifications being used in the industry. The content will be based on current practices used in the industry and possibly accompanied by an industry survey to be completed prior to the session. The focus will be heavily on CRVM, AG38, and PBR statutory frameworks and will include a Q&A portion for audience participation. Some potential topics will be reinsurance modeling, DBO3/ROP treatment, segmentation, deficiency reserves, system differences and multi-tiered designs

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 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.September 12The optional “boot camp” will provide an intense introduction to the basics of product taxation. The boot camp will include sessions focused on life insurance, annuities, and long-term care combination products. The basis of the boot camp will be the authoritative textbooks, “Life Insurance and Modified Endowments Under IRC Sections 7702 and 7702A” and the “Annuities Answer Book.” Book authors will conduct these optional programs. September 13–14The general sessions will feature product, tax, legal and compliance experts as well as Internal Revenue Service (IRS) representatives. Recent changes in the qualification requirements of insurance products and a host of product tax issues beyond Internal Revenue Code (IRC) section 7702 and 7702A will be emphasized.

Description: This article lays conceptual foundations associated with projecting investment-related discretionary elements of various life insurance and annuity products. It outlines potential implementation approaches that may be appropriate when calculations are performed in a risk-neutral setting. The article concludes that crediting rates in risk-neutral models can be projected as in real-world models, except that the modeled provision for expected credit losses should be modified to equal real-world expected losses initially, but over the projection reflect management’s evolving expectation, moving ultimately to risk neutral expected losses.

Description: This report provides a resource guide for asset-liability management practitioners, including methodology reviews, a survey of ALM practices, and guidance for applying ALM questions to real-world situations.

Description: U.K. life insurers writing participating business are required by the Financial Services Authority to value their assets and liabilities on a market-consistent basis. The purpose of this paper is to: • Explain the valuation approach based on market-consistent values and its rationale. • Set out the issues faced by life insurers in implementing the regime. • Explain how insurers addressed these issues. • Explain the importance of the modeling techniques they used.