Description: To some degree, we all operate in an environment influenced by regulation and accounting standards. This session builds on the first session in this series by considering how regulators are reacting to the biometric influencers, then delving into the impact of changing accounting standards on how firms assess, value and report on their business. Consideration will be given to uncertainties around pending regulation, including those uncovered in the process of firms implementing Principles Based Reserving and those yet to come with modifications to GAAP. This session is for anyone interested in better understanding the impact and influence that regulatory and reporting uncertainty has on their work.

Description: While most actuaries work for companies and have as a primary objective the financial success of their employers, regulatory actuaries primarily serve the public interest. In part one of this presentation, we will explore the role of actuaries whose priority is to serve the public interest. Regulation is developed by a deliberative process that includes regulators, the American Academy of Actuaries, trade associations and the companies that will be affected by the regulation. In part two of this session, we will present a series of vignettes each focusing on recent updates to the Valuation Manual. At the conclusion of the session, attendees will have a deeper appreciation of what goes on behind the scenes in the development of regulation.

Description: The valuation manual is a living document that continues to evolve. As more companies adopt Principle-Based Reserving (PBR) and file PBR Actuarial Reports, regulators have observed gaps and inconsistencies across the industry. As a result, PBR reporting requirements (VM-31) have expanded significantly in 2020 and still continue to evolve. This session will provide attendees with everything they need to fill out their PBR reports for both Life business and Variable Annuity business. We will dig into the new changes effective for 2020 reporting and approved changes for 2021, and compare and contrast the Life and VA requirements to help companies identify areas that can be leveraged between the two. In addition, we will share insights from regulators, consultants, and company actuaries on what to include or exclude in your report.

Description: There has been significant discussion of PBR for Life Insurance, but there has also been progress in development of PBR for annuities; including VM-21, VM-22, and future VM-23. The presenters will look at the progress in PBR for annuities and what the future may hold.

Description: Under non-Aristotelian logic, there are multiple values, or shades of gray. Indeed, there may even be unexpected results from logical combinations, like “both” and “neither.” This article discusses how this insight should be applied to the current debate between formula-driven reserves with limited assumption flexibility and the reserve principles approach. For reserve standards, we do need both actuarial judgment grounded in reserving principles and restrictive formula methods or safe harbors.

Description: The latest draft ORSA Guidance Manual was released on Oct. 14, 2011. An overview of the requirements from a qualitative, quantitative and governance perspective was provided in the December edition of the Financial Reporter. Several trade associations and com- panies commented on the draft.

Description: The article describes the impact of AG 48 to a captive reinsurer for a SGUL product.

Description: Current status and initiatives related to PBR regulation

Description: Chairperson's Report- summarizing education and research activities for 2016 focusing on regulatory change including PBR and

Description: The article highlights key considerations as companies begin to reserve for their IUL products under PBR.