Description: Hear diverse perspectives from both a reinsurer and carrier on how to best structure financial reinsurance transactions. Join us as we consider various ceding company objectives as well as impacts from the dynamic economic and regulatory environment. By attending this session, you will be able to: - Better understand common reinsurance transactions - Evaluate whether reinsurance transactions can help you meet your company's objectives and challenges - Gain an appreciation for the ever-changing economic and regulatory environment

Description: At the conclusion of the first part, attendees will be able to describe sources of reserve redundancy for products under Principle Based Reserve (PBR) and products under Commissioners' Annuity Reserve Valuation Method (CARVM). Such products include Term Life, Whole Life, Universal Life, and Fixed Annuity with and without rider. We will also review sources of capital redundancy from the C-1 factor under Risk-Based Capital (RBC) and assets such as Unrated Asset Credit Fund can have high C-1 factor even if its risks are limited. At the conclusion of the second part, the attendees will learn about potential Reserve Relief reinsurance solutions. Such solutions can provide Reserve Relief for annuity and term life businesses, as well as potential innovative asset-side solutions. Asset managers can structure assets that the C-1 factor aligned with the corresponding risk.

Description: "Asset-intensive reinsurance has become a focal point of actuarial, administrative and regulatory consideration in recent years. This session will walk through a real-world reinsurance case study of an illustrative transaction - from the initial actuarial due diligence process of the cedant's subject business through onboarding and integrating that business into the reinsurer's platform. Topics will include actuarial due diligence, experience studies and assumption setting, model validation, model development and onboarding of the subject business. The session aims to provide a variety of insights into this process across different business units and functions. By the end of the session, attendees will have a firm understanding of key transaction-related topics within the context of a real-world example."

Description: This 60-minute panel discussion led by Academy volunteers will explore the treatment of reinsurance under the Valuation Manual's principles-based reserving (PBR) requirements for life insurance (VM-20). Panelists will discuss different reinsurance agreements, such as coinsurance, modified coinsurance, guaranteed and non-guaranteed yearly renewable term (YRT), stop-loss reinsurance, and financial reinsurance. The session aims to address practical reinsurance considerations for PBR in 2025, focusing on emerging issues such as reinsurance reserve credit and approaches for YRT reinsurance, and considering relevant ASOPs and updates to Practice Notes. Participants will gain insight into how different reinsurance structures affect VM-20 reserving.

Description: "This session will cover recent and new NAIC actuarial guidelines and their impact on U.S. statutory cash flow testing. The focus will be on the new Reinsurance Asset Adequacy Testing Actuarial Guideline and Actuarial Guideline 53. It is intended to benefit consultants interacting with NAIC statutory regulations, including those involved in appointed actuary work, statutory financial reporting, or mergers and acquisitions."

Description: This session will go through recent and new NAIC Actuarial Guidelines and the impact it has had on the US Statutory Cashflow testing. The focus will be on the new Reinsurance Asset Adequacy Testing Actuarial Guideline and Actuarial Guideline 53.This session is intended to be beneficial for consultants who interact with NAIC statutory regulations. This could be Appointed Actuary work, statutory financial reporting work, or M&A.

Description: Join a discussion on the tax implications for direct writers ceding annuity blocks for both onshore and offshore reinsurance arrangements. Get an introduction to the tax consequences of the risk transfer of annuity features and guarantees to reinsurers to reinsurers that are U.S.-based and not U.S. domiciled.

Description: The life insurance industry has a long tradition of trying to calculate the economic value with different forms of concepts. Especially with reinsurance, which is often a strategic part of a company's operation, it is important to understand the economics of the transactions given the complexities involved. However, despite the focus on economic value creation, the financial metrics demanded by various stakeholders often tie to one or more accounting basis.

Description: As companies have reported their latest financials for 2023, LDTI is in its full swing for the public companies. Under US GAAP reinsurance accounting methods can be daunting. Add onto this legacy practices related to reinsurance reporting and this may lead to significant unwinding and implementation efforts. This session will discuss industry practices commonly applied to US GAAP reinsurance reported balances such that LDTI adopters can gather deeper insights into the LDTI impact. Specifically, the session will explain the two most popular methods to value reinsurance under LDTI, methods applying a direct measurement of the reinsurance net cost and a method that recognizes ceded asset balances and a cost of reinsurance (“CoRe”). The session will present simplified direct and ceded models to demonstrate how the actuarial balances under LDTI impact GAAP book profits for different underlying products and reinsurance types.

Description: Almost half of recent FDA approvals have been for orphan drugs. This trend is expected to continue in 2023. Orphan drugs are priced more than 30 times higher than non-orphan drugs, therefore their cost burden in aggregate has the potential to overwhelm the budgets of payers, especially that of smaller health plans. Hear how the cost impact analysis for smaller health plans require different considerations than for a larger health plan when modeling the impact of rare diseases.