Description: The American Academy of Actuaries will present on current initiatives that impact the U.S. statutory reserving methodology for non-variable annuity contracts. In particular, the development of a principle-based reserving framework on non-variable annuity contracts will be discussed, including framework elements, assumptions, and methodology. The session will provide an update on the status of regulatory discussions and the timeline for future changes to reserves. By the end of the session, attendees will understand what changes are being made to non-variable annuity reserves, details underlying existing proposals, and the anticipated timing of such emerging changes. This session is intended to the meet the needs of actuaries focused on annuity reserve calculations, financial reporting, and valuation.

Description: What do we do now? So many changes in tax and financial reporting are having an impact on smaller insurance companies. What do we need to do and what are our options? Tax and financial reporting specialists discuss what is happening and what they see in the industry.

Description: The discount rate is one of the most critical topics in IFRS 17, which may have important repercussion on product profitability. Having a low discount rate may indicate a low profitability of a group of contracts, while a realistic expectation may differ. A similar issue was prevalent especially for U.S. companies when discount rates were set using a market consistent framework. The session is intended to help develop a discount rate framework that aligns with the business practices and address the concerns around the market consistent framework. This session will cover practical implementation considerations to set and apply IFRS 17 discount rates. The panelists will discuss alternative approaches to allow for a level of illiquidity premium for business supported by fixed assets with credit risks. Discussions will also cover other implementation considerations including granularity of setting the discount rate, application to new business, implications on asset and liability modeling, and a planning aspect for a successful implementation of the discount rate setting process. The panelists will share case studies to illustrate different approaches of setting the discount rate and their potential financial impacts. At the conclusion of the session, attendees will be able to: understand key requirements of setting discount rates under IFRS 17; understand how to align the discount rate to the actual business practices; understand implications of the discount rate in actuarial modeling; understand potential impacts on financial results; and develop a realistic plan to set discount rates appropriate to the business practices.

Description: This interactive panel discussion will cover perspectives on:</p><ul><li>the evolution of AG51 requirements, including practical considerations for implementation</li><li>the general evolution of long-term care insurance regulation</li><li>how both the public and private sector can help invigorate sales of long-term care insurance

Description: The NAIC has adopted revisions on Actuarial Guidelines 43 and C3 Phase II for Variable Annuities ("NAIC VA Reform"), effective January 1, 2020. The panel of presenters will provide background and overview of the Reform, and discuss detailed aspects of the new CTE Amount, Standard Projection and Withdrawal Delay Cohort Method. The panelists will share implementation considerations and the Reform's implications to hedging.

Description: Near the end of a pension plan's lifespan, after benefit accruals have ceased and the plan has reached fully funded status, a plan sponsor has the option to begin the plan termination process immediately or to maintain the plan for an extended period of time (often referred to as 'hibernation' as an alternative to termination). While immediate termination appeals to some plan sponsors, others choose hibernation for a number of reasons, including paternalism, fiduciary obligations, perceived cost differentials or simple inertia.

Description: Statutory and GAAP financial reporting revisions motivate enhanced modeling and more comprehensive hedging for equity-based products. The changes also bring about a number of implementation challenges. The presenters will outline how the reporting standards are changing and the resulting business implications.

Description: Companies exempt from PBR can benefit by borrowing ideas and lessons learned from companies that perform and operate in a PBR world. The presenters will discuss VM requirements related to governance policies, as well as assumption and margin setting, plus model validations and controls which can benefit smaller insurance companies. Attendees will learn about new actuarial practices and how the PBR methodology and Valuation Manual can influence their work and highlight available resources.

Description: This session will provide an update on international implications of current tax developments affecting the life insurance industry, including: International add-on taxes from the Tax Cuts and Jobs Act (TCJA) Base Erosion Anti-Abuse Tax (BEAT) and impacts on offshore reinsurance An overview of the Global Intangible Low-Taxed Income (GILTI) tax Legislative activities impacting company taxation

Description: With the halfway point of the transition period in the rear view mirror, many companies are well underway with their VM-20 implementation and analysis efforts. Beyond attempting to master the new rules of the road, actuaries have discovered new effects of product design and assumption setting. Panelists in this session will discuss their experiences with VM-20 reserves for various products and designs, their applications of actuarial judgement and the areas where even they don’t have all the answers. The audience is encouraged to bring their questions and also to share their insights.