Description: Join us for this popular annual webcast covering the latest considerations for the year's U.S. statutory financial reporting work. Always informative and occasionally entertaining, this webcast offers a chance to hear from three expert speakers, who will discuss asset adequacy testing and this year's New York and California holiday letters, the impact of recent interest rate changes, potential changes to statutory financial reporting due to climate change, and recent proposal(s) impacting asset adequacy testing for reinsured business.

Description: This session will be centered around the roles and responsibilities of a valuation actuary. Learn the best practices of health actuaries, along with technical considerations and professionalism issues surrounding the calculation and reporting of health liabilities and reserves. This session will focus on key actuarial liability and reserve provisions, including Claims Unpaid and Premium Deficiency Reserves. In this session, explore new ideas about calculation methods and the importance of the underlying assumptions. You will also learn best practices and practical applications concerning reserve calculation discuss best practices regarding the preparation of an actuarial memorandum supporting a Health Annual Statement. This will include key considerations from the American Academy of Actuaries' Practice Note about documenting and supporting the actuarial calculations. The discussion will also present views and considerations from both the insurer's and the regulator's perspectives.

Description: The recent round of regulatory changes (LDTI, IFRS17, PBR) has put a demand on actuarial organizations, and, in particular, financial reporting functions unlike most have experienced in their careers. With adoption, where does this leave the financial reporting function going forward? What work is left to be done? How will the financial reporting function need to evolve under these accounting regimes?

Description: Gain an overview of the requirements for the new asset adequacy Actuarial Guideline 53 (AG53) guideline for complex assets. You will discover helpful insights and considerations for multi-scenario testing and sensitivity testing as well as approaches to developing attribution analyses for complex assets. You will also receive insights from any published regulatory materials that help describe what worked well and what needs improvement based on the initial AG 53 submissions from year-end 2022.

Description: The insurance industry recently adopted two significant accounting changes. Good risk management requires a solid understanding of new risks as well as a proper set of controls. Learn how internal audit can help actuaries better understand arising risks and build a more robust control framework.

Description: This session will focus on hot topics at an intermediate level for actuaries supporting year-end financial reporting on orange blank. We will discuss responsibilities and considerations when issuing statement of actuarial opinion. We will also discuss capital management for health insurers and important considerations beyond capitalization.

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: This session will explore the evolving landscape of accident and health valuation, with a special focus on GAAP Long Duration Targeted Improvements. Discussion will delve into the intricacies of change brought by GAAP LDTI for calculation of both Lifetime Future Policy Benefits (LFPB) and Deferred Acquisition Costs, as well as potential downstream impacts to other activities related to general GAAP and STAT reserving such as experience analysis, model system conversion, financial planning and analysis, and statutory margin analysis. Attendees should be able to connect accounting and financial reporting concepts under GAAP LDTI to opportunities for technology modernization, improved transparency of financial analytics, and important considerations unique to Accident and Health products.

Description: Both LDTI and IFRS 17 have introduced numerous new metrics with most companies having only crossed the finish line, just complying with what's needed for reporting due the complexity and large amounts of data required to simply comply. How do you leverage all the work you did to get proper business insights across the organization that tie back to these reporting metrics? This presentation covers a perspective of pain points faced in getting over the the hurdle in complying with LDTI and IFRS 17, upcoming hurdles, emerging KPIs, as well as how to best manage the data, technology, and processes to produce the analysis around these KPIs efficiently.

Description: The Inflation Reduction Act represents the most significant changes to the Part D program since its inception 20 years ago. The implications will not only alter the benefits offered by Medicare Advantage (MAPD) and Prescription Drug Plans (PDP) but will alter the Part D cash flows and the seasonality of such amounts for interim reporting periods. In this session, we will provide a brief overview of the IRA changes and dive into how the changes could impact the 2008 Medicare Part D Accounting Practice Note.