Description: Take part in a practical and forward-looking discussion for long duration targeted improvements (LDTI) implications on financial planning and analysis (FP&A). This session will provide an update on emerging industry practices and considerations for reflecting LDTI in FP&A, including operational headwinds and new opportunities.

Description: Join this discussion on Valuation topics from both a GAAP and Statutory basis with a spin on how to communicate them to a non-Actuarial and leadership audience. It will include, but certainly not limited to, discussion on IBNR analysis, PAD and its purpose, Wallstreet metrics such as Days in Claims Payable and Medical Claims Payable Growth vs Premium and Membership Growth. The key here is to not only educate on the Valuation processes and metrics, but also to show the best ways to communicate them so that a less technical audience can interpret the impact and make better strategic decisions. It is also to show the importance of the Valuation reserves on the balance sheet and income statements in regards to a Public company and how WallStreet interprets the numbers.

Description: This session series is sponsored by Hannover Re Session 2 - COVID-19: Financial Impacts and Re-shaping Risk and Capital Management Practices COVID-19 has posed significant challenges to health insurers and providers to meet profit targets and maintain strong balance sheets and capitalization levels. As a result, companies are facing an ever-increasing need to better integrate their risk and capital management practices across the enterprise and evaluate a broader set of tools to manage and optimize their capital and liquidity needs. This second session of the COVID-19 series will help you examine the financial impact that COVID-19 has had on the health industry and review how companies are evolving their financial and capital management practices to achieve their strategic goals. It will also outline how structured reinsurance has emerged as an increasingly utilized form of managing capital. By attending this session, you will be able to explain how COVID-19 has impacted the financial performance and capitalization of the health insurance industry, and will gain a basic understanding of alternative ways of managing and optimizing capital, including the use of structired reinsurance.

Description: Historically for coinsurance deals some appointed actuaries have only concerned themselves with the reinsurer counterparty risk and in certain cases have ignored 100% coinsurance business in their asset adequacy analyses (AAA). Recently there have been regulatory discussions about concerns relating to asset intensive reinsurance and how these deals may be exposing policyholders to additional risk. Presenters will discuss the recent draft APF 2024-3 and issue brief 'Asset-Intensive Reinsurance Ceded Offshore From U.S. Life Insurers (With Focus on Bermuda)', potential impact to AAA, and modeling considerations.

Description: June 2024, AG54 will begin for new RILA sales. This guidance requires companies to determine an interim value that is more aligned with the market value of the position on a daily basis. This discussion will talk through companies adoption of AG54, lessons learned, approaches and integration with the administration system. Additionally this session will discuss how AG54 impacts new product design, reserving and capital implications.

Description: As companies strive to remain competitive in today's dynamic marketplace, the role of Financial Planning & Analysis (FP&A) has evolved significantly. It has transitioned from a purely operational function to a strategic imperative. This is most apparent in the life insurance sector, where complex regulatory changes and technological advancements are reshaping traditional practices. In this session, we will delve into the critical aspects of modernizing FP&A within the life insurance industry, exploring key challenges, emerging trends, and best practices. Key areas of discussion include: - Navigating Different Regulatory Frameworks: Companies have to navigate different regulatory lenses for various purposes including budgeting, capital management, rating agencies review, etc. The implementation of regulatory frameworks such as IFRS 17, LDTI, and Principles-Based Reserves (PBR), and the recent trend in establishing Bermuda entities has significant implications for financial reporting and capital management in the life insurance sector. We will discuss how companies can explore strategies for compliance and adaptation within the FP&A process. - Strategic Planning and Resource Allocation: Companies are faced with higher expectations to guide both internal and external parties on the financial impact of their plans. A comprehensive exploration enabled by advanced analytics is critical for communicating, prioritizing, and allocating a company's resources on transactions, product development, and capital management. Our panel will explore how strategic planning has advanced in recent years, providing insights into effective approaches for aligning strategic objectives with financial resources. - Technological Advancements: The rapid pace of technological innovation has opened new possibilities for FP&A, offering advanced modeling techniques and data analytics capabilities. However, many organizations face challenges in harnessing these technologies effectively. This session will examine the role of technology in modernizing FP&A and highlight best practices for implementation. By attending this session, participants will gain: - Strategies for aligning strategic planning with resource allocation and effectively communicating financial impacts to internal and external stakeholders. - An understanding of the current state of FP&A within the life insurance industry, including emerging trends and challenges. - Insight into the implications of regulatory and technological advancements on FP&A processes and functions. - Best practices for leveraging technology to enhance FP&A capabilities and drive strategic decision-making.

Description: Delve into the nexus of actuarial science in the heart of D.C. This session offers an in-depth look at the sophisticated mechanics behind additional health insurance reserves, framed by the unique regulatory landscape of national policy. As we explore premium deficiency reserves and additional reserve requirements, attendees will understand how regulatory oversight and frameworks influence these critical actuarial items. Through engaging discussions and case studies, we'll uncover the strategic intersections between actuarial decisions and policy implications, offering insights into effectively navigating the complexities of governance and regulation as they relate to additional health insurance reserve. Join us for a compelling journey through the art and science of actuarial work in the political arena.

Description: S&P reissued a second Request for Comment (RFC) in May 2023 that proposed changes to their insurer capital adequacy methodology and assumptions, and suggested these proposed changes may become effective at the end of 2023. This paper is to highlight the notable changes between the current capital model criteria and the proposed model. We also discuss major changes from the first RFC and the second RFC, as well as several key items that still require enhanced guidance and clarification. Our analysis is based on information gathered from S&P's public comments, conversations with industry participants, and publications released by S&P Global as of July 2023 when this paper was written. Most U.S. life insurers are rated by S&P using their U.S. Life Statutory Capital model, while other insurers use the GAAP/IFRS Capital Model. Statutory financials will remain the starting point for U.S. life insurers under the proposed model, however there will be additional adjustments made to these numbers in an effort to create consistency and comparability with other accounting and solvency regimes.

Description: Internal audit (IA) projects typically focus on evaluating the risks and operational effectiveness of a company’s technological, regulatory/compliance, and/or financial processes and procedures. Because LDTI and IFRS 17 compliance will require extensive rewiring of existing and possibly the implementation of new processes and procedures to comply with the new accounting requirements, IA will be critical in conducting the initial risk assessment of these changes, monitoring of the process changeover, and conducting a post-implementation validation after conversion. Explore many specific areas that will be impacted, highlight those aspects likely to be under the IA magnifying glass, and find out how you can best prepare your IA teams to understand the changes and expedite the testing timeframes of their audits. By attending the session, you will be able to: • Understand general IA testing approach and framework. • Identify and address the key processes and procedures likely to be impacted by accounting change. • Build a communication plan that tailors the level of detail of documentation to the intended audience. (e.g., Leadership and BOD) • Document decisions made and implemented with IA in mind.

Description: The time has arrived for ASU 2018-12, otherwise known as Long-Duration Targeted Improvements (LDTI). For health insurance products, the ASU will require considerable efforts to make the necessary changes to valuation systems, procedures, assumptions, and/or methodologies in order to be in compliance. This session is designed to cover LDTI implications specific to carriers of long-term care and supplemental health products, including changes to how attained age rated products will be approached, allocating and discounting the claim liability (IBNR), and how the treatment of Profits Followed by Losses (PFBL) will evolve under LDTI. By attending this session, you will be able to: • Understand LDTI’s key impacts on long-duration health insurance products. • Recognize the treatment of attained age rated products under LDTI. • Comprehend the requirements of allocating the claim liability to cohorts. • Grasp the requirements pertaining to the discounting of the claim liability. • Understand how PFBL will evolve under the new standard.