Description: With many complex regulatory changes on the horizon as well as pressures to ensure model accuracy from auditors, regulatory requirements and new actuarial standards of practice, the importance of robust model validation is coming to the forefront of actuaries’ minds. What was previously a day-two task for many companies is becoming just as important as model development! In this session, you will hear from those that have been deeply involved in building model validation frameworks and tools in responses to regulatory changes GAAP Long Duration Targeted Improvements (“LDTI”) and Principles Based Reserves (“PBR”).

Description: At this session, experts will provide an overview of current statutory valuation issues pertaining to life and annuity products. The focus is on activities of the American Academy of Actuaries relative to principle-based approaches, but other matters will be covered, including the status of the NAIC valuation manual, life risk-based capital, developments at the NAIC affecting life insurance companies, and practice issues for appointed actuaries.

Description: The arrival of ASU 2018-12 (a.k.a Targeted Improvements to the Accounting for Long-Duration Contracts or GAAP Targeted Improvements) presents insurers with augmented financial reporting risk across all areas of the valuation process. Naturally, the internal control frameworks that serve to mitigate these risks must evolve and expand. Valuation actuaries should view this transformative event as an opportunity to take an active role in developing new and improved controls that are both effective and sustainable.