Session 31 IF, Activities of the American Academy of Actuaries' Life Practice Council Moderator: Donna Christine Megregian, FSA, MAAA Presenters: Donna R. Claire, FSA, CERA, MAAA Laura Alden Hanson, ASA, MAAA Jeffrey L. Johnson, FSA, MAAA Leonard Mangini, FSA, FALU, FRM, MAAA Donna Christine Megregian, FSA, MAAA SOA Antitrust Disclaimer SOA Presentation Disclaimer
30
Embed
Moderator: Presenters: Laura Alden Hanson, ASA, … Alden Hanson, ASA, MAAA . Jeffrey L. Johnson, FSA, MAAA . Leonard Mangini, FSA, FALU, FRM, MAAA . Donna Christine Megregian, FSA,
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
Session 31 IF, Activities of the American Academy of Actuaries' Life Practice Council
Moderator:
Donna Christine Megregian, FSA, MAAA
Presenters: Donna R. Claire, FSA, CERA, MAAA Laura Alden Hanson, ASA, MAAA
Jeffrey L. Johnson, FSA, MAAA Leonard Mangini, FSA, FALU, FRM, MAAA Donna Christine Megregian, FSA, MAAA
SOA Antitrust Disclaimer SOA Presentation Disclaimer
Volunteers execute the vision and mission of the Academy by providing effective, independent, and objective actuarial information, analysis, and education for the formation of sound public policy.
14 issue briefs , monographs, and policy papers 22 Election guides covering a wide array of policy issues 87 Formal comment letters on policy issues:
28 to federal regulators 49 to state regulators (including the NAIC) 6 to the Actuarial Standards Board 2 to the IAIS 1 to FASB 1 to GASB
Formal presentations on policy issues testified before Congress on long-term care insurance rates
Testified before Congress on health insurance premium increases Policy briefing for Congress members and staff on health issues 7 other policy presentations to a variety of audiences
Six Practice Councils Vice Presidents: 2-Year Term
Casualty – Rade Musulin Health – Shari Westerfield Life – Jeff Johnson Pension – Bill Hallmark Professionalism – Joeff Williams Risk Management & Fin. Reporting – Jeffrey Schlinsog
Life Capital Adequacy Committee – Wayne Stuenkel Life Experience Committee – Mary Bahna-Nolan Life Financial Reporting Committee – Katie Cantor Life Products Committee – Laura Hanson Life Valuation Committee – Alice Fontaine PBR Strategy Subgroup – Cande Olsen Stress Testing Work Group – Linda Lankowski Tax Work Group – Barbara Gold Lifetime Income Risk Joint Task Force – Tonya Manning &
Noel Abkemeier (joint w/ Pension Practice Council)
Academy Life Practice Council –Selected Activity (cont.)
Experience Jointly with SOAPreneed tables on SOA websiteGI tables, report, and definition exposed SI under developmentGI/SI required data collectionAccelerated underwriting2015 VBTMortality improvement factors update
Started in December 2015 Was formed to cover PBR issues not covered elsewhere Generally have weekly/monthly meetings Formed subgroups to work on:
Model Governance Practice Note Model Governance Checklist Make comments on the Role of Actuary in Valuation Manual Make Comments of the Modeling ASoP and PBR ASoP Develop PBR Boot Camp
Monitor life and annuity product topics Life and Annuity Pricing ASOP Nonforfeiture topics Dying with dignity
Active work groups Annuity Illustration – Linda Rodway Life Settlements Practice Note – Tim DeMars Non-guaranteed Elements – Gabe Schiminovich Life Illustrations – Donna Megregian
Very active SOA volunteer over the past 15 years (Elected to 4 Section Councils, leading/participated on Research POGs, Exam Grading Committees, and conference planning) and now active with Academy
Member since 2015 of the Life Reserves Work Group
Member since 2016 of the Committee on Professional Responsibility (COPR)
VM-20 Section 7 Aggregation ALM/CFT is viewed at Company Level and permits internal hedging
between different line of business segments – all assets back all reserves
Valuation Manual (Section 7) classifies business into three distinct groups (Term, ULSG, Other) and does NOT permit cash-flow “redundancy” in one group to “cover” any “short-falls” in another
How can these be reconciled and maintain conservative reserves?
Treatment of Non-Guaranteed Reinsurance Rates Mirror reserving is gone under PBR – each party uses own assumptions VM-20 Section 8 – PBR Reserves are net of Reinsurance Who should be holding margins for fact that YRT reinsurance rates are
not fully guaranteed? When should these margins change?
Part of the Academy’s Council on Professionalism, which spans all practice areas, including life, health, pensions, and P&C
COPR Mission Statement - Promotes knowledge of standards of conduct, qualification, and practice within the profession and suggests ways and means for enforcement, compliance, and monitoring of the effectiveness of these standards
Recent Activity Considerations of Professionalism in International Practice https://www.actuary.org/committees/dynamic/COPR