PBR Boot Camp Fall 2017 Agenda at a Glance
Sunday, Sept. 10 |
4-6 p.m. |
Early Registration Begins |
Monday, Sept. 11 |
7-8 a.m. |
Breakfast |
8-10 a.m. |
PBR 101: The Basics Overview of the PBR Valuation Manual; VM-20 overview; Qualified Actuary; stochastic, deterministic, and NPR Reserves and company exclusion testing; and changes to VM-22. Speakers
|
10-10:15 a.m. |
Break |
10:15-11:45 a.m. |
NAIC Actuarial/Modeling Support Discussion of the NAIC support staff, and examples of assistance that can be provided; e.g., NAIC staff has an actuarial model, and they can send a standard portfolio and 1,000 policies for companies to run to compare results to the NAIC model. Other support includes VAWG and NAIC Q&A support. Discussion of changes to Financial Condition Examiners Handbook and Financial Analysis Handbook. Speakers
|
11:45-12:45 p.m. |
Lunch |
12:45-2:15 p.m. |
PBR Model Governance Checklist, Practice Note Introduction of the developments in the PBR Model Governance Checklist, which consist of a broad set of questions intended to solicit discussion and to capture model governance issues of concern to practitioners, auditors and regulators alike. This session will also discuss the revised VM-20 practice note, the new PBR Model Governance practice note, and a new publication in development looking at common practices of examining actuaries involved in statutory financial solvency examinations. Speakers
|
2:15-2:30 p.m. |
Break |
2:30-3:45 p.m. |
Regulatory and Other Considerations Will include regulatory overview, reporting, experience studies, a sample report, and Annual Statement changes; and discussion of VM-30, VM-31, and VM-G. This session will include a mock regulatory review of a PBR submission. Speakers
|
3:45-4:30 p.m. |
Break-out Sessions Review of sample reports. |
4:30-5 p.m. |
Wrap-Up |
6-7:30 p.m. |
Reception |
Tuesday, Sept. 12 |
7-8 a.m. |
Breakfast |
8-9 a.m. |
Experience Studies Discussion of NAIC work on collection of data and experience studies; demo of process of experience studies. Speakers
|
9-9:30 a.m. |
Discussion of Pilot Project Overview of the NAIC pilot project on PBR. Speakers
|
9:30-9:45 a.m. |
Break |
9:45-11:15 a.m. |
Asset Overview Includes considerations of choosing inforce assets for PBA testing, assets to be assumed for reinvestments and use of tables for spreads and default assumptions. Will include discussion of spreads and default work done by NAIC staff as well as the work to support the new VM-22. Speakers
|
11:15 a.m.-12:15 p.m. |
Mortality Overview Includes consideration of aggregation of products in determining mortality rates and credibility percentages and blending into industry tables. Will include some observations from NAIC pilot project. Speakers
|
12:15-1:15 p.m. |
Lunch |
1:15-2:30 p.m. |
Additional Liability Assumption Overview Will cover the main assumptions necessary for a Term and/or ULSG PBR model. Assumptions covered will include lapses, premium persistency, credited rate function, expenses, and taxes. Will include some observations from the PBR Assumption Resource Manual Work Group. |
2:30-3:15 p.m. |
Case Study Case study from an auditing perspective regarding liability assumptions, e.g., mortality, lapses, expenses, and premium persistency. |
3:15-3:30 p.m. |
Break |
3:30-5:15 p.m. |
Reinsurance Overview Includes considerations by the ceding company and the reinsurer in projecting reinsurance cash flows, a brief refresher on risk transfer requirement, and highlights of AG48 and the new model regulation to replace it. Speakers
|
Wednesday, Sept. 13 |
7-8 a.m. |
Breakfast |
8-9:15 a.m. |
Reviewing PBR From a Company’s and an Auditor’s Perspective What companies are typically doing to set up for PBR, and what auditors would look for in a PBR review regarding methodologies used, governance controls, and experience studies. Speakers
|
9:15-10:15 a.m. |
Regulatory Discussion (Regulators Only) Speakers
|
10:15-10:30 a.m. |
Break |
10:30-10:45 a.m. |
Wrap-Ups from Regulatory Meeting |
10:45-noon |
Regulatory Update This session will provide a forum for the regulators to discuss what is happening on the regulatory front, including possible changes in future VM. Speakers
|
Noon-1 p.m. |
Final Q & A All speakers will be in attendance. |
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