International Insurance Regulation 201: IAIS Development of Insurer Capital Standards

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August 4, 2015
2:30-4:00 p.m. Eastern

During this webinar, members of the Academy's Solvency Committee provided a detailed look at the International Association of Insurance Supervisors' (IAIS) insurer capital standard, including the finalized basic capital requirement, the proposed insurance capital standard, and the proposed higher loss absorbency requirement.

The IAIS is developing group solvency and capital standards that could have a profound effect on global systemically important insurers (G-SIIs) and internationally active insurance groups (IAIGs), including several U.S. insurers.

The IAIS's development of insurer group capital standards has been divided into three parts: a finalized basic capital requirement for G-SIIs, a proposed higher loss absorbency requirement for G-SIIs, and a proposed insurance capital standard for both G-SIIs and IAIGs.

The webinar provided an overview of the Solvency Committee's basic solvency principles for domestic and international policymakers developing capital standards and an in-depth examination of the IAIS's activities related to insurer capital standards.

Academy Capitol Forum Webinar: International Insurance Regulation 101: IAIS
Essential Elements: Insurance Capital Standards
IAIS Website
U.S. GAO report: International Insurance Capital Standards: Collaboration Among U.S. Stakeholders Has Improved But Could Be Enhanced (June 25, 2015)
Solvency Committee submitted written testimony to the U.S. House Financial Services Subcommittee on Housing and Insurance for its hearing on "The Impact of International Regulatory Standards on the Competitiveness of U.S. Insurers" (April 29, 2015)
Solvency Committee comments to the International Association of Insurance Supervisors on the Risk-based Global Insurance Capital Standard public consultation document (February 6, 2015)
Solvency Committee written testimony to the U.S. House Financial Services Subcommittee on Housing and Insurance hearing on "The Impact of International Regulatory Standards on the Competitiveness of U.S. Insurers, Part II" (November 18, 2014)
Solvency Committee comments to the International Actuarial Association (IAA) on the IAIS's revised proposal, Basic Capital Requirements for Global Systemically Important Insurers (G-SIIs) (August 4, 2014)
Solvency Committee comments to the IAA on the IAIS's Memo on a proposed approach for a global insurance capital standard (June 6, 2014)

WEBINAR PRESENTERS

Novian Junus, Member, Academy Solvency Committee
MAAA, FSA

Novian is a principal and consulting actuary with the Life insurance consulting practice of the Seattle office of Milliman. He joined the firm in April 2000. Novian has more than 13 years of practical experience developing and managing successful life and annuity products and programs. He held senior management positions as chief actuary and chief product actuary at ReliaStar’s annuity division and led product development for the retail annuity division of Providian’s accumulation and investment group. His product management experience ranges from pricing to profitability and risk management.

As a consulting actuary, Novian is actively assisting insurance companies to develop and manage variable annuity products with guarantees in the Asia Pacific, Continental Europe, and the United States. Novian is also assisting companies with their MCEV reporting and analyzing their market-consistent methodology and approaches for MCEV and Solvency II. Novian is also a frequent speaker on various asset-liability and risk management topics.

Novian is a fellow at the Society of Actuaries and a member of the American Academy of Actuaries. Novian received his bachelor's degree in Actuarial Science from the University of Iowa.

Ned Tyrrell, International Technical Policy Advisor, National Association of Insurance Commissioners
Member, Academy Solvency Committee
MAAA, FCSA

Ned works for the National Association of Insurance Commissioners as an International Technical Policy Advisor. He advises on the development of the Insurance Capital Standard (ICS) and Higher Loss Adequacy (HLA) requirements proposed by the International Association of Insurance Supervisors. Prior to the NAIC, he performed capital management and economic capital modeling for QBE. Previous employers include CNA and Ernst & Young.

Ned received a bachelor’s degree in Mathematics from the University of Chicago. He is a fellow in the Casualty Actuarial Society and a member of the American Academy of Actuaries.

Henry Siegel, Member, Academy Solvency Committee
MAAA, FSA
Henry is a fellow of the Society of Actuaries and a member of the American Academy of Actuaries with over 45 years’ experience working on individual and group life and health insurance financial issues. His expertise includes U.S. and global solvency and accounting standards, financial reporting and analysis, mergers and acquisitions, reserving, and risk management. He is currently semi-retired, working on the Academy’s Financial Reporting Committee and Solvency Committee. His last position was as Vice President in New York Life’s Office of Risk Management and Chief Actuary.

Among his professional roles, Henry served as Vice President for Risk Management and Financial Reporting of the American Academy of Actuaries, Chair of the Financial Reporting Section of the Society of Actuaries, and President of the Actuarial Society of Greater New York. He currently represents the Academy on the Insurance Accounting Committee of the International Actuarial Association.

Henry was a member of the Insurance Working Group that advised the International Accounting Standards Board on its insurance contracts project and had frequent meetings with the Financial Accounting Standards Board and the Securities and Exchange Commission on accounting issues.

MODERATOR
Elizabeth K. Brill, Chairperson, Academy Solvency Committee
MAAA, FSA
Liz is Vice President and actuary at New York Life Insurance Company, where she oversees the valuation, projections, actuarial modeling, experience studies, and reinsurance areas for the individual life insurance business. In addition, Liz focuses on emerging regulatory issues, including domestic and international reserving, capital and solvency regulation. She also chairs the Solvency Committee of the American Academy of Actuaries. Liz joined New York Life in 2010, in the Office of Risk Management and the Chief Actuary. She subsequently served as chief of staff to New York Life’s general counsel. Prior to joining New York Life, Liz practiced corporate law within the insurance sector at Debevoise & Plimpton LLP.

Liz received a bachelor’s degree in economics from Princeton University and a J.D. from Harvard Law School. She is admitted to practice law in New York and is a fellow of the Society of Actuaries and a member of the American Academy of Actuaries.

CONTINUING EDUCATION

The American Academy of Actuaries believes in good faith that your attendance at this live webinar, "International Insurance Regulation 201: IAIS Development of Insurer Capital Standards," constitutes an organized activity as defined under the current Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion in the United States. Under these Qualification Standards, an hour of continuing education is defined as 50 minutes, and fractions of an hour may be counted.