Noon to 12:10 p.m. 

Welcome and Introduction to the Seminar

12:10 to 1:10 p.m.

External Reviews of PBR: NAIC PBR Reviews

Discussion of reviews that have been done by NAIC staff, California, and other states. This includes consideration of AG-51 LTC reviews.

1:10 to 1:30 p.m.

External Reviews of PBR: Reviewing PBR from an Auditor’s Perspective

What auditors are looking for in a PBR review regarding methodologies used, governance controls, experience studies, etc.

1:30 to 1:45 p.m.

Break

1:45 to 2:45 p.m.

Preparing for Regulatory and Auditor PBR Reviews

What companies are typically doing to prepare for PBR reviews by regulators and auditors. 

2:45 to 3 p.m.

3 to 4 p.m.

Modeling Overview and Modeling Governance

This session will cover the requirements around PBR modeling, including specific inputs, projection capabilities, and output formats. Issues around inforce compression, scenario generation, cross-model leveraging, model validation, and practical modeling decisions will also be discussed during the presentation. Included here will be applicability to variable annuities. 

4 to 4:15 p.m.

Break

4:15 to 5:15 p.m.

Life and VA: Advice and Suggestions for Improving Your VM-31 Report

This session will include an overview of how to think about the report, how much detail to include, and how to make this easier for the regulator to review. It will answer questions related to descriptions of materiality, liability and asset assumptions, modeling, sensitivity tests, etc. Participant questions are encouraged to be sent ahead of time. 

5:15 to 5:45 p.m.

Questions of the Day’s Topics

Noon to 1 p.m.

Reserve Change Analysis and Pricing Projections

This session will focus on consideration of changes in reserves and work on Practice Note on PBR projections.

1 to 1:15 p.m.

Break

1:15 to 2:45 p.m.

Mortality Overview: Life

This session will include consideration of aggregation of products in determining mortality rates and credibility percentages and blending into industry tables.

Break

3 to 4:15 p.m.

Liability Assumption Governance

This session will discuss approaches for setting, revising, and documenting material liability assumptions and margins including Non-Guaranteed Elements for modeled PBR reserves.

4:15 to 4:30 p.m.

Break

4:30 to 5:15 p.m.

Reinsurance Overview

This session will include considerations by the ceding company and the reinsurer in projecting reinsurance cash flows and will cover some current reinsurance issues pertaining to PBR that are being addressed by the NAIC.

5:15 to 5:45 p.m.

Questions of the Day’s Topics

Noon to 1:15 p.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.

1:15 to 1:30 p.m.

Break

1:30 to 3 p.m.

VA Update

This session will cover PBR implementation challenges; the impact of COVID-19 on VA policyholder benefits; and VA PBR reporting and hedging practices.

Break

3:15 to 4:15 p.m.

Economic Scenario Generator Update and NY Regulation 213 on PBR

This session will provide an update on the Economic Scenario Generator and will share the changes to PBR that will be required for filing in New York.

4:15 to 4:30 p.m.

Break

4:30 to 5:15 p.m.

Sample Reports and Where to Find More Information, Next Steps

An overview of the PBR Website, Model Governance Practice Note, Model Governance Checklists, practice notes, ASOPs, PBR Analysis Templates, other sources any Q&As on sources, and Academy templates. This will also include a brief summary of what is coming in the future.

5:15 to 5:45 p.m.

Questions of the Day’s Topics