Session 74PD: Valuation and Reporting of Non- Guaranteed Elements
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1 Session 74PD: Valuation and Reporting of Non- Guaranteed Elements Moderator: James A. Miles, FSA, MAAA Presenters: Curtis Matthew Clingerman, FSA, MAAA Terryn James Boucher, FSA, MAAA August 28, 2018
2 SOA Antitrust Compliance Guidelines Active participation in the Society of Actuaries is an important aspect of membership. While the positive contributions of professional societies and associations are well-recognized and encouraged, association activities are vulnerable to close antitrust scrutiny. By their very nature, associations bring together industry competitors and other market participants. The United States antitrust laws aim to protect consumers by preserving the free economy and prohibiting anti-competitive business practices; they promote competition. There are both state and federal antitrust laws, although state antitrust laws closely follow federal law. The Sherman Act, is the primary U.S. antitrust law pertaining to association activities. The Sherman Act prohibits every contract, combination or conspiracy that places an unreasonable restraint on trade. There are, however, some activities that are illegal under all circumstances, such as price fixing, market allocation and collusive bidding. There is no safe harbor under the antitrust law for professional association activities. Therefore, association meeting participants should refrain from discussing any activity that could potentially be construed as having an anti-competitive effect. Discussions relating to product or service pricing, market allocations, membership restrictions, product standardization or other conditions on trade could arguably be perceived as a restraint on trade and may expose the SOA and its members to antitrust enforcement procedures. While participating in all SOA in person meetings, webinars, teleconferences or side discussions, you should avoid discussing competitively sensitive information with competitors and follow these guidelines: -Do not discuss prices for services or products or anything else that might affect prices -Do not discuss what you or other entities plan to do in a particular geographic or product markets or with particular customers. -Do not speak on behalf of the SOA or any of its committees unless specifically authorized to do so. -Do leave a meeting where any anticompetitive pricing or market allocation discussion occurs. -Do alert SOA staff and/or legal counsel to any concerning discussions -Do consult with legal counsel before raising any matter or making a statement that may involve competitively sensitive information. Adherence to these guidelines involves not only avoidance of antitrust violations, but avoidance of behavior which might be so construed. These guidelines only provide an overview of prohibited activities. SOA legal counsel reviews meeting agenda and materials as deemed appropriate and any discussion that departs from the formal agenda should be scrutinized carefully. Antitrust compliance is everyone s responsibility; however, please seek legal counsel if you have any questions or concerns.
3 Presentation Disclaimer Presentations are intended for educational purposes only and do not replace independent professional judgment. Statements of fact and opinions expressed are those of the participants individually and, unless expressly stated to the contrary, are not the opinion or position of the Society of Actuaries, its cosponsors or its committees. The Society of Actuaries does not endorse or approve, and assumes no responsibility for, the content, accuracy or completeness of the information presented. Attendees should note that the sessions are audio-recorded and may be published in various media, including print, audio and video formats without further notice.
4 Valuation and Reporting of Nonguaranteed Elements Presenters: Curt Clingerman, FSA, MAAA, Consulting Actuary, Milliman 2018 Valuation Actuary Symposium Session 74
5 SOCIETY OF ACTUARIES Antitrust Compliance Guidelines Active participation in the Society of Actuaries is an important aspect of membership. While the positive contributions of professional societies and associations are well-recognized and encouraged, association activities are vulnerable to close antitrust scrutiny. By their very nature, associations bring together industry competitors and other market participants. The United States antitrust laws aim to protect consumers by preserving the free economy and prohibiting anti-competitive business practices; they promote competition. There are both state and federal antitrust laws, although state antitrust laws closely follow federal law. The Sherman Act, is the primary U.S. antitrust law pertaining to association activities. The Sherman Act prohibits every contract, combination or conspiracy that places an unreasonable restraint on trade. There are, however, some activities that are illegal under all circumstances, such as price fixing, market allocation and collusive bidding. There is no safe harbor under the antitrust law for professional association activities. Therefore, association meeting participants should refrain from discussing any activity that could potentially be construed as having an anti-competitive effect. Discussions relating to product or service pricing, market allocations, membership restrictions, product standardization or other conditions on trade could arguably be perceived as a restraint on trade and may expose the SOA and its members to antitrust enforcement procedures. While participating in all SOA in person meetings, webinars, teleconferences or side discussions, you should avoid discussing competitively sensitive information with competitors and follow these guidelines: Do not discuss prices for services or products or anything else that might affect prices Do not discuss what you or other entities plan to do in a particular geographic or product markets or with particular customers. Do not speak on behalf of the SOA or any of its committees unless specifically authorized to do so. Do leave a meeting where any anticompetitive pricing or market allocation discussion occurs. Do alert SOA staff and/or legal counsel to any concerning discussions Do consult with legal counsel before raising any matter or making a statement that may involve competitively sensitive information. Adherence to these guidelines involves not only avoidance of antitrust violations, but avoidance of behavior which might be so construed. These guidelines only provide an overview of prohibited activities. SOA legal counsel reviews meeting agenda and materials as deemed appropriate and any discussion that departs from the formal agenda should be scrutinized carefully. Antitrust compliance is everyone s responsibility; however, please seek legal counsel if you have any questions or concerns. 5
6 Presentation Disclaimer Presentations are intended for educational purposes only and do not replace independent professional judgment. Statements of fact and opinions expressed are those of the participants individually and, unless expressly stated to the contrary, are not the opinion or position of the Society of Actuaries, its cosponsors or its committees. The Society of Actuaries does not endorse or approve, and assumes no responsibility for, the content, accuracy or completeness of the information presented. Attendees should note that the sessions are audio-recorded and may be published in various media, including print, audio and video formats without further notice. 6
7 The Pressures of Managing NGEs
8 Performance pressures Interest rates Mortality trends Lapse trends Policyholder behavior Life settlements market Reinsurer actions 8
9 Which of these headlines is not real? 1. Elderly couple must die soon or lose life insurance 2. Insurance company shows stewardship takes reasonable steps to protect all policyholders 3. Millions could get slapped with steep premium hikes for universal life insurance 4. Retirement disaster looms for Universal Life policyholders 5. Your life insurance policy could expire before you do
10 Public relations article.cfm?c_id=3&objectid=
11 Applicable guidance
12 Regulatory guidance Illustration regulations Policyholder communications NY DFS Reg. 210 NY DFS best interest amendment to Reg
13 Which of these Actuarial Standards of Practice (ASOPs) is your favorite? 1. ASOP 2 Non-guaranteed Elements 2. ASOP 23 Data Quality 3. ASOP 41 Actuarial Communications 4. Nobody told me there would be a pop quiz
14 Professionalism guidance ASOP 2: Nonguaranteed Charges or Benefits for Life Insurance Policies and Annuity Contracts ASOP 12: Risk Classification (for All Practice Areas) ASOP 23: Data Quality ASOP 41: Actuarial Communication 14
15 Practical considerations
16 Inputs to decision making Monitor performance Review contract language Assess quality of data, models and assumptions Identify available options Involve the organization and others that will be impacted (e.g. reinsurers) 16
17 Implementation considerations Prior commentary (e.g. annual statement of actuarial opinion) Resources necessary Communication of changes 17
18 I m a Valuation Actuary why should I care?
19 The Current Regime of Formulaic Reserves Prior to Principles Based Reserves UL CRVM bases calculations on guarantees AG 38 based on guarantee provisions. Trad CRVM uses guarantees Seeing a pattern here? Cash flow testing Now we may care about current non guaranteed elements Poor results only an extra reserve 19
20 GAAP Liabilities Projections of best estimate earnings Runoff of Expense DAC Runoff of Commission DAC Etc SOP 03-1 Profits followed by losses Benefit Reserves (FAS97) Accumulation of Premium less withdrawals and charges 20
21 PBR Liabilities Combination of Methods NPR still mostly formulaic DR is now projection based Projections of best estimate earnings Includes pads Includes grading to industry assumptions Includes interest rate scenarios Actuarial Judgment allowed How to incorporate corporate methodology for managing NGEs 21
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24 Session 74PD: NGE Governance TERRY BOUCHER Vice President & Actuary, Prudential Financial, Inc. August 28, 2018
25 Agenda Board Delegation Annual Statement Reporting General Governance Reporting to the Chief Actuary and the Board NGEs and Life Illustrations PBR Considerations State Regulations/NY Reg
26 Board Delegation The Board is the ultimate authority for setting NGEs. The Board must delegate authority to the Chief Actuary and his/her delegates. The delegation can be broad and evergreen, but some specifics are required, particularly by NY Reg The Chief Actuary then can delegate to Pricing/Inforce actuaries in the company. A good practice is to have a primary and a secondary delegate, in case someone leaves the company. 26
27 Annual Statement Reporting Exhibit 5 Interrogatories 1 and 2 involve dividends and Interrogatory 3 involves NGEs. Each of these requires an actuarial opinion for business in scope. While dividends and NGEs are different in many ways, they do share some aspects in that both involve a process where actuaries must determine how to adjust policy parameters that are not forever fixed. Dividends can impact this retrospectively based on experience. NGEs can only be changed prospectively, based on updated expectations of the future. 27
28 Annual Statement Reporting Each set of interrogatories begins by asking the company to describe the process for dividend and NGE determination, followed by more specific questions. Included in these questions for both dividends and NGEs is one related to whether the dividends or NGEs used in the illustration of new business is supportable. The opining actuary for these interrogatories is in a much better position if there are well documented procedures on the process for setting these items across the enterprise. There should be a governance process concerning the preparation, review, and approval of the responses to these interrogatories and the signing of the opinions. 28
29 General Governance There should be a governance process around actually setting the NGE rates. It should be written. It should be regularly reviewed. It should state: Who makes recommendations for changes to NGEs (e.g., Pricing Actuary, Inforce Management Actuary). Who needs to review. Who needs to approve. It should have broad guidelines, but also allow enough flexibility to allow the decision makers to act appropriately in changing environments. It should consider specific state laws and regulations as well as relevant ASOPs, such as ASOP 2 and ASOP
30 General Governance The governance process can be tiered to have distinct levels of review for different items. For example: Credited interest and Index option parameters are updated frequently, and so may have a lesser amount of review and maybe approved at a lower level. COIs scale changes are very infrequent, and can have a bigger impact, so they may require a higher level of review and approval. 30
31 Reporting to the Chief Actuary and the Board A good practice is to prepare a formal report within each BU on the NGE actions taken over the course of the year and submit it to the Chief Actuary. Dividend actions can be included in this report if applicable. This report should contain a high-level description of the actions taken, the procedures used, how the contracts were grouped for rate-setting purposes, etc. It is a good governance practice to send the NGE actions taken report to the Board on an annual basis. This can be done when the actuarial opinion is sent to the board, as required by the annual statement instructions, or If the Chief Actuary makes an annual presentation to the board, the NGE actions taken can be included as part of this presentation. 31
32 NGEs and Life Illustrations Many states have passed the Life Insurance Illustration Model Regulation (#582). This requires an annual certification by the Illustration Actuary to address the projection of non-guaranteed elements in the illustrations. Applicable standards related to this are ASOP 24, and AG 49. It is a good governance practice to send a copy of this certification to the board. This can be done at the same time as the actions taken report. 32
33 PBR Considerations Section 7(C) of VM-20 addresses how to model NGE cash flows in the deterministic and stochastic reserves. The projected NGE shall reflect factors that reflect: Contractual guarantees. Past NGE practices and established policies. The timing of changes in NGEs relative to when a change in experience is recognized. The benefits and risks to a company of continuing to authorize NGEs. There should be consistency with how NGEs are projected and how they are actually being determined, and they must be consistent with projected experience. This is where a written company policy can be helpful, so that there is a documented policy that supports the projection of NGEs in the PBR calculation. 33
34 PBR Considerations In particular, raising COI rates tends to be a very rare occurrence. But there could be severe scenarios where you would want to model increases in the COI scale. A company policy that addresses this can support the reserve projection. Section 8 of VM-20 also discusses NGE projections for reinsurance. Companies should assume that the reinsurer is knowledgeable and will act in their own interests. 34
35 State Regulations/New York Regulation 210 New York Regulation 210: This became effective this past March. It addresses NGEs. It is designed to ensure policy forms do not mislead policy owners regarding NGEs, and to ensure that the issuance of any policy forms would not be prejudicial to policy owners or contain provisions that are unjust, unfair, or inequitable. Applies to individual life and annuities, and applicable group certificates. Dividends are exempt. This requires certain board-approved criteria to be in the board authorization to the Chief Actuary to set NGE rates. 35
36 State Regulations/New York Regulation 210 New York Regulation 210 (Continued): Applies to all NGEs, but specifically defines an adverse change in NGEs. This excludes credited rate changes and index option parameter changes driven by market changes. NY must be notified 120 in advance of any adverse changes, and then you must also file a report as of May 1 of following year if any adverse changes were made. Experience must be assessed at least every five years to make sure NGEs are still reasonable. California and Texas are also considering regulations, but have not adopted any to date. 36
37 Questions?
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