Southeastern Actuaries Conference

Transcription

1 Southeastern Actuaries Conference Spring Meeting June 14 16, 2006 Loews Miami Beach Hotel Miami Beach, FL Executive Committee President Bradley D. Leonard Vice President Secretary/Treasurer Membership Chairman Past President Member at Large Member at Large Janet D. McGowin Ralph J. Sayre Stuart D. Rachlin J. Wade Luther Michael S. Taht D. Joeff Williams

2 Wednesday, June 14th Pre-Meeting Seminars 2:00 p.m. 5:00 p.m. Seminar #1 Sponsored by KPMG, LLP [Cowrie 2] Life Seminar - Principles Based Reserves Update on the Life & Annuity Reserve Work Groups including reserves, RBC, and governance Discussion of methodologies being used & proposed Term Case Study Shadow Account UL Case Study Interactive discussions with audience Arnold Dicke, FSA, EA, FCA, MAAA Jeff Klanderman, FSA, FCA, MAAA David White, FSA, MAAA 2:00 p.m. 5:00 p.m. Seminar #2 Co-sponsored by Actuarial Management Resources, Inc. & Actuarial Resources Corporation [Cowrie 1] Individual Health Topics interactive seminar Interstate Insurance Product Regulation Compact and its Effect on Health Insurance Long Tailed Health Products: Problems & Solutions Premium Deficiency Reserve Case Study of Valuation Methods Joeff Williams, FSA, MAAA John MacBain, FSA, MAAA Bob Crompton, FSA, MAAA 1:45 p.m. 5:30 p.m. Registration [Cowrie Pre-function] Thursday, June 15th 7:00 a.m. 7:50 a.m. Registration & Breakfast [Cowrie Pre-function] 8:00 a.m. 8:20 a.m. Business Session [Cowrie 1 & 2] 8:20 a.m. 10:00 a.m. General Session [Cowrie 1 & 2] The Uninsured: What to do? Who are the Uninsured? Approaches to solving the problem Will they work? How does private enterprise fit in? Catherine Murphy-Barron, FSA, MAAA Consulting Actuary Milliman Financial Reinsurance 2

3 What is Financial Reinsurance? Uses of Financial Reinsurance Risk Transfer Regulatory and Accounting Issues Scott Meise, FSA, MAAA Actuary Financial Markets RGA Reinsurance Company International Accounting Standards Phase I Where Are We Now? Phase II What s coming? Jeff Klanderman, FSA, FCA, MAAA Actuarial Senior Manager KPMG 10:00 a.m. 10:30 a.m. Break [Cowrie Pre-function] Concurrent Sessions 10:30 a.m. 12:00 p.m. 1. Health Insurance [Cowrie 1] Individual Major Medical: Changing Landscape A Coming Tsunami? New Players entering, while old line companies folding What s the deal? What s happening behind the scenes, particularly with government? Are they sitting by while the Uninsured ranks increase to record levels? Is there money to be made? Is there a growing market? Can you afford to be in this business as an after-thought or convenience way, so common in the past? What s new in the last 40 years in product, distribution, and most recently in underwriting, and how is it or should be affecting the actuary? Prognosis: Things you should be doing if your company is in or planning to get into this line. Thomas Stoiber, FSA, MAAA Stoiber & Associates LLC MMA Changes What about Medicaid? What impact is MMA having on various Medicaid programs besides the obvious move of drugs from Medicaid to Medicare? Changes in coverages Changes in cost sharing for member Cost savings for states Don Zhang, FSA, MAAA Vice President, Chief Actuary WellCare Health Plans, Inc. Lawrence R. Smart, FSA, MAAA Director, Corporate Actuarial Services WellCare Health Plans, Inc 3

4 Jian Yu, FSA, MAAA Director & Actuary WellCare Health Plans, Inc 10:30 a.m. 12:00 p.m. 2. Life Insurance [Cowrie 2] Universal Life/ Secondary Guarantees New Design Alternatives AXXX Older issue ages Non-Secondary Guarantee Products Riders Nancy Winings, FSA, MAAA Pricing Leader, Fixed Products Genworth Financial Pitfalls of IRR Pricing Study the IRR Profit Metric through the Analysis of a Term Pricing Exercise that Incorporates a Capital Funding Arrangement IRR Profit vs. $$$ Profit IRR & Risk IRR & GAAP Earnings Suggestions for Improving upon an IRR Analysis (Additional Profit Metrics) Use the Knowledge Gained Above to Analyze the IRR s Use/Misuse in Two Other Business Scenarios Agent Commission IOLI Michael L. Parker, FSA, MAAA Assistant Actuary and AVP Lincoln Financial (Jefferson Pilot Financial) Linking Actual Results to Pricing Expectations by Product The Product Profitability Database. Business Intelligence and Insurance What is a Product Profitability Database? Linking Actual GAAP Earnings to Anticipated Pricing Profitability Benefits of the Product Profitability Database and its use as a Decision Making Tool for Upper Management How to implement a Product Profitability Data Warehouse Environment Nicholas G. Boukas, ASA, MAAA AVP Actuarial Solutions & Analysis Lincoln Financial (Jefferson Pilot Financial) 12:00 noon Networking Activities - Golf / Tennis / Beach / Pool 6:30 p.m. 7:30 p.m. General Reception [Conference Terrace] 7:30 p.m. 11:00 p.m. Reception sponsored by D. W. Simpson [The Liquor Lounge] 4

5 Friday, June 16th 7:00 a.m. 7:50 a.m. Breakfast [Cowrie Pre-function] 8:00 a.m. 8:20 a.m. Business Session [Cowrie 1 & 2] 8:20 a.m. 10:30 a.m. General Session [Cowrie 1 & 2] Will That Suit Fit the Actuary? Actuaries Get Discovered How it Happens How it Feels How to Turn This Risk into Opportunity Bob Dobson, FSA, MAAA Consulting Actuary Milliman I Do Solemnly Swear Being an Expert Witness Guidelines for Testimony Reliance on Others Cross Examination Pitfalls Matt Hellman, Esquire Matt Hellman, PA Enterprise Risk Management & the Chief Risk Officer What is it and How is it Done? What are the Key Roles of the CRO? What are Companies Doing Today? What are Examples of Risk Metrics? Mike Temple, ASA, MAAA VP & Chief Risk Officer UnumProvident 10:30 a.m. 11:00 a.m. Break [Cowrie Pre-function] 11: 00 a.m. 12:15 p.m. Workshops 1. Illustration Actuaries in a Changing World [Crown Conch] How to Comply w/ Illustration Requirements How the new GRET affects the process Modifications to a lapse supported product How to price so that illustrations are not a problem Faye Albert, FSA, FCA, MAAA President Albert Associates 5

6 2. Health Topics [Cowrie 2] Trends Consumer Driven Health Plans Premium Deficiency Reserves 2007 Medicare Advantage issues LTC Minimum Reserve Standards Follow up on Concurrent Session topics Greg Fann, FSA, MAAA Senior Consulting Actuary Wakely Consulting Group 3. Life Topics [Cowrie 1] UL Term Final expense Riders 2001 CSO 5% N-F / 4% valuation Par WL Accelerated death benefits Single premium Cheryl Angstadt, FSA, MAAA Towers Perrin 4. Darn Your SOX Sarbanes-Oxley [Sunrise Tellin] Scope Documentation Testing Applications Remediation Auditors Integrating SOX Rebecca Justice, FSA, MAAA Assistant Vice President Universal American Financial Corporation 12:15 p.m. Adjourn 6

7 Members Joined Since Last Meeting Name Carl J. Bailey Jennifer L. Brady Gregory G. Fann Lisa Renee Guajardo Monique N. Hacker John. D. Kidder Jack L. Lamar Howard C. Mayberry Robert Meehan Angela McNabb Michael A. Pfalzer Karen M. Phillips Lawrence R. Smart Terrence Paul Swope Michelle A. Thompson Jianhua Yu Company BlueCross BlueShield of Florida New York Life Insurance Co. Wakely Consulting Group BlueCross BlueShield of Tennessee New York Life Insurance Co. Wakely Actuarial Services Lamar Williams & Associates, Inc. WellCare Health Plans Hannover Life Re Transamerica Worksite Marketing New York Life Insurance Co. Scottish Re WellCare Health Plans UnumProvident BlueCross BlueShield of North Carolina WellCare Health Plans Future SEAC Meetings JW Marriott Hotel * New Orleans, LA November 15-17, 2006 The Westin Resort Hilton Head, SC June 20-22, 2007 Grand Floridian Resort & Spa Orlando, FL November 14-16, 2007 The Ritz-Carlton Amelia Island, FL June 18-20, 2008 * This is a joint meeting with the Actuarial Club of the Southwest (ACSW) 7