TCAC December Virtual Meeting: 2022 US Regulatory Update for Valuation and Modeling Teams

Agenda:

9am-9:10am -  General Announcements

9:10am-10:10am - Presentation

Steve Krupa FSA, MAAA, ACS, PM5 and Judy Hanna FSA, MAAA from Moody’s Analytics will give a year end regulatory update.  Topics include LDTI practical insights, findings, and practical planning for 2023 go-live, NAIC ESG Update, climate disclosures, transition from LIBOR to SOFR interest rates, modeling future hedging strategies, historic and future mortality improvement, expense inflation documentation, comparison of VM-20 vs VM-21 vs VM-22, and many more.

About the Speakers:

Steve leads the AXIS Customer Success team of actuaries at Moody’s Analytics. For nearly 10 years, he’s been meeting with current clients to proactively demonstrate best practices for new regulation implementations, model conversions, model automation, model efficiency and model validation in AXIS.  He provides actuarial support troubleshooting and developing proof-of-concept models for prospective clients trialing AXIS.  He has visited several companies, including regulators, to provide model demonstrations and onsite training on a variety of advanced topics including VM-20 for UL, VM-21 for Variable Annuity products and VM-22 for Fixed Annuity products. He has contributed to Academy reference material including the VM-20 practice note, PBR assumptions resource manual, and Life & Health Valuation Law Manual. He has also contributed to AXIS knowledge base articles for validating VM-20 NPR reserves for UL with secondary guarantees, implementing 2018 U.S. tax reform, modeling VM-21 reserves for Variable Annuities, modeling with the NAIC ESG, and modeling C3 Phase 1 for Fixed Annuities.  He is currently a member of several American Academy of Actuaries work groups and task forces focused on principle-based reserves and required capital.

Judith Hanna is an Client Relationship Actuary at Moody’s Analytics interfacing with clients as they implement and develop AXIS actuarial models and capabilities. She has previously spent five years in the company working in client support of AXIS life modules, and is part of the working group involved in AXIS LDTI development. She has over 30+ years of industry experience in valuation, financial reporting and actuarial auditing. She has worked with most product lines at several large financial organizations in corporate actuarial, tax and risk management roles. Judith is a Fellow in the Society of Actuaries and a Member of the American Academy of Actuaries where she serves on the AAA Life Valuation Committee and AAA Tax Work Group. She has co-authored several AXIS Knowledge Base articles covering LDTI – ASU 2018-12 User Guide and Sample Datasets, EnterpriseLink Historical Data Manager and 2018 US Tax Reform. She has also co-authored several AAA white papers and practice notes covering the Tax Cuts and Jobs Act of 2017 (TCJA) and practices of examining actuaries including the review of principle-based reserves, as well as peer review of the AAA Life & Health Valuation Law Manual.