VA Reform Updates

Ryan Kiefer, ASA, MAAA
Thomas Chamberlain

This session will go over the changes the variable annuity statutory requirements that will be part of the 2020 Valuation manual. This session will cover the changes to both the statutory reserves and risk-based capital updates that are part of the VA Reform valuation manual updates for 2020. Even if you have adopted this guidance early for year-end 2019, stop by and discuss the changes and lessons learned based on early adopter’s hurdles.

Ryan is a manager at Deloitte Consulting and has over ten years of experience serving as a consultant to the life insurance industry.  His primary focus is financial reporting where he assists advisory clients seeking to enhance or improve their financial reporting processes, analysis, and financial controls.

Recently, Ryan has been working to interpret and evaluate the industry’s response to the new financial reporting requirements included in the Financial Accounting Standards Board (“FASB”) long duration targeted improvements changes (“LDTI”) included in ASU 2018-12, as well as IFRS 17 and VA reform.

Ryan manages several of the firm’s largest external audits of GAAP, statutory, and tax reserves and intangible assets. He has also led Deloitte’s life actuarial center of excellence which is focused on efficiently executing detailed tests of policyholder reserves in support of external audits.

Tom is a managing director at Deloitte Consulting. Tom has over 20 years of experience in life and annuity actuarial valuation. His experience is from both within the industry and as a consultant. Tom assist companies in the interpretation and implementation of complex actuarial methods created by regulatory changes created by FASB, NAIC or the IRS. Tom supports consulting modernization procedures and attest work that alongside Deloitte & Touche and Deloitte Tax, respectively.

Tom also leads the internal Actuarial Technical Excellence group that helps evaluate new financial reporting and tax guidance on the potential interpretations, impact across the financial reporting process and the control environment updates required.

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