Dawn Fowle

The Insurance Business Transfer: A restructuring tool for the commercial runoff (re)insurance industry pursuant to Rhode Island Amendments to Insurance Regulation 68.
This presentation will present a brief discussion of the Insurance Business Transfer (IBT), modeled after the UK Part VII Transfer, a mechanism for relieving an entity of liability for runoff operations.

We will focus on how the Rhode Island IBT works, including the application and expert report. Finally, we will discuss why you should consider an IBT, some of the benefits, and the economic value that can be gained through an IBT.

Dawn Fowle is a Manager in the Insurance and Actuarial Advisory Services practice of EY and is based in the firm’s Chicago office. Dawn joined EY in 2015 and has over ten years of experience as a property and casualty actuary. Her experience spans large commercial and specialty insurance companies as well as runoff operations. Dawn has assisted in multiple mergers and acquisitions, including the acquisition and integration of runoff operations. Dawn also has specific reserving experience in construction defect, asbestos, environmental and other mass tort, and lifetime medical claims in workers’ compensation and personal injury protection.

This session will outline the findings from a study looking beyond reimbursed long term care benefits, to the broader cost of formal long term care.

Janet Perrie, PwC, FSA, Actuarial Director
Janet is a Director at PwC in the US Actuarial Services-Life practice. Janet joined PwC’s Long Term Care practice in February 2015 and provides actuarial consulting services and assistance regarding audits of insurance company clients. Janet has been heavily involved in experience studies and model validation at PwC. Janet has nearly 25 years of experience in the insurance industry with the most recent 20 years focused on Long-Term Care.
Before joining PwC, Janet was the Vice President of Actuarial Services at LTCG (formerly Univita) for 15 years. While at LTCG, she helped clients with product development, pricing, financial modeling, experience analysis, valuation of reserves, inforce rate increase filings and validation of actuarial models.
Janet has a B.B.A. from the University of Wisconsin-Madison, is a Fellow of the Society of Actuaries, and is a Member of the American Academy of Actuaries.

Cynthia MacDonald, FSA, MAAA
Joseph Wurzburger, FSA, MAAA

Update on Recently Released SOA Experience Studies

• MP2016
• Individual Annuity mort study
• Structured Settlement Annuity mort study
• US Pop data crude rates
• US Pop data articles
• VAGLB study
• Group Life mort study
• GLTD termination data & 3 webcasts

Update on the SOA’s Regulatory Resource

Cindy MacDonald is a Senior Experience Studies Actuary at the Society of Actuaries (SOA) where she manages the internal and external resources that work with approximately 250 SOA volunteers to produce SOA experience studies.  Prior to coming to the SOA in 2010, Ms. MacDonald worked at Allstate Financial where she obtained over 25 years of experience in life and annuity product development and asset/liability management.  Ms. MacDonald is a Fellow in the Society of Actuaries, a member of the American Academy of Actuaries, and a CFA charterholder.  She received her BS in mathematics/actuarial science from the University of Illinois in Champaign-Urbana.

Joe Wurzburger has been the Health Staff Fellow with the Society of Actuaries since 2014. In this role, Joe has a variety of responsibilities, including: section development and support (specifically for the Health and LTC sections); aactuarial practice advancement and through leadership; exploration of growth opportunities for actuaries outside of traditional roles; internal SOA consulting; networking and leadership development; and actuarial knowledge development. In his most recent role prior to joining the SOA, Joe managed the health valuation department in the Chicago office of Bankers Life, primarily focusing on long-term care insurance and Medicare Supplement. Prior to that, he filled a variety of actuarial roles in both consulting and insurance and has experience with pricing, valuation, and projections.

Nathan Bernardi, ASA, CERA, MAAA

Blurb: In April 2016, the US Department of Labor issued a rule expanding the definition of “investment advice fiduciary” under ERISA. In this session, we will briefly go over the history of ERISA and the DoL “Fiduciary Rule”, look at a case study on how one company responded to the ruling with a particular focus on the actuarial decisions that need to be made, discuss other high-profile company responses, and look forward with a discussion on the current legal challenges and possible rule changes.

Nathan is a senior associate in KPMG’s actuarial and insurance risk function. He formerly worked for a large multinational insurer in its life and retirement practice, where he specialized in the valuation and financial reporting of various annuity and institutional market products.

Ann Cammack, FSA
Xuan Deng, ASA

As Life PBR became operative, insurance companies face new challenges when implementing and operating under the new regulation. What’s more, Life PBR does not easily fit into the existing structure of life insurance reserves (under IRC §807) developed by Congress in 1984. This session will start with a high-level overview of NAIC’s valuation manual, and pinpoint areas that may pose tax interpretational challenges. Then, the session will discuss the past IRS guidance and potential ways to approach major tax compliance issues. The session will conclude on a few practical considerations for companies to develop their tax positions.

Ann Cammack is a Principal with Ernst & Young’s National Tax Practice in Washington DC, where she focuses on the taxation of insurance companies and insurance products. Ms. Cammack has over 20 years of experience working on insurance company and product taxation. At EY, she represents clients before the Internal Revenue Service, Treasury Department and the US Congress, and assist clients with developing strategic solutions to taxation matters.

Prior to joining EY, Ms. Cammack was a Senior Tax Counsel with the Senate Finance Committee, working for Chairman Baucus and more recently Chairman Wyden. During her time with the Finance Committee, she was involved in the development of tax legislation affecting the insurance industry, as well as advising for general corporate and international tax matters. In Ms. Cammack had served as the attorney-advisor responsible for insurance company and product taxation at the US Treasury Department’s Office of Tax Policy, and acted as an attorney- advisor in the IRS Chief Counsel branch responsible for insurance company and product tax matters. Furthermore, Ms. Cammack had held executive positions at MassMutual and the American Council of Life Insurers and was a partner with the law firm of Sutherland, Asbill & Brennan. Ms. Cammack is a Fellow of Society of Actuaries (FSA).

Xuan Deng is a senior actuarial consultant in the Insurance and Actuarial Advisory Services practice of Ernst & Young LLP’s Financial Services Office. She is based in Chicago. She has over five years of experience in the life insurance industry, focusing on policyholder taxation compliance, corporate income tax provision audits, financial reporting, financial modeling, and actuarial transformation. Xuan is a graduate of University of Illinois and is an Associate of the Society of Actuaries (ASA).

Industry Insights and Practical Changes

This session will focus on gleaning key industry insights from the recent SOA survey, “Actuarial Model Governance: A Survey of Actuarial Model Governance and the Industry Evolution”. This session will focus on where the survey improves understanding of the practical, successful and developing solutions around Actuarial Model Governance structures and evolution. Solution implementation varies by plan, size and external pressures but the end-state objective is the same. The findings will be emphasized with some observations relative to successful implementations, common pitfalls and the best way to start governance frameworks or re-invigorate floundering governance procedures.

Thomas Chamberlain, ASA, MAAA
Senior Manager
Deloitte Consulting
Chicago, IL

Tom has 20 years of experience as an actuary. He has worked in both the Pension and Life Insurance disciplines. He is currently a leader of the internal Deloitte Consulting technical team that analyzes and interprets new guidance across capital and financial reporting frameworks. Tom assisted in the development of the 2016 SOA refresh of the 2012 report “Actuarial Modeling Controls: A Survey of Actuarial Modeling Controls in the Context of a Model-Based Valuation Framework” to evaluate the four year change in actuarial model controls and governance structures. This report also proposes enhancements to the current state to continue the industry evolution toward a well-controlled governance framework.

Meg Walters

Connected and self-driving cars have the potential to revolutionize the auto industry. Connected cars process gigabytes of information in real time to prevent car accidents and make the road safer. Join data scientists in the industry to discuss the analytics used to support connected cars and future implications for auto insurance.

Meg Walters is a data scientist at Allstate working to support Arity – a technology company founded by Allstate that uses predictive analytics to provide connected car insights, products, and services. She works with Allstate’s billions of miles of driving data to provide analytics that enable businesses and consumers to make smarter, data-driven decisions. She has a PhD in Mathematics from the University of Rochester.

Presentation Part 1: Big Data
Presentation Part 2: Cluster Computing

Gaurav Rastogi, FSA, FCIA
Tim Pauza
Benjamin Farnsworth, FSA, CERA, MAAA

Insurance organizations are evolving. The session aims to give a high level view of the current state of a typical insurance company and the anticipated future state as organizations adapt to new technologies. The session aims to deliver the hard hitting reality of changes that actuaries will see in their day to day functions as organizations become more technology centric and set themselves on the path of becoming truly companies of the future. The session will aim to educate the participants on the latest trends in the transformation space, discussing future disruptors such as robotics, enterprise data management, block chains and others that will transform the insurance industry in the near future.

Gaurav Rastogi is a Manager in the Insurance and Actuarial Advisory Services practice of Ernst & Young LLP’s Financial Services Office. He is based in the firm’s New York office. He has over seven years of experience in the life insurance market, dealing with valuation, pricing and asset modeling for life insurance products. Gaurav’s focus areas include advising clients on their modeling infrastructure, specifically discussing topics such as model design, model governance and model risk management. More recently, Gaurav has also been involved in large scale finance and actuarial transformation initiatives. Gaurav is a graduate of University of Waterloo and is a Fellow of Society of Actuaries (FSA) and a Chartered Financial Analyst (CFA).

Tim is an executive director at EY with more than 15 years of actuarial experience and 9 years of information technology experience. Tim is the global and US leader of EY’s Actuarial Transformation® field of expertise. Has assisted or led multiple insurance companies with Actuarial Transformation® projects over the last 9 years.

This session will cover two distinct but related topics in the area of health insurance policy and regulation. First, recent and emerging developments in state and federal health insurance regulation will be discussed. Second, the presenter will present a framework for thinking about health policy developments as discussed in his article, “Explaining Health Policy to your Facebook Friends,” to be published by the SOA in early 2017.

Rowen Bell is a Senior Manager in the Insurance and Actuarial Advisory Services practice of Ernst & Young LLP’s Financial Services Office. Rowen has 20 years of experience working in and providing services to the health insurance and managed care industries, in both actuarial and finance roles.

At EY, Rowen’s leads, and/or plays a significant role in, the actuarial aspect of the financial statement audits for numerous health insurers, managed care organizations and life insurers that write disability income, group life, accident & health, and/or stop loss coverages. Additionally, Rowen also provides actuarial support to transaction advisory engagements with respect to liabilities associated with health insurance and/or self-funded health benefits exposures.

Prior to rejoining EY in 2015, Rowen served at various corporate roles including as a senior actuarial and finance roles at the nation’s largest customer-owned health insurer, also at one of the nation’s largest public company health insurers, led the financial regulatory services function for a major health insurance trade association, and also worked in corporate actuarial and finance roles at a mutual life & health insurer. His corporate experience includes significant exposure to health insurance M&A, securitization, accounting policy, and financial planning & analysis.

Rowen is widely recognized as a leading expert within the actuarial community on health insurance financial reporting and related regulatory issues. He has significant experience with health insurer solvency management issues, and co-authored the chapter on health risk-based capital in the textbook used by the Society of Actuaries (SOA) in its examination curriculum. Rowen is currently on the Board of Directors of the SOA, and previously served on the Board of Directors of the American Academy of Actuaries (Academy). He has chaired a number of Academy groups, including its Financial Reporting Committee. In recognition of his accumulated service to the actuarial profession, the Academy made Rowen the youngest-ever recipient of its Jarvis Farley Service Award in 2010.

Thomas Edwalds, FSA, ACAS, MAAA
Patricia Pruitt, FSA, MAAA

In January, the Society of Actuaries sponsored the sixth triennial international research symposium on living to 100, featuring speakers, presentations of papers, and panel discussions on a variety of topics such as mortality projection methods and trends, theories on aging, coping with the problems of old age, the implications of aging populations, mortality and longevity research, and social security and retirement issues. This session will give an overview of the valuable information presented at the symposium.

Tom Edwalds is a Clinical Professor of Finance at DePaul University and the Executive Director of the Fred Arditti Center for Risk Management at DePaul. He came to DePaul in 2014 with 36 years of diverse and substantive experience in the insurance industry. He previously held the position of Assistant Vice President for Biometric Research for Munich Re. Prior to joining Munich Re in 2001, Tom spent seven years as the Senior Research Actuary for the Society of Actuaries. Previous positions include Actuarial Valuation Manager for Blue Cross Blue Shield of Illinois and Actuarial Software Developer for PolySystems. He began his career at CNA where he gained experience with Commercial Liability, Workers Comp, and Private Passenger Auto insurance. He is a recognized leader in the actuarial profession, currently serving on Society of Actuaries committees including the Committee on Life Insurance Research, the Committee on Living to 100 Research Symposia, the 2015 Valuation Basic Table Development Team, the Reinsurance Section Research Team, the Education and Research Section Council, the Research Communications Oversight Group, and the Committee on Knowledge Extension Research. He is also the president of the Chicago Actuarial Association. He was recognized for a decade of leadership in Society of Actuaries research initiatives with an Outstanding Volunteer Award in 2011. Tom’s research interests and expertise include mortality risk, longevity risk, and extreme event risk. He holds both B.S. and M.S. degrees in Mathematics from the University of Illinois at Chicago.

Pat Pruitt is an actuary at the Railroad Retirement Board, working on long-term actuarial projections of the financial condition of the railroad retirement system. Pat began her career at CNA as a health actuary, where she gained experience in the pricing, product development, and valuation of a variety of health products, both individual and group. She was a volunteer on the Education and Examination Committee of the Society of Actuaries (SOA) for many years and is a member of the SOA’s Retirement Plans Experience Committee. She is also Vice President – Education of the Chicago Actuarial Association. Pat earned her B.S. in Mathematics at Loyola University of Chicago.