Life

Event Details:                                                                                                                                                           printer-friendly page

State laws require life insurer companies to hold in reserve enough assets to pay all claims on policies the company has issued. The amount of reserves and capital required is based on set formulas. The National Association of Insurance Commissioners has been working on a new system known as Principles-Based Reserves (PBR). In the meantime, during the financial melt-down of 2008 and 2009 the life insurance industry sought a relaxation of the current reserve requirements to free up capital for investment and to carry out business operations. The NAIC’s Capital and Surplus Working Group rejected the industry’s sweeping proposals but approved other proposals impacting reserving requirements, reinsurance collateral and accounting procedures.

With the industry’s reserve requirements in flux, life insurance companies and their advisers need to stay informed on the current requirements. The Knowledge Congress is assembling a panel of experts to discuss the capital reserve requirements in a LIVE two-hour Webcast.

Course Level: Intermediate
Prerequisite: None
Method Of Presentation: Group-Based-Internet
Developer: The Knowledge Conference
Recommended CLE/CPE Hours: 1.75 - 2.0
(Please note, your State Bar or Accounting Board will make the final determination with respect to continuing education credit. If you are applying for CLE credit in Texas you must register 20 days before the event date.)
Advance Preparation: Print and review course materials
Course Code: 093870
Recording Fee: $299 (Please click here for details)
NASBA Sponsor Number: 109004

 

Featured Speakers for Understanding New Capital Reserve Requirements live webcast:


  Event Talking Points (click here to view more)
SEGMENT 1:


Larry Bruning, Chief Actuary,
Kansas Insurance Department


- Brief history of Valuation of Life Insurance Liabilities
- Describe the components of the Principle Based Approach (PBA) to Valuation
- Discuss the changes to the Standard Valuation Law to enable PBA
- Discuss the development of the Valuation Manual
- Discuss the impact PBA will have on statutory accounting, financial reporting and
  financial examinations
- Discuss the current PBA project time-line.

SEGMENT 2:


Peter S. Rice, Senior Counsel,
Dewey & LeBoeuf LLP

1) Although NAIC leadership and LHATF deserve tremendous credit for moving principle based
    reserves and working on the capital relief proposals significant challenges remain.

2) These challenges are both political and substantive.

3) Political challenges include:
A) Achieving uniform support at Commissioner level;
B) Addressing opposition from legislators (NCOIL in particular);
C) Satisfying small company concerns; and
D) Assuring industry commitment to helping get legislation enacted.

4) Substantive issues that remain include:
A) Solving concerns about corporate governance;
B) Figuring out how to do experience reporting; and
C) Addressing federal income tax issues.

SEGMENT 3:


Thomas Hampton, Commissioner,
D.C. Department of Insurance, Securities and Banking

- A description of Principles Based Reserves
- The reason why US Insurance regulators are proposing the Change to this new
  reserving methodology
- Overview of the PBR Project; Expected Impact of Proposed Change to the Life Insurance
  Reserving System
- Risks if US regulators decide not to move to PBR.



D.C. Department of Insurance, Securities and Banking
Thomas Hampton
Commissioner
speaker bio »»

Kansas Insurance Department
Larry Bruning
Chief Actuary
speaker bio »»

Dewey & LeBoeuf LLP
Peter S. Rice
Senior Counsel
speaker bio »»

Who Should Attend?

- Life Insurance Companies
- Actuaries
- Accountants
- Consultants
- Insurance Attorneys

Why Attend?

This is a must attend event for anyone interested in understanding capital reserve requirements.
- New guidance explained by the most qualified key leaders & experts
- Hear directly from key regulators & thought leaders
- Interact directly with panel during Q&A

Registration Information:                                                                                                                                    



Understanding New Capital Reserve Requirements for the Life Insurance Industry
Speaker Firms:


D.C. Department of Insurance, Securities and Banking



Kansas Insurance Department








 

The Knowledge Conference is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417. Website: www.nasba.org


 

We are an approved multi-event sponsor in the state of California. Our provider ID is: 14451. In Texas, Illinois, and Virginia, we submit programs for individual approval in advance. In all other states, once attendance is verified, participants are emailed an official certificate of attendance which they submit to their respective State Bar Associations. Our programs are created with continuing education in mind and are therefore designed to meet the requirements of all State Bar Associations. If you have any questions, please email our CLE coordinator at: info@knowledgecongress.org

Attention New York Attorneys:

This program is approved for CLE credit under New York’s Approved Jurisdiction policy. The Knowledge Group, LLC is an approved sponsor in the state of California, a New York Approved Jurisdiction. This program fulfills the non-traditional format requirement of exceeding 60 minutes in length. Please note only experienced attorneys (more than 2 years) are eligible to receive CLE credit via non-traditional format learning platforms. The Knowledge Group will verify attendance during the webcast via secret words (3 per credit hour) and by auditing attendees log in and log out records. All verification instructions will be provided during the webcast. Once attendance verification requirements have been completed, the attendee will be issued a certificate of attendance be The Knowledge Group for the course with the recommended number of credit hours. The Certificate of Attendance is normally sent via email in 24 hours or less.

To Claim Your CLE Credits:

The attorney should simply include credits earned via Knowledge Group webcasts when computing the total number of CLE credits completed, and keep the Knowledge Group Certificate of Attendance for a period of at least four (4) years in case of audit. An attorney may count towards her/his New York CLE requirement credit earned through the Approved Jurisdiction policy without notifying the CLE Board.

To learn more about New York’s Approved Jurisdiction policy. Please visit: http://www.nycourts.gov/attorneys/cle/approvedjurisdictions.shtml



 
Enrolled Agents Sponsor ID Number: 760

We have entered into an agreement with the Office of Professional Responsibility, Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the Office of Professional Responsibility as to the quality of the program or its contribution to the professional competence of the enrolled individual.