VM-22 Non-Variable Annuity PBR

PRESENTERS

    Chanseo Lee, FSA, MAAA
    Actuary, Annuity Pricing and Profitability, MassMutual

REGISTER

Registration deadline:  November 8th, 2018
Cost:  $25 for paid-up members and subscribers  (please login to get this price)
           $30 for other attendees

SESSION DETAILS / WHAT ATTENDEES WILL LEARN

The Life Actuarial Task Force (LATF) of the NAIC is charged with developing PBR for non-variable annuities. The American Academy of Actuaries' Annuity Reserves Work Group (ARWG) is working to develop a principle-based methodology for LATF to consider. The first steps toward a revised Fixed Annuity valuation model have been taken, with LATF's release of the VM-22 Maximum Interest Rates for Income Annuities recommendations. This session will discuss the history of the VM-22 project, the current proposals, and the next steps toward principle-based reserving for fixed annuities. Presenters at this session will provide a progress update, discuss the approaches that have been considered, and discuss outstanding issues.

PRESENTATION SLIDES:

Please click HERE to download the slides. 

TARGET AUDIENCE: Valuation actuaries of non-variable annuity and PBO (Pension Buyout) products.

SUMMARY BIOGRAPHY

Chanseo Lee has been at Mass Mutual for 5 years on the Annuity Product Development, Annuity Product Management, and Experience, Profit, & Risk Analysis teams. He is involved in fixed indexed annuity monitoring for risk management and experience study, experience study and pricing risk analysis of fixed, income, and variable annuities including GMxB and GLB riders, development of data warehouse system for experience study and profit/risk analysis, management of annuity experience study working group, and financial reporting for variable annuities. Chanseo previously worked at Boston Mutual, Diversified Investment Advisors, and New York Life in a variety of individual life insurance product development, risk management, ALM modeling, and model conversion roles. Chanseo graduated from New York University (NYU) with MA in Economics and from Seoul National University in Seoul, South Korea, with BS in Mathematics. He is a Fellow of Society of Actuaries (FSA) and a Member of the American Academy of Actuaries (MAAA).

DATE: Monday, November 12th, 2018