Program: November 16 2016

8:15am Registration and refreshments

9:00am WELCOME REMARKS

Rob Mannix, Editor, Asset Management, RISK.NET

*Interactive Audience Poll via Sli.do
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9:10am KEYNOTE ADDRESS

Michael T. McRaith, Director, FEDERAL INSURANCE OFFICE (FIO)

9:35am OPENING REMARKS

Richard A. Marx, Principal, Business Advisory Services, ERNST & YOUNG

9:55am REGULATORY PANEL DISCUSSION: Regulatory challenges and global regulatory convergence

  • What are the federal and state regulator's main priorities and objectives in the current uncertain economic environment?
  • Working together or apart? Examining the federal and state regulatory mandates
  • Understanding principle- based reserving (PBR) and risk-based capital requirements and their importance
  • Concerns over annuities and how they are sold

Moderator: Thomas P. Ward, Partner, ERNST & YOUNG
Anne Melissa Dowling, CFA, Acting Director, ILLINOIS DEPARTMENT OF INSURANCE
Todd Coslow, Assistant Vice President, FEDERAL RESERVE BANK OF CHICAGO
Patricia Valley, Supervision, Regulation and Credit, FEDERAL RESERVE BANK OF BOSTON

*Audience Q&A
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10:45am Morning break and opportunity to network

11:15am KEYNOTE INTERVIEW: Systemic risk in insurance - the basics, implications, stumbling blocks and outlook

  • Looking at the key IAIS initiatives and their timelines:
    • ComFrame
    • Global Capital Standards
  • Evaluating FSOC's designation process for a domestic Sifi and the FSB and IAIS designation process for G-Sii
  • Has ICS ComFrame for IAIGs and G-SIIs left GCS dead in the water?
  • What knock on effects will recent changes in domestic Sifi designations have on systemic risk?

Thomas Sullivan, ‎Associate Director, Division of Banking Supervision and Regulation, FEDERAL RESERVE BOARD
Q&A led by Rob Mannix, Editor, Asset Management, RISK.NET

*Audience Q&A
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11:45am CRO PANEL: The emerging risks that keep you up at night

  • What are the key risks you, as CRO, are seeking to manage?
  • How are these risk quantified and then articulated to the CEO and Board?
  • Impacts on risk appetite
  • Development of mitigating strategies and activities
  • Process for determining emerging risks
  • Linkage to stress testing and impacts of current macroeconomic events, political events, global terrorism
  • Application to the ORSA, Use Tests, Risk Self Assessments

Moderator: Chad Runchey, Partner/Principal, Advisory Services, ERNST & YOUNG
Nicholas Silitch, Senior Vice President, Chief Risk Officer, PRUDENTIAL FINANCIAL
Lori Evangel, Executive Vice President, Chief Risk Officer, GENWORTH
Alessa Quane, Executive Vice President, Chief Risk Officer, Chief Corporate Actuary, AIG
Rahim Hirji, Executive Vice President & Chief Risk Officer, MANULIFE

*Audience Q&A
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12.35pm IN CONVERSATION WITH: Stress testing in the North American insurance industry

  • What is an organisations current stress testing process?
    • Who is responsible? And how is it performed?
  • What are regulators asking for?
  • Scenarios and scenario creation
    • Generating scenarios for emerging risks
  • How can ERM be used in stress testing?
  • What's been your experience stress testing e.g. Brexit?

Moderator: Vinaya Sharma, Actuary and Managing Director, QUANTITATIVE RISK MANAGEMENT
Sarah Williams, Vice President, Global Capital Risk, MASSMUTUAL FINANCIAL GROUP
Sean O Dubhain, SVP, Senior Actuary, Head of Capital Management, QBE NORTH AMERICA

*Audience Q&A
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1:15pm Lunch and networking break

 

STREAM 1: Asset and Liability Management

STREAM 2: Risk management

2:20pm

CHAIR'S OPENING REMARKS

Rob Mannix, Editor, Asset Management, RISK.NET

CHAIR'S OPENING REMARKS

James K. Gilligan, Senior advisor and retired President and CEO, BLUE CROSS LIFE INSURANCE COMPANY

2:25pm

LIVE INTERVIEW: Managing in a prolonged low interest rate environment

  • Thirty years of declining interest rates - Another 5 years to come?
  • Asset liability duration mismatches
  • Need to assess impacts across all key dimensions: Net Investment Income, Deferred Acquisition Costs (DAC) for GAAP, Loss Recognition Testing for GAAP, Cash Flow Testing. for Statutory
  • Potential solutions, pros and cons:
    • Lengthening asset duration
    • Hedging
  • Challenges with implementing solutions at historical low interest rates
  • Importance of economic capital in quantifying true economic exposure

Moderator: Hal W. Pedersen, Director, Risk Solutions, CONNING & COMPANY
John Bevacqua FSA, MAAA, Chief Financial Risk Officer, GREAT-WEST FINANCIAL
Eric Hoffmann, Head of Investment Strategy & ALM, Insurance Group, NEW YORK LIFE

LIVE INTERVIEW: Examining liquidity risk for North American insurers

  • What are the possible sources of liquidity risk? Will the increasing use of different illiquid assets give rise to more liquidity risk?
  • Liquidity risk management and risk reduction techniques

Moderator: James K. Gilligan, Senior advisor and retired President and CEO, BLUE CROSS LIFE INSURANCE COMPANY
Dr. Hany Gobreial, Assistant Vice President, PACIFIC LIFE
Svetlana Radan, ‎Vice President, Market and Liquidity Risk, MANULIFE
Glenn Barry CFA, FRM, Managing Director, Derivatives and Quantitative Strategies, SUN LIFE


 


3:05pm

PRESENTATION: Modelling illiquid assets

  • Structural challenges for alternative investing strategies
  • What kind of due diligence is needed for assets that can become structurally complex?

Glenn Gazdik, Senior Vice President, Risk Manager ERM, THE HARTFORD

STRATEGY LAB: NAIC / State developments in assessing operational risk for insurers

  • Quantifying op risk in regulatory capital requirements - exposure method v/s percentage of capital method
  • What is an appropriate target level for op risk in U.S. RBC?
  • Other regulator evaluation tools for assessing operational risk

Lou Felice, Solvency and Capital Policy Advisor, NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS (NAIC)

3:40pm Afternoon coffee and networking break

4:10pm PANEL DISCUSSION: Enterprise Risk Management (ERM) and Own Risk and Solvency Assessment (ORSA): more than just a reporting requirement

  • How to embed risk culture into the whole organisation
  • How to model assets and liabilities together using ERM
  • How can ORSA help group capital and highlighting the key learnings from dealing with regulators?
  • Importance of demonstrating "Use Tests"
  • Self-risk assessments by the business and functional areas
  • Economic capital and the primary metric, along with statutory and GAAP
  • Role of the Board

Moderator: James K. Gilligan, Senior advisor and retired President and CEO, BLUE CROSS LIFE INSURANCE COMPANY
Brad Hoffman, Senior Vice President - Enterprise Risk and Actuarial, MASSACHUSETTS MUTUAL LIFE INSURANCE
Elisabetta Russo, ERM Advisor, FIA, MAAA, NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS (NAIC)

4:55pm CHAIR'S CLOSING REMARKS

James K. Gilligan, Senior advisor and retired President and CEO, BLUE CROSS LIFE INSURANCE COMPANY

5:00pm Networking drinks reception

 

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