Agenda
Sunday, July 28th, 2024
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1:00 PM - 1:30 PM |
(A1) Welcome and Opening Comments
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1:30 PM - 3:10 PM |
(A2) Commissioner and Chief Financial Regulator Panel Discussion
The Commissioner and Chief Financial Regulator panel discussion will will involve a group of insurance commissioners and senior financial regulators in discussing topics of importance in insurance regulation and financial surveillance. Panelists will provide an overview of key initiatives, as well as their perspectives on a number of emerging issues. Participants will be asked to submit questions for the panel, so please come prepared to participate.
Bruce Jenson, NAIC
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3:30 PM - 5:10 PM |
(A3) Liar, Liar Pants on Fire
Learn to read fraudsters like a book with renowned body language expert Traci Brown. You can quit second guessing your instincts and immediately tell fact from fiction when Traci teaches the nine telltale signs someone is lying, how to quickly uncover the truth and how to keep nefarious people from making you a victim. Discover how to win the game of "Two Truths and a Lie" you play every day with clients, boss, your team and prospects. In this fast paced session, you will discover how to use Traci's 9-point Fraud Spotting System to separate the lies from the truth so you don't innocently step into a business, life or reputation destroying event.
Traci Brown-Traci Brown, Inc. |
Monday, July 29th, 2024
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8:00 AM - 8:50 AM |
(B1) Gathering Facts for Preparing for the Group Profile Summary (GPS) Assessment.
An analyst could gather facts about Oklahoma prior to or when visiting to have a good learning experience while attending 2024 SOFE CDS. (Q&A trivia questions.) Gathering sufficient information is key to identifying the ultimate controlling person, nature and complexity of the group structure, key business segments (including non-insurance & international operations), use of captives, and other information deemed critical in understanding the insurance holding company system.
Colette Hogan, Laurence Voiculescu - The INS Companies
(B2) Motivating your Examination and Analyst Team in a Hybrid and Changing World
During this informative discussion, we will explore new ways to look at being a leader based on the best practices we have learned from years of experience, as well as studies outlined in recently published leadership books, seminars and real-life scenarios. We will also share how to continue to motivate your team in times of change and challenge, and how to drive a successful, happier team to achieve better performance and results.
Phil Talerico, Kelsey Barlow-Baker Tilley
(B3) Prospective Risks
In the ever-changing world of emerging prospective risks, examiners will gain insight into how to identify and test prospective risks. Additionally, we will provide guidance around how to document and communicate results during the exam. The session will also include various case studies highlighting the how certain prospective risks were identified and tested, and ultimately, communicated to the State Analyst at the conclusion of the examination.
Conor Scannell - Ohio Department of Insurance
(B4) How Gen AI will Impact Cybersecurity Audits in 2024 and Beyond.
Gen AI is an emerging technology tool. Gen AI is a broad term for any AI system utilizing machine learning algorithms that create new and original content. Cybersecurity auditors must understand and embrace this tool in 2024. A survey in the US found that 67% of respondents use Gen AI.
Earnest Collins - RCE |
9:00 AM - 10:15 AM |
(B5) Financial Analysis - An Update on Tools, Sound Practices and Efficiencies
Do you enjoy working on atypical insurers where you have to know the nuances of unique lines of business or structures such as reciprocal exchanges and RRGs? This interactive presentation will focus on risks specific to Workers Comp, Med Mal, Surety, Title, Warranty, Excess and Surplus Lines, and more.
Jane Koenigsman-NAIC
(B6) The Interesting LOBs: Unique Characteristics of Certain P&C Lines
Tired of working on auto and homeowners but enjoy high-risk contractual liability companies? Understand the nuances of unique LOBs and ask the truly important interview questions. This interactive presentation will include participant polling, case studies and lecture to cover risks specific to Surety, Warranty, Title, Products Liability and more.
Rachelle Gowins-Exam Resources, LLC April Spevak, Jean Adams-Harris, Bryan Fuller Solomon Frazier
(B7) Emerging Risks - Prospective Risk Panel
Lively panel discussion of emerging and prospective risks given the events and trends of 2023 into 2024. We will consider and discuss the seemingly ever-increasing frequency of catastrophic events, to the rapid rise in interest rates and the always present threat of data breaches and other cybersecurity risks. Our panel will discuss emerging and prospective risks and possible mitigation strategies from various perspectives of examiners, analyst, actuaries, investment specialists, IT examiners and others. Rick Nelson-Noble Consulting Services, Inc.
(B8) Why Data Management Might be the Biggest Issue Facing the Companies you Audit.
It is always about the Data, but most companies do not have a good understanding of where their data is at or who has it! This session will explore the historical and current issues around data management and why this growing problem is creating issues for Cyber Security professionals and auditors alike. |
10:35 AM - 11:50 AM |
(B9) 2023 NAIC financial handbook updates for CAT and Climate Change Risks
In 2023, the NAIC added several procedures to both the Financial Analysis and the Financial Condition Examination Handbooks relating to natural catastrophe and climate change risks. These procedures include the use of CAT modeled losses reported in RBC, the NAIC Climate Disclosure Survey, the NAIC tool for regulators to understand impact on insurer's assets of transitioning to greener investments, CAT model walkthroughs and CAT reinsurance program reviews. Examples of how to apply these procedures will be provided.
(B10) Double Inflation
Social Inflation and economic inflation are the most significant issues impacting property and casualty insurance companies. This session will highlight the drivers of social inflation and multi-million dollar awards (e.g. third party litigation finding). We will also summarize recent and future estimates of economic inflation. The impact of double inflation (social and economic inflation) was initially not detected by many carriers and resulted in prior year reserve development. Double inflation has also affected current profitability as the initial loss estimates used to price future insurance products was too low and selected inflation trends were understated. The presenters will provide projections for 2024 and beyond.
(B11) Capital Markets Update
Investments are a significant part of the risk profile of every insurer. This session will provide a timely update on the current state of the capital and financial markets and emerging risks that regulators need to consider on examinations.
(B12) Refining the Crude - How the Current Crude State of Artificial Intelligence Will Need to Be Refined for the Insurance Industry and Exam Teams
This session will discuss the ever increasing use of AI and how it will affect the insurance industry and financial examinations in the not so distant future. |
1:15 PM - 2:05 PM |
(B13) How Stable is Your Production Well? Ethics in the Modern-Day World.
This session explores the simple and complex ethical decision-making managers face during pandemic and how this shift has modified some companies' Code of Conduct. A Company's Code of Conduct will be reviewed as it is a key part of its ethical framework. Additionally, this session will discuss an organization's key ethical principles and provide guidance on the expected standards of behavior to assist individuals navigate the challenging aspects of the workplace. Finally, the session will review changes in the  Code of Conduct related to the pandemic while also exploring how the paradigm shift in ethical behavior has changed these past two year. Annette Knief and Richard Foster-The INS Companies
(B14) Lessons learned through Model Audit Rule Implementation: Best practices for Insurance Regulators
Whether you're just starting your MAR implementation journey or looking to evolve an existing program, it's vital to define what you want from your MAR program and align it with your organization's overall strategy. For insurance regulators especially, there are many key pieces of information that they should be aware of, including what risks to look out for when evaluating and examining an insurer's MAR program. Join Baker Tilly insurance industry specialists as they discuss lessons learned, trends, misconceptions and key takeaways for regulators in each stage of the MAR implementation and evolution journey. Get your questions answered and learn more about MAR program best practices during this informative discussion. This session will be structured to provide pertinent information for insurance regulators involved in any stage of a MAR program and will include tips for how to best leverage MAR on an exam.
John Romano, Russ Sommers-Baker TIlly
(B15) Examination Implications of Silicon Valley Bank Failure
Silicon Valley Bank (SVB) collapsed on March 10, 2023, marking the third-largest bank failure in US history and the biggest since the 2008 financial crisis. We will perform an analysis of the failure of SVB based on publicly available filings. We will trace the evolution of the balance sheet in the year prior to the failure alongside the company's own public statements and contemporaneous equity and interest rate market data. We will highlight certain facts related to the company's hedging, portfolio and accounting treatment as well as examine the role of the company's reliance on outside capital and a concentrated customer base. In conclusion, we will draw lessons learned that can be applied to other types of financial institutions especially life insurance companies and will discuss examination implications.
Eric Del Monaco, Justin Schrader- Noble Consulting Services, Inc.
(B16) IT Risks in Small Company Examinations
How do EICs and their IT specialists gain comfort over IT risks in a small company when dealing with limited resources and budgets? In a world where EICs may have only limited resources available for their IT examiners, how do we ensure that the seemingly ever-growing list of information technology risks are adequately covered? Join us for a discussion that presents both the viewpoint of an EIC and IT specialist when dealing with topics that cover appropriate IT scoping, how do deal with the most common IT risks, and expected outcomes.
Stefan Obereichholz-Bangert and Rick Nelson - Noble Consulting Services, Inc. |
2:15 PM - 3:05 PM |
(B17) 2024 NAIC Financial Condition Examiners Handbook Update
During this session examiners will learn about the recent updates to the Financial Condition Examiners Handbook.
Elise Klebba and Jacob Steilen-NAIC
(B18) Navigating the Changing Tides of Insurance: Recent Regulatory Activity Impacting the Industry
This comprehensive session delves into the intricate world of ever-evolving regulations that shape the insurance industry. A nationally recognized authority in insurance regulation will guide you through in-depth discussions about the current regulatory landscape, compliance requirements and policy changes so attendees can confidently navigate the complex regulatory environment.
Fred E. Karlinsky, Esq.-Greenberg Traurig, P.A.
(B19) Reinsurance Protection Gap
This session will discuss what is the protection gap and underinsurance, with focus on why it matters, areas/lines of business being most impacted, and how it may impact insurers and reinsurers alike. This session will also delve into how to evaluate the adequacy of an insurer's reinsurance placements, including the appropriateness of the types of coverage in place and the appropriateness of counterparties and collateral. The session will lean more towards the P&C marketplace.
Sara Schumacher will co-present with Christine Browning and Scott Merkord-Risk & Regulatory Consulting, LLC
(B20) TeamMate Plus Updates (2024)
What has happened with TeamMate Plus since last year? Initial review and updates.
Jerry Link and Purushotam Shrestha-The INS Companies |
3:25 PM - 5:05 PM |
(B21) Financial Fraud: Navigating Ethical Challenges in Insurance InvestigationsĀ
This presentation is directed towards financial examiners, fraud investigators and auditors. The presentation will explore various ethical dilemmas encountered in financial investigations. Guidance will be provided on how to navigate sensitive issues and laws all while building a successful case using financial records. The presentation will explore various financial laws and tools available and how they can be used to provide key puzzle pieces in insurance fraud investigations. The attendee will learn from a career FBI Agent who is a Certified Public Accountant. Current case examples will be discussed, including the sober homer fraud/opioid epidemic that involves a human trafficking angle will be shared. The presentation will explore how ethical decisions made by the investigative team resulted in a successful outcome. The presentation is interactive and engaging.
Shaun O'Neill-Prism |
Tuesday, July 30th, 2024
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8:00 AM - 8:50 AM |
(C1) Later than SOONER: Health Insurance Risks, Losses, and Insolvencies
Why have there been so many health insurer insolvencies and market withdrawals? Can we stop it from happening?This session will discuss early warning signs of insurance company insolvencies and provide a practical approach to application and tips in dealing with potential insolvencies.Additionally, we will look at information that is embedded in the Health Insurance NAIC Annual Statement and the risks found within in it. Learn from a health actuary on how they use and interpret the information provided in the Statement.We will also discuss anticipated market differences for 2024 versus 2023, e.g. the ending of the Public Health Emergency, Medicaid disenrollment, new market entrants, and exiting insurers. How often do you talk to your rate review team? When should you talk to your carriers during the year? We will discuss best practices around those procedures and more.
Dave Dillon and Traci Hughes - Lewis & Ellis
(C2) UCAA Primary Application Electronic Review
Discussion and demonstration of the electronic review of the primary application and how the state's current processes can be updated to include these new tools. The future of UCAA and its integration into other regulatory NAIC tools.
Jane Barr and Debbie Doggett | NAIC
(C3) Boring at High Speed - How to drill down quickly and effectively to understand and assess the Company's Key Risks.
This session will provide guidance on how the exam team and Examiner and Charge can quickly assess and understand a Company and identify the key risks and concerns "on day one" to guide the efforts of the exam team to perform the most effective and efficient examination possible. This will discuss what parts of the Annual Statement are key in providing you an understanding of the Company and its inherent risks and well as the utilization and review of other documents, such as the IPS, MD&A, ORSA, and CGAD and what you should be looking for when you review each of them.
Kelly Willison | The INS Companies
(C4) Third Party Risk Management: Risk Assessment Myths and Best Practices
Leaders in the insurance industry are being asked tough questions: How secure are we? What are our risks? Are we compliant with the latest regulations? How do we measure our cybersecurity risk? The NAIC's data security law requires that insurers maintain an information security program based on ongoing risk assessment, overseeing third-party service providers, investigating data breaches and notifying regulators of a cybersecurity event. Understanding the complexities of third-party risk management and risk assessments is a crucial component in ensuring the overall success of your organization. Our risk advisory specialists will define the NAIC law and explain what risk assessments are and why they are so important to ensure the overall safety and security of your insurance organization's data. We will debunk myths and provide our input on the steps you can take to implement a strong information security program and ensure your organization remains safe and compliant.
John Romano, Russ Sommers | Baker Tilly
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9:00 AM - 10:15 AM |
(C5) Well-Oiled Communications: How to Efficiently Incorporate Examination Materials into your Risk-Focused Surveillance
With an ever-growing emphasis on timely and effectively communications between the examination team and analyst unit, this session will dive into how the examination team should prepare and communicate examination findings/conclusions to the analyst and how the analyst should review examination materials for incorporation into the risk assessment worksheet. Brendan Gordon, Richard Foster, Stephen Kalargyros | The INS Companies
(C6) 2024 Statutory Accounting Update
This session will cover key statutory accounting updates to the Accounting Practices and Procedures Manual for examiners to be aware of. Key ongoing projects will be noted, including the pending implementation of the bond project. Robin Marcotte | NAIC
(C7) Work Paper Documentation: Pros and Cons of Differing Methodologies
Are your TeamMate files anchored by strong write-ups in the ROWDs or Word summary memos? Are your matrices sparsely or densely populated? There are no wrong answers. This session will include extensive audience polling and judgment-free 2023 discussion of the pros and cons of documentation styles.
Jean Adams-Harris | Examination Resources, LLC
(C8) Moving from Hydrocarbons to Renewable Energy - AI and Quantum Technologies Emerging Threats and Opportunities
The convergence of quantum computing and AI presents a spectrum of opportunities and threats. On one hand, the pairing promises groundbreaking solutions to complex problems, from optimization to cryptography, while AI advances machine learning capabilities. However, this synergy introduces ethical concerns like biased algorithms, privacy issues, and potential job displacement. Quantum computing faces hurdles in practical hardware development, limiting its transformative potential. Striking a balance between harnessing opportunities for innovation and addressing the associated threats demands careful consideration of ethical, security, and societal implications, ensuring responsible deployment and minimizing unintended consequences in the rapidly evolving landscape of quantum computing and AI integration. Purushotam Shrestha | The INS Companies |
10:35 AM - 11:50 AM |
(C9) Lessons Learned from the NAIC ORSA Peer Reviews
This section will describe and discuss sound practices in ORSA review and utilization that have been identified through recent peer review sessions. The ORSA Summary Report provides critical information about an insurer's top risks and solvency position, and it must be reviewed and utilized effectively and consistently. The sound practices presented in this session will attempt to outline helpful hints and effective practices to Apply, as well as problematic practices to Avoid when reviewing and utilizing an ORSA Summary Report. An example of a completed ORSA review template will be provided and discussed. For the examiners, examples will be provided of validating and verifying mitigating factors/controls incorporated into the quantification of the ORSA. Understanding ORSA sound practices will improve the quality of the annual documentation and assist the examiners with the risk-focused examination.
Sherry Flippo and Eli Russo | NAIC
(C10) The current state of artificial intelligence in the insurance industry and what examiners should be considering
Machine Learning (ML) and Artificial Intelligence (AI) are gaining a lot of traction in the world today, and increasingly more common in insurance organizations. It's already positively impacting the insurance industry in many ways, by improving underwriting processing time & performance, monitoring and predicting risk, and assisting in claim settlement. While these technologies are evolving, the regulators are reacting quickly to understand and determine how best to regulate insurers' use of AI/ML. During this interactive discussion, we will share perspectives and frameworks being discussed by the NAIC and other state insurance regulators and explore how and where insurance companies should spend their time to make sure they're able to scale their AI/ML operations while still maintaining regulatory compliance. John Romano, Russ Sommers and Dennis Schaefer - Baker Tilly
(C11) Back to Basics: Best Practices for Conducting an Effective and Efficient Risk-Focused Exam
This session will provide tips and best practices for critical aspects of the risk-focused examination process to help ensure your exam is conducted as effectively and efficiently as possible. We will highlight tips for completing Phases 1-2 in an efficient manner to allow for more time spent on testing in Phases 3 and 5. Effective coordination with the analysts throughout the exam will be discussed. We will also provide best practices for coordinating with your specialists, including IT examiners and actuaries. We will walk through the risk identification and assessment process and how to effectively incorporate the Critical Risk Categories. We will provide examples of how to adequately execute Phase 3 and 5 testing procedures. Throughout the session, we will provide tips on how to effectively document your work and avoid the pitfalls that are frequently identified in the peer review process. Bill Michael, Josh Johnson and Taylor Phillips - Risk Regulatory Consulting, LLC
(C12) Ransomware and other Cyber threats
An overview of the current state of Ransomware and other Cyber Security threats including trends and potential upcoming challenges. Jerry Wynne - BCBSND |
1:15 PM - 2:05 PM |
(C13) Best Practices in Reviewing Complex Ownership Structures of Insurers
This session will discuss new NAIC guidance and best practices identified in reviewing complex ownership structures of insurers, such as trusts, LLCs, minority owners, etc. The session will discuss best practices in applying the definitions of control and affiliation and identifying the ultimate controlling person of an insurance group, as well as related analysis and examination considerations. The session will also discuss best practices in reviewing applications for a disclaimer of control/affiliation. Bruce Jenson and Jane Koenigsman - NAIC
(C14) Not actuarially speaking: Basics for the rest of us
During this presentation, we will cover actuarial basics in layman's terms, and discuss how an actuary performs an analysis. We will touch on the importance of controls and why they matter and why everything, at times, just comes down to numbers. Finally, we will explain how opinions can differ on loss picks, and what to look for on an annual statement that may raise concerns. Mike Dubin and Phil Talerico - Baker Tilly
(C15) Emerging Liquidity Issues
Appropriately identifying and assessing liquidity risks of insurers is critical to conducting a financial examination, especially in light of the current macroeconomic environment in this day and age. This session will provide participants with a deeper understanding of issues facing insurers related to managing liquidity risks, including the current investment marketplace, and strategies that may be employed. This session will also provide details on specific steps regulators should take to effectively evaluate liquidity risks.
Ed Toy and Bill Michael - Risk Regulatory Consulting LLC
(C16) Updated IT Exam Considerations - Virtualization and Use of Cloud-Based Solution Providers
IT infrastructure is transitioning from legacy on-premises server stacks to virtualization. Insurers use VMware and cloud-based services providers such as Microsoft Azure and Amazon Web Services that provide SaaS, Iaas, Paas & DBaaS with improved disaster recovery services. This session will discuss updated considerations for the IT examination process.
James Gowins - Examination Resources, LLC |
2:15 PM - 3:05 PM |
(C17) Having the Right Tools When Under Pressure: Understanding the Property & Casualty Actuarial Requirements for the Appointed Actuary
A rudimentary overview on how a company determines and calculates "principles-based reserves"Āand what information an actuary needs to determine "reasonableness." Richard Foster - The INS Companies
(C18) Understanding how PBMs affect the pharmaceutical drug supply chain through vertical integration, lack of transparency and hidden cash flows.
This session will cover new and complex topics in the PBM/pharmaceutical benefits marketplace that enable PBMs to continue their influence over the drug supply chain, including: the creation of affiliated Group Purchasing Organizations (GPOs); vertical integration; drugs dispensed through the Rx benefit vs. the medical benefit, and hidden cash flows. Craig A. Moore - Examination Resources, LLC
(C19) Captives 101: Basics of Captive Form and Regulation
Provide a basic overview of the various forms and structures of captive insurance companies, including group captives. The panel will additionally get into business reasons for forming the various captive forms, as well as, best practices in regulation including analysis and examinations. Stacey Alden and Dan Petterson - Vermont Department of Financial Regulation Sean O'Donnell - D.C. Department of Insurance
(C20) Cybersecurity and Ransomware attacks: What have we learned?
Cybersecurity : Have we learned anything since the first confirmed attack in our industry?
Jerry Link, The INS Companies |
3:25 PM - 5:05 PM |
(C21) Artificial Intelligence, a primer
An overview of the history of Artificial Intelligence including where Artificial Intelligence came from, how long Artificial Intelligence has been around and what makes Generative AI so different. Jerry Wynne, BCBSND |
Wednesday, July 31st, 2024
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8:00 AM - 8:50 AM |
(D1) Investment Governance and Controls - Best Practices
A practical discussion on best practices with regard to investment activities, topics covered will include adequate systems, the role of the investment committee, setting and monitoring trade limits, the importance of accurate reporting, and the role of proper accounting reconciliation and documentation. We draw upon both the examination and front-line in company experience. As we go, we will highlight commonly overlooked issues that can serve as early warning indicators of potential problems. Eric Del Monaco, Liz Nielson, Noble Consulting Services, Inc.
(D2) Interview Techniques
C-level interviews are prime opportunities for examiners to gather key information that is helpful to gain a general understanding of the Company's operations, its approach to corporate governance, and identify key risks. This session will be designed to assist examiners with the task of determining which individuals to interview and tailoring interview questions and topics to provoke thoughtful responses that will shape the examination team's Phase 1 and Phase 2 assessments. We will discuss sources of interview questions and topics, as well as provide suggestions on how to plan interviews in a way to leverage efficiencies for Phase 1 and Phase 2 procedures. Jennifer Danz, Alea Talbert-Pence, Risk Regulatory Consulting, LLC
(D3) Reaching Further Depths of Understanding by Incorporating the Actuary into the ORSA Review Process.
An overview on how an actuary can be utilized to assist in the review of Section III of a company's ORSA. Discussion will encompass how to potentially gain a more comprehensive understanding of the reasonableness and completeness of the stress testing and modeling being utilized.
Annette Knief, Richard Foster, and Diana Goodman, The INS Companies
(D4) Protecting and Preserving Data: an Insurance Company's most Valuable Asset
This session is relevant for IT examiners as well as financial examiners and analysts. Recent changes in the Model Holding Company Act have added steps for IT examiners to determine that all records and data of the insurer held by an affiliate are and remain the property of the insurer, are subject to control of the insurer, are identifiable, and are segregated or readily capable of segregation from all other persons' records and data. The IT Examiners should be aware of the importance of gathering and assessing this information. The analyst should also take these concepts into consideration when approving contracts. This session will discuss how and when to incorporate this testing into an examination, and how the testing can be done for both companies within a holding company system and companies using third-party administrators. It will also discuss how this, and other IT testing can be a valuable resource in a troubled company situation. Jenny Jeffers - Jennan, Inc
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9:00 AM - 9:50 AM |
(D5) SRM Best Practices - How to maximize the effectiveness of Exhibit AA
This session will provide a discussion of best practices when preparing Exhibit AA the Summary Risk Memo. Participants will discuss the purpose of the SRM and how to maximize the effectiveness of communications between the exam team and the analyst at the conclusion of the examination process. Examples of risks identified during recent examinations and how they have been addressed in the SRM and follow-ups communicated to the analyst will be discussed. Rick Nelson, Shelby Lambert, Noble Consulting Services, Inc.
(D6) Understanding Current Corporate Ethical Failures
An overview on how an actuary can be utilized to assist in the review of Section III of a company's ORSA. Discussion will encompass how to potentially gain a more comprehensive understanding of the reasonableness and completeness of the stress testing and modeling being utilized. Christopher Rushford, Daniel Judge, and Taylor Phillips, Risk Regulatory Consltuing, LLC
(D7) The Nuts and Bolts of the State Guaranty Association System
Chad Anderson and Pamela Olsen will provide attendees with an overview of the state-based guaranty association system and how that system provides protection to each state's resident policyholders when a member insurance company is placed in liquidation.
Pamela Epp Olsen and Chad Anderson, Minnesota and Nebraska Life & Health Insurance Guaranty Associations
(D8) TM+ Update - Where we stand in 2024
As 2022 Examinations are wrapping up and 2023 examinations are well underway, we'll take a look at where we are with the implementation and rollout of our industry's newest electronic workpaper management system - TM +. TM+ Champions will be discussing how we got here, the implementation process, database typed, the current rate of adoptions by states, and what the future holds. Insights will be shared from a variety of perspectives, Regulators, NAIC and Contractors via a panel discussion. Stefan Obereichholz-Bangert, James Portuguez, Noble Consulting Services, Inc. |
10:10 AM - 11:00 AM |
(D9) Exhibit V Best Practices & Case Studies
Deepen your understanding of the latest Exhibit V guidance and Phases 1-7 best practices. Have you encountered gray area situations between an Exhibit V risk and Subsequent Event? What are best practices for collaborating with specialists? This session will discuss prospective risk identification and assessment using agile project management techniques.
Rachelle Gowins, Jean Adams-Harris, April Spevak, and Scott Kalna - Examination Resources, LLC
(D10) ChatGPT - exploring possibilities
This session will hit on the risks and challenges of using artificial intelligence (AI) technology like ChatGPT as well as the possibilities of its use in regulatory examination. The discussion will include various examples of use, including how to upload a 10-K and get a summary of top risks, how to use the FCEH iRegulator, a competitor analysis and data analysis.
John Romano, Baker Tilly
(D11) Insurer RBC Arbitrage in Investments: A slippery slope
The NAIC RBC calculation assigns different capital charges to the various types of assets held by insurers, corresponding to their perceived level of risk. This session will focus on presenting examples of RBC Arbitrage employed through statutory reporting of investments by some insurers in a manner that conceals the risk profile of said investments while allowing favorable risk capital charge treatment, potentially resulting in inflated RBC levels. This session will also provide examples of available tools and procedures examiners could utilize to identify this type of issues through examination and analysis work. Laurence Voiculescu, The INS Companies
(D12) CISOs issues
If you are talking with a CFO, CEO, CIO or CLO you have a pretty good idea what you are going to get. Why are CISO's so different? Looking at the issues with CISOs including lack of staff, lack of experience, and other contributing factors that are impacting CISOs today. Jerry Wynne, BCBSND |
11:10 AM - 12:00 PM |
(D13) Best Practices for Identifying Risks and Maintaining Exhibit CC
Presenters will explore the topic of effectively writing risk statements to best consolidate company risks. Discussions will also speak to risks that should be customized further from NAIC standard risks. Also will discuss how to effectively consolidate and clarify risks on Exhibit CC to maximize the benefit and value of that summary risk schedule.
Matt Milford, Dan Schnepf- Noble Consulting Services, Inc.
(D14) Restructuring Solutions in Focus: How IBTs and Divisions are Beneficial
With a growing market for creative solutions, curiosity rises about how legacy experts can assist companies and the regulators can benefit from understanding exit solutions. Restructuring solutions offered by the legacy market can be financially beneficial, ease administrative burdens, free up resources to focus on other business avenues and/or secure a finality for their unneeded lines. A number of states have now adopted insurance restructuring statutes. These statutes are based on long-standing laws in Europe which have been used by companies for many years. An overview of these statutes and case studies of actual transactions that have been completed will be discussed. Lessons learned and how they benefited the parties will be outlined. The panelists will provide the audience with some examples as to how a company can use these tools to achieve finality, interesting information on the background of the statutes, and take a look at the potential for the future.
Carolyn Fahey (Moderator); other panelists TBD- AIRROC
(D15) Captive Insurance Risks and Ongoing Monitoring
Captive Insurance Risks and Ongoing Monitoring: As captive insurance continues to see growth, this session will provide an overview of some common captive insurer risks as well as ongoing monitoring that can be performed by domestic and non-domestic regulators to monitor the financial strength of the captive.
Charlotte Gentry and Kristen Sharrow-Tennessee Department Commerce & Insurance, Insurance Division
(D16) Corralling the Boom of Big Data and Artificial Intelligence
This session will cover uses of Big Data and Artificial Intelligence (AI) in insurance, associated risk considerations for all lines of business, and recommendations for regulators to address and evaluate insurers' expanding use of these technologies. Further discussion will review AI and Big Data and its impact on Model Risk, as well as looking to the future for potential outcomes related to the explosion in use of AI across the insurance industry.
Andy Jennings and Scott Merkord-Risk Regulatory Consulting, LLC |
1:00 PM - 5:00 PM |
(E1) IT Special Session
The extended sessions are designed to cover hot topics around IT examinations. It is an open forum where attendees are encouraged to participate, share experiences and new knowledge. Topics include: Exhibit C changes, security attestations like SOCs, CoBIT and NIST frameworks, and new areas of security, cyber-threats and disaster recovery.
Jerry Wynne, CISO, BCBSND |
Thursday, August 1st, 2024
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8:00 AM - 12:00 PM |
(E2) IT Special Session
The extended sessions are designed to cover hot topics around IT examinations. It is an open forum where attendees are encouraged to participate, share experiences and new knowledge. Topics include: Exhibit C changes, security attestations like SOCs, CoBIT and NIST frameworks, and new areas of security, cyber-threats and disaster recovery.
Jerry Wynne, CISO, BCBSND |