Insurance Legends' Golf Classic (Awards Reception to follow tournament)
Scramble Format
This event honors an elite group of individuals whose leadership, intellect and personal achievements have contributed significantly to the insurance community and society in general. Get more information.

Location
Cascata Golf Club: Designed by renowned golf course architect Rees Jones, Cascata opened in 2000 and is already celebrated as one of the finest designs in the world. Only 30 minutes from the Las Vegas Strip, Cascata is the ultimate in privacy, luxury and uncompromising service. From the moment you arrive our accommodating staff is there to ensure you have an unforgettable day. Few places on Earth offer such extravagance.
Note: Bus pick-up 10:30 am to course.

Breakfast (Florentine Gardens)
Sponsored by Ernst & Young LLP

General Session: Navigating in Today’s Tough Environment – Lessons Learned

The financial crisis has impacted all aspects of the insurance industry. In the aftermath, companies are challenged to strategize and operate in new ways. The panelists will describe lessons learned from the financial crisis and how their strategy and operations have adapted to reflect the new environment. A long question and answer period will be allowed.

General Session: CRO Forum

In this general session, Chief Risk Officers of leading companies will discuss how the 2008/2009 financial crisis impacted their day-to-day roles and responsibilities by focusing on how the management and measurement of risk evolved during the crisis. The panel will also describe their views of how insurance company risk management has changed (or not changed) to this point and their expectations of potential/expected changes in the future. The session is expected to be interactive with audience participation via instant polling to vet relevant issues impacting today's insurance companies.

Concurrent Sessions

Product
Responding to New Financial Challenges through In-force Product Management
As a result of the recent financial crisis, many insurance companies have had to re-evaluate their in-force blocks of business to determine how best to handle their current and future financial needs for capital and earnings. Whether they choose to monetize future portfolio profits or make adjustments to their nonguaranteed elements, life companies are now forced to respond to market demands in ways not envisioned in the recent past. Attendees at this session will be presented with several alternative strategies companies have considered and implemented to deal with the new financial environment; addressing the positive and negative aspects of these strategies, and how this has affected their future product plans.

Regulatory
Regulation Following the Financial Crisis: Does the State System Work or is Federal Regulation the Answer for Insurers and Reinsurers?
Using their collective historical experience in senior positions with life insurers and reinsurers, this session’s panelists will attempt to relate how regulatory responses to past events such as Baldwin-United, the advent of junk bonds, the fall-out from the dot.com collapse of 2000 and the currently abating financial crisis has set the tone for the future of insurance regulation. Given the increased emphasis on the globalization/standardization of regulation to facilitate the comparable market valuations of insurance companies, will the state-based or a more centralized federal regulatory system help the US maintain its relative competitive position? The panel will discuss the lessons learned (and perhaps unlearned) as a result of past events and provide thoughts on what will possibly constitute future “best practices” for insurance regulation.

Underwriting
Jumbo Limits: Under the Magnifying Glass...
Given the historic challenges of over-insurance, and retention and capacity management, a joint study entitled "Reinsurance Study of Highly Insured Persons" (RESHIP) resulted from the collaborative and proactive efforts of reinsurers and the organization MIB Solutions. By way of a review of the RESHIP study, to include identifying the sources of data and the methodology used in arriving at the findings provided to the participating reinsurers, this session will address the common problems encountered with large case and highly insured person's underwriting. This will include a discussion of the need to deal with issues like inconsistent information, total line justification, the "stacking" of insurance policies, jumbo breaches and administration errors. Additionally, a reinsurance panelist will then describe the steps taken to validate and scrub the RESHIP data to better correlate the results and share their findings (both known and new). In an interactive format, the audience will then be asked for interpretive feedback and recommendations about possible next steps in making these findings useful in improving large case underwriting.

General Session: European Reinsurer CEO Forum
The panel consists of CEOs of multi-national, multi-line reinsurers. The panelists will address their views on various topics affecting the global reinsurance marketplace including the following:

• European reinsurers’ views of the U.S. life reinsurance market.
• The effect that the adoption of Solvency II will have on the U.S. life reinsurance market.
• The effect that the anticipated consolidation of U.S. direct writing life companies will have on the reinsurance market.
• Their view of counter party risk both as one creating it and accepting it.
• Growth areas over the next 10 years both geographically and from a product perspective.
• Cession rates 5 years from today – what will they be and why?
• How does their perspective as a multi-line reinsurer differ from that of a pure life reinsurer?
• Is their business driven by the need for protection or by the need for financing? Will this change in the future?
• Lessons learned/opportunities created from the recent financial crisis?

Breakfast & Discussion Group Roundtable: Surviving the Perfect Storm and Life After
Please join us for breakfast as two seasoned executives share their perspectives on steering life insurers through the Great Recessions. Johnny and Scott will speak frankly about the smart (and not so smart) decisions they made during the most stressful period of the crisis, and how they are positioning their firms for the next several years. In this group roundtable format you will have the opportunity to challenge Johnny and Scott with your own penetrating queries.
Co-sponsored by The Jacobson Group and Lovells
    

General Session: The American Insurance Industry Distribution Model: Today vs. Tomorrow How insurers respond to distribution challenges such as dwindling, aging agent populations and increased competition for shelf space, especially in light of greater demands for carrier transparency and potential combinations of large carrier forces, will be key to the success and efficiency of their businesses. Looking across the globe at what has transpired and what is being contemplated in other countries, possible game-changers for the industry could include increased fiduciary responsibility, commission disclosure, caps and floors on product charges, new tax laws and levelized commissions. Hear how life insurance executives are responding to these mega-trends and challenges.

General Session: America's New Direction (Salon I & II)
Neil Howe, Author, Historian, Economist, Demographer
The mood across America is changing rapidly. We seem to be entering a new period of national urgency, and perhaps even global crisis. Neil Howe, who predicted this change over a decade ago, has written several best-selling books uncovering a remarkable pattern in American history, a cycle of recurring eras driven by generational aging. Find out who today's generations are, what motivates them as workers and consumers, and how they will shape our national future. With his insight on generations, Neil Howe offers a road map that truly explains where America is today--and, more importantly--where it is heading.

Sponsored by Hannover Life Re

Concurrent Sessions

Product
Crafting Successful Product Portfolios for 2010 and Beyond
Today's difficult financial environment has caused a pullback in new product development efforts and a thinning of existing product offerings. Yet history shows us that in times like these innovative players can gain market share and increase profits through creative and smartly constructed suites of products. Recent financial challenges have highlighted the importance of a balanced product portfolio, one that can compete effectively regardless of the interest rate risk, changes in mortality, and equity market experience. how can product portfolios of the future be profitable and market-responsive? Attendees at this session session will hear the panel address the contours and concepts for life and annuity products that may lead the way for the next five to ten years.

Regulatory
Issues in Structuring the Reinsurance Relationship
Never before have the traditional concepts of utmost good faith and follow the fortunes/settlements been more important to the structuring of reinsurance treaties and potentially avoiding (or at least minimizing) future disputes that can dramatically impact the client/reinsurer relationship. In an interactive format, three experienced reinsurance industry executives, each providing a different perspective, will wax poetic on the importance of creating a positive and clear understanding of the rights and obligations of each party to the reinsurance relationship. The increasing involvement of legal professionals, the importance of business drivers, the large amounts at stake, and management's continuing fixation with short-term quarterly earnings have placed an ongoing strain on this relationship based environment. Come with an open mind and be prepared to provide your feedback.

Finance
Solvency II Update
Solvency II is a sweeping regulatory proposal that will have far-reaching affects in the insurance industry. Those who believe it will only apply to European companies are in for a big surprise. Learn the basics of Solvency II, the current status of the proposal and how the financial crisis has altered its drafting, the affect it will have on US companies and their reinsurers, and via audience participation, share thoughts on how this regulation could have mitigated the affects of the ongoing financial crisis.

Underwriting
Protective Value of Modern Underwriting Requirements
While continually seeking new ways to enhance and protect company profitability, how do direct life writers consider the possible incremental protective value of new underwriting requirements and the impact they may have on their product positioning? The process of protective value assessment and its impact on future mortality is not an explicitly intuitive process. With this conundrum in mind, our direct company and reinsurer panelists will discuss different perspectives in the cost/benefit analyses that may support a decision to proceed. This will include the comparative value of new laboratory tests, the trade-offs of simpler tests for time-intensive or costly traditional requirements, like physician statements, and the efforts needed to refine simplified and preferred underwriting processes. Our reinsurance panelist will review how proposals to alter requirements are evaluated. Assessment, and its prospective impact on reinsurance pricing, will address what supportive data is needed and what does the analysis look like, what problems are currently seen, and what is the ideal outcome. In an interactive format, and using examples from their own experience, the panelists will illustrate the methods, processes, and other criteria used in their decision-making processes.