In recent years considerable progress has been made towards the implementation of Principle Based Approaches (PBA) for the determination of reserves and capital. The implementation of these approaches will have implications for a company's pricing, valuation and risk management. In addition companies will need to supplement current experience studies and potentially develop or purchase more robust actuarial modeling software and hardware.

During this session an expert panel will explore the short and long-term implications that a Principle Based Approach may have on the actuarial function within an insurer. Topics to be discussed include:

• Challenges in meeting valuation and financial reporting deadlines
• Ensuring accuracy and documentation of results
• Coordination with internal and external parties (e.g. auditors and reviewers)
• How is pricing impacted by PBA?
• How can PBA models can be incorporated into risk management
• Updating software and skill levels
• Managing the PBA project

At the conclusion, you'll have a better understanding of the impact of PBA on future pricing, valuation and risk management, as well as the challenges in implementing PBA for both reserve and capital determination.