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IFRS 17 – Insurance Contract Accounting

December 11 – 12, 2018 – Toronto

This updated conference has been specifically tailored to provide a thorough examination of the new standard. Looking not only at the direct accounting consequences but also at operational, regulatory and capital markets implications.

IFRS 17 has finally been issued with its substantive and controversial changes to insurance accounting. In addition, ongoing accounting and regulatory developments continue to impact accounting processes and business operations. This timely conference summarizes and provides the most current information available to assist you in dealing this massive new organizational challenge, including:

• IFRS 17 Insurance Contracts – Overview and Interaction With Other IFRS Standards
• Assessing the Operational Impact of IFRS 4, Phase II – Industry Perspectives
• Initial Recognition and Measurement of Insurance Contract Liabilities
• Level of Aggregation in IFRS 17
• Subsequent Measurement Under the General Model
• Variable Fee Approach – Principles and Application
• Working with IFRS 17 – Early Observations from Sun Life Financial
• LICAT and IFRS 17 – Regulatory Capital and Accounting Interaction
• Practical Examples of Applying IFRS 17 – Examining the Impact
• Planning for Transition
• Implementing the Premium Allocation Approach for Short Duration Contracts
• Impact of IFRS 17 on Reinsurance Held
• IFRS 9, IFRS 17 and Accounting for Financial Instruments of Insurance Companies
• Presentation and Disclosure

Registration Fees

Registration
Options
Before
October 3,
2017
Before
October 24, 
2017
After
October 24, 2017
Conference only  $2,099.00 + HST $2,199.00 +HST $2,299.00 +
HST
Both Conference & Workshop $2,499.00 + HST $2,599.00 + HST $2,799.00 +
HST
Workshop only      $ 599.00 + HST $ 649.00 + HST $ 699.00 + HST

Our HST Number: R862562543

Group Discount: Fourth Delegate FREE!

If three individuals from one organization register at the same time, a fourth person may also be registered to attend free of charge. The free registration must be of equal or lesser value than the paid registrations. Please contact us to arrange for attendance of larger groups.

Your Registration Includes

Registration fees include all conference materials, continental breakfast, lunch and refreshments. Parking and accommodation are not included.

FREE CONFERENCE WORKBOOK

As a registered delegate, you will receive a complete set of conference materials. These materials will serve as an invaluable guide, both during and after the event. The workbook will be distributed on the morning of the first day beginning at 8:00 a.m.

Cancellation Policy

Substitutions may be made at any time. If you are unable to attend, please make cancellations in writing and fax to (416) 504-6978 prior to 5:00 p.m. on November 7, 2017. A credit voucher will be issued to you for the full amount, redeemable against any other Acumen conference. If you prefer, you may request for a refund of fees paid less $250 administration fee. Registrants who cancel after above date will not be eligible to receive any credits or refunds and are liable for the entire registration fees.

Confirmed delegates who do not cancel before November 7, 2017, and fail to attend will be liable for the entire registration fees.

Acumen Information Services reserves the right to change the date, location and content for the event(s) offered herein without further notice and assumes no liability for such changes.

Early Bird Registration Discount

Register prior to to October 24, 2017 and you will obtain the following additional savings:

Second delegate: $100  Discount
Third delegate: $150  Discount
Fourth delegate: FREE

Please indicate that you are eligible for this offer on the registration page or your registration form if you are mailing in your registration.

Location – Accommodation

The venue for this event is:

The Courtyard by Marriott
475 Yonge Street
Toronto, Ontario
M4Y 1X7

Toll free - 1-800-847-5075
416 - 924-0611

A block of rooms is being held for Acumen delegates at a reduced rate of $199.00 plus taxes until October 24th. After October 24 room rates will be based upon availability in the hotel.

Delegates can register at the Acumen service desk beginning at 8:00 a.m. on the morning of the first day of the conference. Registration fees do not include hotel accommodation.

Conference Agenda

Program - November 21

9:00 a.m. – 9:05 a.m.
Opening Remarks from the Chair

Neil Harrison, Partner, Deloitte LLP

9:05 a.m. – 10:00 a.m.
IFRS 17 Insurance Contracts – Overview and Interaction With Other IFRS Standards

Neil Harrison, Partner, Deloitte LLP

  • Introduction and background
  • Definition of insurance contracts and scope
  • Grouping of contracts
  • Overview of the measurement model
  • Interaction with IFRS 9 Financial Instruments
  • Presentation and disclosure
  • Transition

10:00 a.m. – 11:00 a.m.
Assessing the Operational Impact of IFRS 4, Phase II – Industry Perspectives

Lynda Sullivan, Executive Vice President and Chief Accounting Officer, Manulife Financial Corporation
Marie-Josée Sylvestre, Director Operations and Accounting, Intact Financial Corporation

  • Looking at the business impact of implementing IFRS 17
  • Organizational and business process issues that must be considered
  • What accounting changes will mean to future operations
    • potential for increased volatility and the “two-sided OCI”
    • impact of measurement requirements on systems and data management
  • Managing the transition period – planning, testing, roll out
    • when to start
    • what to do first
    • resources that will be required
  • Will hedge accounting be required to manage balance sheet impact?
    • does Phase II create a trade-off between IFRS accounting and risk management?

11:00 a.m. – 11:15 a.m. – Morning Networking Break

11:15 a.m. – 12:30 p.m.
Initial Recognition and Measurement of Insurance Contract Liabilities

Dana Chaput, Senior Manager, KPMG LLP
Alison Rose, Senior Manager, KPMG LLP

  • Expected Value of Cash Flows
    • measurement at the portfolio level and defining your portfolio(s)
    • applying the “contract boundary” concept
    • cash flows included in applying the building block approach
  • Discount Rate
    • dealing with lack of linkage between assets held and discount rate for liabilities
    • top down/bottom up approaches to calculate discount rate
    • permitted approaches
    • use of OCI for interest-rate related volatility
    • managing volatility arising from IFRS 17 accounting
  • Risk Adjustment
    • understanding what is required in the risk adjustment estimate
    • measuring and reporting changes in the risk adjustment
  • Contractual Service Margin
    • establishing contractual service margin at inception
    • ongoing adjustment of the contractual service margin
    • recognition in profit and loss
    • accretion of interest
    • unlocking the contractual service margin

12:30 p.m. – 1:30 p.m. – Luncheon

1:30 p.m. – 2:15 p.m.
Level of Aggregation in IFRS 17

Jitka Uhlirova, Director, PricewaterhouseCoopers LLP

  • How does level of aggregation impact the measurement of insurance contracts
    • review of requirements
  • Defining a “portfolio” of insurance contracts
    • portfolio in other areas of IFRS 17
    • consistency of accounting policy and linkage to IAS 8
    • deeper dive into issues related to definition of portfolio:
    • “similar risks”
    • “managed together”
  • Defining “groups” of insurance contracts
    • deeper dive into some of the issues related to groups of contracts
    • determining onerous contracts
    • contract with no significant risks of becoming onerous
  • What is the level of aggregation on transition

2:15 p.m. – 3:00 p.m.
Subsequent Measurement Under the General Model

Matthew Garnier, Senior Advisor, Deloitte LLP

This session will describe how period over period changes in the measurement of insurance contract liabilities are reflected in the Statement of Comprehensive Income for contracts measured under the General Model including:

  • Unwinding of the time value of money and changes in discount rates
  • Treatment of changes in the value of options and guarantees
  • Treatment of experience adjustments
  • Treatment of changes in estimates separately for the liability for remaining coverage and the liability for claims
  • Accretion of interest on and the amortization of the contractual service margin
  • Treatment of changes related to the use of discretion

3:00 p.m. – 3:15 p.m. – Afternoon Networking Break

3:15 p.m. – 4:05 p.m.
Variable Fee Approach – Principles and Application

Janice Deganis, Partner, Ernst & Young LLP
Bobby Thompson, Senior Manager, Ernst & Young LLP

  • Assessing the benefits of the Variable Fee Approach
  • Differences between the General Model and the Variable Fee Approach
  • Determining contracts eligible for the Variable Fee Approach
    • understanding the business model of the direct participating approach
    • treatment of indirect par vs. non-par and subsequent measurement
  • Identifying discretionary cash flows
  • Issues for implementation
    • use of mutualization
    • accounting for time value of options and guarantees
    • occurrence of a loss component
    • mixed measurement asset portfolio
    • change of underlying portfolio
  • Differentiating “changes related to market variables” vs. discretion
  • Changes to asset-dependent cash flow due to financial components
  • Discount rates for CSM adjustments
  • Risk mitigation
  • llustrative examples

4:05 p.m. – 5:00 p.m.
Working with IFRS 17 – Early Observations from Sun Life Financial

Erin Taylor, Vice President Finance and Chief Accountant, Sun Life Financial
Lesley Thomson, Deputy Chief Actuary, Sun Life Financial

Sun Life has been closely tracking the evolution of IFRS 17 for several years. Providing comments and recommendations to the IASB based on their examination of the impact and practical outcomes along the timeline of the standard’s development, Sun Life has been at the forefront of understanding and evaluating its impact on the insurance industry. This session will provide practical perspectives on key issues that are most timely at the date of the conference and features two of the company’s senior executives most involved in the IFRS 17 planning process.

End of Day 1

Conference Agenda

Program - November 22

9:00 a.m. – 9:05 a.m.
Opening Remarks from the Chair

Hudson Lopez, Partner KPMG LLP

9:05 a.m. – 9:50 a.m.
LICAT and IFRS 17 – Regulatory Capital and Accounting Interaction

Stephane Levesque, Partner, KPMG LLP

  • Overview of key interactions between new accounting standard (IFRS 17) and new regulatory
    capital requirements (LICAT)
  • LICAT Implementation - Key issues and how to leverage the experience for IFRS 17
    • data and assumptions
    • systems and models
    • processes and controls
    • reporting and analysis
  • IFRS 17 implementation – Key policy decisions and associated regulatory capital considerations
    • transition approach
    • discount rate
    • risk margin
    • contractual service margin

9:50 a.m. – 10:45 a.m.
Practical Examples of Applying IFRS 17 – Examining the Impact

Owen Thomas, Partner, PricewaterhouseCoopers LLP

  • Practical examples of subsequent measurement considerations for the contractual service margin,including
    • addition of new contracts
    • changes in assumptions
    • accretion of interest
    • allocation to profit or loss
  • Additional practical examples of subsequent measurement considerations for reinsurance contracts held

10:45 a.m. – 11:00 a.m. – Morning Networking Break

11:00 a.m. – 12:00 p.m.
Planning for Transition

Janice Deganis, Partner, Ernst & Young LLP
Bobby Thompson, Senior Manager, Ernst & Young LLP
Todd McRae, IT Partner, Ernst & Young LLP

  • Establishing a steering committee to guide the change program
  • Determining program work flow streams and internal project management structure
  • Scoping the program and understanding changes needed to the existing reserving infrastructure
  • Consider new data requirements
  • Assess initial impacts to products
  • Establish communication protocols with the Board of Directors
  • Use initial scoping exercise to understand implications and limitations in applying the transition methods:
    • Full retrospective approach
    • Modified retrospective approach
    • Fair value approach
  • When and how to use each transition approach
  • Costs and benefits of each transition approach
  • Communicating transition to IFRS 17 to stakeholders internally and external

12:00 p.m. – 1:00 p.m. – Luncheon

1:00 p.m. – 1:45 p.m.
Implementing the Premium Allocation Approach for Short Duration Contracts

Pierre Lepage, Partner, KPMG LLP

  • Rationale and scope for eligible contracts
  • Measurement of pre-claims obligation and liability
    • alignment with new revenue recognition criteria
    • determining onerous contracts
  • Measuring liabilities for claims incurred
    • impact of inclusion or risk adjustment and ongoing remeasurement
  • Use of premium allocation approach for coverage periods longer than one year
  • Examples in the application of the premium allocation approach

1:45 p.m. – 2:30 p.m.
Impact of IFRS 17 on Reinsurance Held

Marco Fillion, Partner, PricewaterhouseCoopers LLP

How IFRS 17 changes the accounting

  • review of requirements specific to reinsurance contracts held

Deeper dive in some of the issues

  • does the contract transfer significant insurance risk?
  • initial recognition of a group of reinsurance contracts
  • contract boundaries - some examples
  • non-performance risks and ceding commissions
  • determining risk adjustment and diversification benefits
  • accounting mismatch
    • recognition of gains and losses
    • different models for direct and ceded

2:30 p.m. – 2:45 p.m. – Afternoon Networking Break

2:45 p.m. – 3:45 p.m.
IFRS 9, IFRS 17 and Accounting for Financial Instruments of Insurance Companies

Raghuvir Rajagopalan, Senior Manager, KPMG LLP
Jana Russell, Senior Manager, KPMG LLP

  • Overview of IFRS 9 as it applies to insurance industry assets/liabilities
    • treatment of insurance contracts/liabilities not subject to IFRS 17 requirements
  • Interaction of IFRS 17 with IFRS 9 classification and measurement criteria (including designation criteria)
  • Impairment of financial instruments
  • Hedge accounting for insurers

3:45 p.m. –4:45 p.m.
Presentation and Disclosure

Janice Deganis, Partner, Ernst & Young LLP
Katy Gardiner, Partner, Ernst & Young LLP
Bobby Thompson, Senior Manager, Ernst & Young LLP

  • Presentation
  • Statement of Financial Position
    • applying the requirement to disaggregate components–what and where
      • under general model
    • under premium allocation approach
  • separation of insurance contracts and reinsurance contracts
  • presenting unit-linked contracts and contract with investment components
  • Statement of Comprehensive Income
    • understanding and applying the earned-premium presentation
      • impact of key metrics – loss of volume information?
    • presentation of short and long-duration contracts
    • allocations to non-claims fulfillment costs
    • considerations for tracking of assumptions over life of contract
    • acquisition costs
  • Other Comprehensive Income
  • Examples of financial statement presentation

Disclosure

  • Examination of the new disclosures required by IFRS 17
  • Understanding and applying the aggregation principle for disclosures
    • determining the appropriate aggregation level
  • Mandatory confidence level disclosure equivalent for risk adjustment
  • Required level of disaggregation of reconciliation of carrying amounts
  • Addressing effect of regulation on reported equity in disclosures
  • Disclosures for contracts with cash flows linked to underlying items
  • Disaggregation disclosures for contracts using the building block or premium allocation approaches

Optional Post-Conference Workshop

IFRS 17 Implementation –
Project Planning & Initial Decisions
Practical Issues for Approaching the Transition to IFRS 17

Program - November 23

9:00 a.m. – 12:30 p.m.
(There will be a 15 minute break mid-morning)

Workshop Leader(s):

Paul Downes, Partner, Deloitte LLP
Andrew Holland, Partner, Deloitte LLP
Elaine Hultzer, Partner, Deloitte LLP
David Spratt, Director, Deloitte LLP

The objective of this workshop is to map out initial considerations for insurance companies to address in transitioning to IFRS 17. A holistic approach to looking at the impact of the new standard on organizations is contemplated with a view to addressing all/much of the following:
What are the first steps that should be taken?

    • 1. How does IFRS 17 interact with/impact other accounting and regulatory processes?
    • 2. How can existing processes and systems be leveraged to assist in the implementation?
    • 3. Understanding differences, and similarities, in terms and concepts between LICAT and other IFRS’
    • 4. Practical exploration of how IFRS 17 will change from current accounting and the consequent changes in accounting, models, etc. that must be anticipated
    • 5. Who needs to be involved in the process, and why?
    • 6. How much new testing and modelling does IFRS 17 require (by implication if not expressly)
      7. Planning time lines and project phases
      8. Planning time lines and project phases

This conference has been specifically designed for, and in consultation with, experts in accounting for financial institutions as well as standard setters.  The event has been developed with the professional responsibilities of our audience as our focus.  As well, auditors, financial advisors, analysts, lawyers and other advisory professionals would benefit from staying current on the information provided at this timely event.  In particular, our experience indicates that individuals in the following positions would mostly likely be in attendance:

  • Chief Financial Officers
  • Chief Accountants
  • Chief Risk Officers
  • VPs, Directors and Managers
    • Finance
    • Accounting
    • Financial  Reporting
    • Regulatory Accounting
    • Risk Management/Reporting
  • Controllers
  • Internal Auditors
  • Audit Committee Members
  • Corporate Counsel
  • Risk Managers
  • Audit and Assurance Professionals
  • Industry Regulators and Standard Setters
  • Financial Analysts

To obtain a copy of the brochure, please send a request to the email below or click on the image of the brochure on this page.

e-mail at info@acumeninformation.com

Comments From Participants  Attending Acumen Conferences –Information You Can Work With

“…provided a very good high level summary of the key impacts of IFRS to financial institutions.”

Associate Chief Accountant
Bank of Montreal

“Presentations were clear even though topics were complex.”

Chief Financial Officer,
Société Générale

“Best conference I’ve ever attended.”

Senior Manager, Enterprise Hedge Accounting and Derivative Reporting
Royal Bank of Canada

“Suffice it to say that the conference delivered on my expectations…A lot has been taken away from this conference…$ well spent…”

V.P. Risk Management Advisory,
New Brunswick Credit Union Stabilization Board

“…excellent breadth of coverage of a very complex series of regulations…”

Senior Treasury Analyst,
Meridian Credit Union

“…helped to clarify my understanding of requirements of ORSA…”

Risk Management Consultant,
Empire Life Company

“Well rounded. Good flow.”

Manager, Capital Risk,
RSA

“Speakers were very knowledgeable, materials were current…examples and materials were relevant and well presented.”

Derivatives Accountant
Agrium Inc.

To submit questions to be answered at the conference, please send us an email at this address at  info@acumeninformation.com

Limited sponsorship and exhibition options are available for this event, including

• Cocktail reception
• Luncheon sponsorship
• Breakfast sponsorship
• Booth/exhibit space

For more information, or to check availability,
please contact us by phone at (416) 504-6952
or by e-mail at  info@acumeninformation.com

IFRS 17 – Insurance Contract Accounting reflects the input from industry participants and leading insurance accounting experts to target key implementation issues and challenges. Our top-flight faculty will examine these issues with a focus on addressing their practical implications in order to address your ongoing project needs.

                                            Streamed Sessions – Life and P&C

In addition to looking at key issues in-depth, IFRS 17  –  Insurance Contract Accounting  offers 6 full hours of sector-specific discussion.  Both Life and P&C participants will obtain a wealth of information targeted specifically to their needs by leading Canadian insurance accounting experts.

This updated conference has been specifically tailored to provide a thorough examination of the new standard. Looking not only at the direct accounting consequences but also at operational, regulatory and capital markets implications, including

  • IFRS 17 Transition Resource Group Update
  • Financial Information and Data – Actions Being Taken Around Data, Systems and Technology
  • Meeting the Communication/Disclosure Challenge – Financial Statements, Internal and External Reporting
  • Reinsurance Treatment Under IFRS 17
  • How IFRS 9 interacts with IFRS 17
  • Income Tax considerations for IFRS 17
  • IFRS 17 Systems Solutions and Vendors – Trends, Capabilities and Strategies

Registration Fees

Registration Fees

Registration
Options
Before
October 31, 2018
Before      
November 13, 2018
After
November 13, 2018    
IFRS 17 - Insurance Contract Accounting     $2,199.00 + HST $2,299.00 + HST $2,399.00 + HST

Our HST Number: R862562543

Group Discount: Fourth Delegate FREE!

If three individuals from one organization register at the same time, a fourth person may also be registered to attend free of charge. The free registration must be of equal or lesser value than the paid registrations. Please contact us to arrange for attendance of larger groups.

Your Registration Includes

Registration fees include all conference materials, continental breakfast, lunch and refreshments. Parking and accommodation are not included.

FREE CONFERENCE WORKBOOK

As a registered delegate, you will receive a complete set of conference materials. These materials will serve as an invaluable guide, both during and after the event. The workbook will be distributed on the morning of the first day beginning at 8:00 a.m.

Cancellation Policy

Substitutions may be made at any time. If you are unable to attend, please make cancellations in writing and fax to (416) 504-6978 prior to 5:00 p.m. on November 27, 2018. A credit voucher will be issued to you for the full amount, redeemable against any other Acumen conference. If you prefer, you may request for a refund of fees paid less $250 administration fee. Registrants who cancel after above date will not be eligible to receive any credits or refunds and are liable for the entire registration fees.

Confirmed delegates who do not cancel before November 27, 2018, and fail to attend will be liable for the entire registration fees.

Acumen Information Services reserves the right to change the date, location and content for the event(s) offered herein without further notice and assumes no liability for such changes.

Early Bird Registration Discount

Register prior to to November 13, 2018 and you will obtain the following additional savings:

Second delegate: $100  Discount
Third delegate: $150  Discount
Fourth delegate: FREE

Please indicate that you are eligible for this offer on the registration page or your registration form if you are mailing in your registration.

Location – Accommodation

The conference will be held at:

Hyatt Regency Hotel
370 King Street West
Toronto, Ontario
M5V 1J9

Tel: 416-343-1234

Delegates can register at the Acumen service desk beginning at 8:00 a.m. on the morning of the first day of the conference. Registration fees do not include hotel accommodation.

Program - December 11

9:00 a.m.  –  9:05 a.m.
Opening Remarks from the Chair

Janice Deganis, Partner, Ernst & Young LLP 

9:05 a.m. – 10:00 a.m.
IFRS 17 Transition Resource Group Issues Update

Neil Harrison, Partner, Deloitte LLP 

  • Review of important issues discussed to date
  • Upcoming meetings and agenda items
  • Looking at specific issues considered by the TRG

10:00 a.m. – 11:00 a.m.
Financial Information and Data – Actions Being Taken Around Data, Systems and Technology

James Zante, Risk & Regulation Technology Leader, Ernst & Young LLP

  • Keep the end-state in mind
    • -striking a balance between tactical compliance with IFRS 17
    • In Practice:  Legacy systems issues – weighing the cost/benefits
    • -implications for all of your non-insurance accounting and reportin
  • Emphasize Data
    • -Setting a data governance commitment and creating a dedicated data workstream
    • In Practice:  establishing a data governance model where none exists
    • leveraging the model into a data workstsream
    • defining the most important data controls and how to avoid overdoing it?
  • Partner with your key vendors
    • understand their ability to complete the full solution and bet on those you trust
    • In Practice:  avoiding costly RFP/RFI process by focussing on real capabilities and use cases
    • how vendors line up in terms of software vs. slide-ware
    • how can you leverage your relationships to get commitment?
  • Elevate IT
    • appoint an ‘IFRS 17 IT Owner’ on the leadership team – role, responsibility, authority-
    • In Practice:  -what does the ‘IFRS 17 IT Owner’ profile include
    • responsibilities in the overall program?
    • what team members, owners, skills, and third-party support should be defined and
    • staffed immediately?
  • Don’t underestimate change management
    • incorporating this into a plan that addresses your target system architecture
    • In Practice:   -what does the plan look like and how does it tie into the overall plan
    • using the program governance models and helping to design/identify effective controls? 

11:00 a.m. – 11:15 a.m.  – Morning Networking Break

11:15 a.m. – 12:15 p.m.
Meeting the Communication/Disclosure Challenge – Financial Statements, Internal and External Reporting

Dana Chaput, Partner, KPMG LLP
Anthony Buonaiuto, Manager, KPMG LLP

    • Understanding the disclosure requirements - reported amounts for long and short duration contracts
    • Internal and external reporting – considering the target audience
    • Change management – how to educate and involve various stakeholder groups
    • Early observations from global and local first-movers

12:15 p.m. – 1:15 p.m.   Luncheon

1:15 p.m. – 4:45 p.m.  –  Streamed Life and Property/Casualty Session – Part A
(There will be a 15 minute refreshment break during this session)

Life Insurance - Part A - 1

CSM – A Deeper Dive Into Practical Issues Using Examples 

Bobby Thompson, Senior Manager, Ernst & Young LLP 

  • An interactive workshop whereby participants will work through a live example to determine and record journal entries required for compliance with IFRS 17. Topics will include:
    •  Journal entries to record cash impacting transactions
    •  Journal entries to roll forward BEL, RA and CSM
    •  Journal entries for a change in discount rates
    •  Journal entries for differences between expected and actual results
    •  Journal entries for an assumption change
    •  Journal entries for reinsurance

Participants will use journal entries to derive a set of financial statements to help enhance understanding of the mechanics of IFRS 17 allowing for practical insights for your organizations.

OR

Property and Casualty - Part A - 2

P&C – Implementation Hot Topics and Acquired Books 

Dana Chaput, Partner, KPMG LLP
Amit Chalam, Senior Manager, KPMG LLP

  • Issues and solutions for implementation hot topics:
    • balance sheet presentation
    • insurance acquisition cash flows – differences from DAC
    • reinstatement premiums
    • materiality and the application of judgment
  • GMM for P&C products – claims acquired in the settlement period
    • initiation
    • Year 1 – contracts behave as expected
    • Year 2 –experience adjustment
    • Year 3 – change in expectation relating to cash flows

4:45 p.m. – End of Day 1

Program - December 12

9:00 a.m. – 9:05 a.m.
Opening Remarks from the Chair

Janice Deganis, Partner, Ernst & Young LLP

9:05 a.m. – 12:00 p.m. – Streamed Life and Property/Casualty Session – Part B
(There will be a 15 minute refreshment break during this session)

Life Insurance - Part B - 1

Variable Fee Approach, Transition Approaches and LICAT Interaction

 Variable Fee Approach Issues and Worked Example

Simon Couture, Actuarial Senior Manager, PricewaterhouseCoopers LLP

  • Applying the VFA model
  • Key issues in practice
  • Illustrative example with journal entries

Transition Approaches

Owen Thomas, Partner, PricewaterhouseCoopers LLP

  • Illustrative examples of transition approaches and adjustments
  • Full retrospective approach
  • Modified retrospective approach
  • Fair value approach

Interaction with LICAT

Mike Palmer, Actuarial Director, PricewaterhouseCoopers LLP

  • Interaction of IFRS 17 with LICAT
  • Draft LICAT guidance for 2021
  • Considerations for your transition project

OR

Property and Casualty - Part B - 2

Calculating Claim Liabilities Including Discounting and Offsetting 

Raj Matharu, Senior Manager, Deloitte LLP
Lingling Liu, Manager, Deloitte LLP

  • Measuring claim liabilities under the PAA
  • Understanding when discounting is not required
  • Top-down vs. bottom-up – why results may differ
  • Discounting for longer tail contracts
  • Applying the General Model rules for discounting incurred claim liabilities for property/casualty contracts
  • Risk adjustments for non-financial risks
  • Offsetting risks arising from product diversification
  • Understanding and managing the scope of new information, and related data, required
  • Reinsurance with risk attaching

1:00 p.m. – 1:40 p.m.
Reinsurance Treatment Under IFRS 17

Rebecca Rycroft, Senior Vice President and Chief Financial Officer,
Munich Reinsurance Company Canada Branch (Life)

  • Outlining the position of
    • cedent (insurer)
    • reinsurer (issuer)
  • Investigate the accounting mismatches under IFRS 17 (e.g)
  • Method differences, assumed vs. held
  • CSM and release of CSM
  • Grouping
  • Discounting
  • Is there any matching?

1:40 p.m. –2:45 p.m.
How IFRS 9 interacts with IFRS 17

Kathryn Gardiner, Partner, Ernst & Young LLP 
Bruce Langstroth, Actuarial Associate Partner, Ernst & Young LLP  
Bobby Thompson, Senior Manager, Ernst & Young LLP 

  • Overview of IFRS 17 and differences from CALM
  • Introduce time value of money under IFRS 17
  • Bottom up versus top down (i.e. residual credit risk left in top down, discuss duration matching issues, etc.)
  • Key differences in time value of money from CALM
  • What is the risk free rate + illiquidity premium (discuss upcoming IBOR changes, discuss swap curve vs treasury curve, how will illiquidity be modelled)
  • Discuss new income statement and how assets and liabilities emerge into income through subsequent measurement
  • Why is IFRS 17 accretion and IFRS 9 classification and measurement so key
  • Why portfolios for liabilities will determine asset portfolio mix on a product by product basis
  • Practical issues including how OCI treatment of liability accretion can cause asset issues
  • Practical issues on EIR for IFRS 9 versus curve accretion for IFRS 17 and mismatch that can cause
  • Do assets backing CSM need to be structured differently from those backing FCF and RA?
  • Segregated fund hedging derivative needs changes, IFRS 17 risk mitigation and the variable fee approach

2:45 p.m. – 3:00 p.m. – Afternoon Networking Break

3:00 p.m. – 3:45 p.m.
Income Tax considerations for IFRS 17

Jason Swales, Tax Partner, PricewaterhouseCoopers LLP

  • Overview of principal tax areas that may be impacted by IFRS 17, for Life and P&C companies
  • Anticipated process of dealing with tax authorities to address required rule changes, including role of industry working groups
  • Where do we go from here? What Life and P&C companies should be thinking about...

 3:45 a.m. - 4:45 p.m.
IFRS 17 Systems Solutions and Vendors – Trends, Capabilities and Strategies

Richard Brayley, Principal, Braylson Group
Eduardo D`Alma, Partner, Q-PERIOR Inc.

  • What are we seeing in the market (three case studies)
  • Characteristics of an integrated IFRS 17 finance and risk solution
  • Review leading vendors and their coverage of IFRS 17 requirements
  • Target operating model and deployment strategies
  • Implementation approaches and timelines
  • Organizational readiness and how to enable your team

4:45 p.m.  End of Conference

This conference has been specifically designed for, and in consultation with, experts in accounting for financial institutions as well as standard setters.  The event has been developed with the professional responsibilities of our audience as our focus.  As well, auditors, financial advisors, analysts, lawyers and other advisory professionals would benefit from staying current on the information provided at this timely event.  In particular, our experience indicates that individuals in the following positions would mostly likely be in attendance:

  • Chief Financial Officers
  • Chief Accountants
  • Chief Risk Officers
  • VPs, Directors and Managers
    • Finance
    • Accounting
    • Financial  Reporting
    • Regulatory Accounting
    • Risk Management/Reporting
  • Controllers
  • Internal Auditors
  • Audit Committee Members
  • Corporate Counsel
  • Risk Managers
  • Audit and Assurance Professionals
  • Industry Regulators and Standard Setters
  • Financial Analysts

To obtain a copy of the brochure, please send a request to the email below or click on the image of the brochure on this page.

e-mail at info@acumeninformation.com

Comments From Participants  Attending Acumen Conferences –Information You Can Work With

"They did a great job of explaining the basics and getting into the details"

Manager, Financial Reporting & Analysis
Empire Life

“…provided a very good high level summary of the key impacts of IFRS to financial institutions.”

Associate Chief Accountant
Bank of Montreal

“Presentations were clear even though topics were complex.”

Chief Financial Officer,
Société Générale

“Best conference I’ve ever attended.”

Senior Manager, Enterprise Hedge Accounting and Derivative Reporting
Royal Bank of Canada

“Suffice it to say that the conference delivered on my expectations…A lot has been taken away from this conference…$ well spent…”

V.P. Risk Management Advisory,
New Brunswick Credit Union Stabilization Board

“…excellent breadth of coverage of a very complex series of regulations…”

Senior Treasury Analyst,
Meridian Credit Union

“…helped to clarify my understanding of requirements of ORSA…”

Risk Management Consultant,
Empire Life Company

“Well rounded. Good flow.”

Manager, Capital Risk,
RSA

“Speakers were very knowledgeable, materials were current…examples and materials were relevant and well presented.”

Derivatives Accountant
Agrium Inc.

To submit questions to be answered at the conference, please send us an email at this address at  info@acumeninformation.com

Limited sponsorship and exhibition options are available for this event, including

• Cocktail reception
• Luncheon sponsorship
• Breakfast sponsorship
• Booth/exhibit space

For more information, or to check availability,
please contact us by phone at (416) 504-6952
or by e-mail at  info@acumeninformation.com