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IFRS 17 – Insurance Contract Accounting

May 29 – 31, 2018 – Toronto

Following up on the tremendous success of our fall conference, this event takes a deeper dive in specific issues related to a successful implementation. With a focus on exploring issues that have been encountered in the early stages of current projects through to a thorough consideration of key topics that need to be mastered, this conference will provide valuable and timely information to ensure the success of your own project.

Following up on the tremendous success of our fall conference, this event takes a deeper dive in specific issues related to a successful implementation. With a focus on exploring issues that have been encountered in the early stages of current projects through to a thorough consideration of key topics that need to be mastered, this conference will provide valuable and timely information to ensure the success of your own project.

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.

IFRS 17 – Insurance Contract Accounting 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 Insurance Contracts – Select Issues
  • From Financial Statements to First Steps – Key Project Management Issues
  • Industry Perspectives on Implementation Challenges – Early Observations
  • Change Management for Implementing IFRS 17
  • Hot Button Issues for Applying IFRS 9, IFRS 17
  • OSFI Views on IFRS 17 Accounting
  • Tax Considerations Arising from IFRS 17 – LIFE and P&C
  • Life Insurance Stream
  • CSM – A Deeper Dive Using Examples
  • Variable Fee Approach and Worked Example
  • Fair Value Considerations at Transition
  • Operational and Systems Issues
  • Property and Casualty Insurance Stream
  • IFRS 17 Projects for P&C Companies
  • Premium Allocation Approach – Practical Issue
  • Calculating Claim Liabilities and Discounting

 

Registration Fees

Registration
Options
Before
April 15,
2018
Before
April 29, 
2018
After
April 29, 2018
Conference only  $2,099.00 + HST $2,199.00 +HST $2,299.00 +
HST
Both Conference & Workshop $2,599.00 + HST $2,699.00 + HST $2,799.00 +
HST
Workshop only      $ 649.00 + 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 May 15, 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 May 15, 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 April 29, 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 venue for this event is has not been finalized. Delegates will be notified by email once venue details are available.

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 - May 29

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

Janice Deganis, Partner, Ernst & Young LLP

9:05 a.m. – 9:50 a.m.
IFRS 17 Insurance Contracts – Select Issues

Neil Harrison, Partner, Deloitte LLP

  • What has been learned to date?
  • Issues that have arisen in the implementation process
  • Observations from practical application of the standard
  • Products still being reviewed
  • Subsidiary reporting vs. parent reporting
  • Items that remain unresolved – what to do in the interim

9:50 a.m. – 11:00 a.m.
From Financial Statements to First Steps – Key Project Management Issues

Todd McRae, IT Partner, Ernst & Young LLP

  • What makes an effective steering committee?
  • What are the first 10 decisions needed from a steering committee?
  • The need for cross-functional teams
  • How data and system architecture can drive accounting policy
  • Managing the bigger picture:
    • potential changes to operational processes and internal control
    • anticipating operational risks
    • controlling model risk and working with the regulators
  • Key steps to map for effective implementation
  • Walk through a conceptual timeline

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

11:15 a.m. – 12:15 p.m.
Industry Perspectives on Implementation Challenges – Early Observations

Moderator: Neil Harrison, Partner, Deloitte LLP (Tentative)

Panelists: Ricky Chawla, Vice President Accounting Projects, Great West Life (Tentative)
Helen Gillespie, Chief Accountant, Aviva Canada LLP
Gail Tucker, Global IFRS 17 Partner, PricewaterhouseCoopers LLP 
Jonathan Turner, Chief Financial Officer, Swiss Reinsurance Company of Canada
Life Insurance Company (TBA)

  • Early observations from assessing IFRS 17 implementation
  • Specific issues pertaining to industry sectors
  • International implementation initiatives – what are companies doing globally?
  • Organizational, data and systems issues
  • Addressing IFRS 9 – what can be learned from bank implementation? What needs to be done?
  • Technical accounting issues that need to be resolved

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

  • Establishing Day 1 CSM:
    • identifying portfolios and level of aggregation considerations
    • effective division of portfolios into groups per IFRS 17 requirements
    • determining day 1 discount rate
    • considering deferred acquisition costs
    • what is the contractual boundary?
      • determining coverage units
      • maximum coverage amount?
  • Year 1: Example
    • adding new contracts
    • accrete interest
      • straight line or period-specific?
    • future service adjustments
    • amortizing CSM
      • discounting coverage units
      • considering decrements
  • Year 2: Example
    • what happens if a contract becomes onerous?
  • Year 3: Example
    • what happens if an onerous contract re-emerges as profitable?

OR

Property and Casualty - Part A -2
Premium Allocation Approach – Practical Issues and Onerous Contracts

Pierre Lepage, Partner, KPMG LLP
Walter Rondina, Partner, KPMG LLP
Anthony Buonaiuto, Senior Manager, KPMG LLP
Catherine Falardeau, Senior Manager, KPMG LLP

  • Liability for remaining coverage - basics of PAA inclusion and exclusion
    • unbundling contract components
    • contract boundaries – issues that must be taken into consideration for eligibility
    • grouping of contracts – level of aggregation
  • IFRS 17 for longer term non-life policies – warranties, mortgage insurance, title surety, warranties
  • “Reasonable approximation of the General Model”
  • Issues for initial and subsequent measurement
  • Case Studies demonstrating issues to work through
  • Ceded and assumed reinsurance

4:45 p.m. – End of Day 1

Program - May 30

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 and Subsequent Measurement Including Fair Valuation at Transition

Variable Fee Approach Issues and Worked Example

Simon Couture, Director, PricewaterhouseCoopers LLP
Jitka Uhlirova, Director, PricewaterhouseCoopers LLP

  • Applying the VFA model
  • Key issues in practice
  • Walk through of an illustrative example

Fair Value at Transition

Steve Collia, Partner, PricewaterhouseCoopers LLP
Owen Thomas, Partner, PricewaterhouseCoopers LLP

  • Using the fair value approach at transition
  • IFRS 13 considerations
  • Role of valuation specialists
  • Auditing fair value estimates

Operational and Systems Considerations

Joe Soga, Director, PricewaterhouseCoopers LLP
Andrew Whitehead, Director, PricewaterhouseCoopers LLP

  • A focus on 2018 activities
  • Addressing the gaps from your key impact areas
  • Assessing your options
  • What to do now and what can wait
  • Soft design and roadmap considerations

OR

Property and Casualty - Part B -2

Calculating Claim Liabilities , Discounting/IFRS 17 and IFRS 9 including Using the OCI Option

Elaine Hultzer, Partner, Deloitte LLP
Raj Matharu, Senior 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

12:00 p.m. – 1:00 p.m. – Luncheon

1:00 p.m. – 1:40 p.m.
Change Management for Implementing IFRS 17 Across the Organization

Karen Forward, Partner, PricewaterhouseCoopers LLP
Kim Vander Aerschot, Director, PricewaterhouseCoopers LLP

  • Managing complex change across the organization
  • Considerations for implementing your IFRS 17 change management strategy
  • Success factors and lessons learned

1:40 p.m. – 2:40 p.m.
Hot Button Issues for Insurers Applying IFRS 9, IFRS 17

George Prieksaitis, Partner, Ernst & Young LLP
Bhavna Duggal, Ernst & Young LLP

  • What can be learned from IFRS 9 implementation by banks – similar issues
  • 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

2:40 p.m. – 3:00 p.m. – Afternoon Networking Break

3:00 p.m. – 3:50 p.m.
OSFI Perspective on IFRS 17 Accounting

David Correia, Director, Accounting Policy Division, Office of the Superintendent of Financial Institutions 

  • Description of the OSFI IFRS 17 Project
  • Where is OSFI now in terms of the Project (ie Decisions Made)?
  • Where is OSFI going (eg Advisories or Guidelines)?

3:50 p.m. – 4:30 p.m.
Examination of IFRS 17 Challenges for Life and P&C Insurers’ Taxation and Potential Outcomes

Nunzio Tedesco, Partner and Insurance Industry Tax Practice Leader, KPMG LLP

Impact of IFRS on current and deferred tax

    • profit recognition
    • discounting and risk adjustment
    • amounts shown in OCI
    • definitional and threshold changes
  • Implications on transition and for ongoing calculations
  • Corporate tax considerations for the combined application of IFRS 17 and IFRS 9

Optional Post-Conference Workshop

IFRS 17 Implementation –
A Comprehensive Plan to Project Management

Program - May 31

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

Workshop Leaders from Ernst & Young LLP:

Janice Deganis, National Insurance Leader
Todd McRae, IT Partner
Bruce Langstroth, Actuarial Associate Partner
Bobby Thompson, IFRS 17 Senior Manager - Life
Amy Butler, IFRS 17 Senior Manager – P&C

The objective of this work shop is to establish the steps of a comprehensive program management structure. We have identified over 75 program management activities across fifteen broad areas of the standard. This session will provide a framework of what to think about in developing your plan, how and when to order certain activities (identifying key dependencies) and developing a timeline that is feasible but achievable by 2021. This session will help your organization plan the plan, highlighting key issues such as:

  1. Valuation engine and CSM calculator
  2. Chart of accounts
  3. Administration system data and interfaces
  4. Level of aggregation strategy
  5. Determining a strategy around DAC
  6. Discounting considerations and IFRS 9 interplay
  7. New requirements for BEL
  8. Use of multiple models (including premium allocation approach)
  9. Approach to risk adjustment
  10. Asset liability management
  11. Reporting and KPIs
  12. Managing regulatory requirements
  13. Pricing and operational change
  14. Tax considerations
  15. Employee and other stakeholder considerations

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