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IFRS 17 – Insurance Contract Accounting

June 11 – 13, 2019 – 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 – Insurance Contract Accounting has been updated and tailored to provide a thorough examination of the new standard. Implementing feedback from past participants and industry experts, the agenda incorporates both new and updated topics on critical issues for implementation.

    Executive Issues Update
(Available Separately)

    In addition to looking at key accounting issues in-depth, IFRS 17 – Insurance Contract Accounting features a half-day update on critical issues of importance to senior management and project participants. This update is available as a stand alone option. Topics to be covered in the update sessions are:

  • Explaining the New Results to the Board and Stakeholders
  • Internal Controls and Risk Oversight
  • Modelling and IFRS 17
  • ALM and Impact on KPIs

Pre-Conference Workshop –
IFRS 17 – Understanding the Fundamentals

In addition to the thorough two-day conference, this event also offers a full-day optional workshop that provides an introduction to the key issues of IFRS 17. The workshop will lead participants through the key concepts of the standard and how they function.

Registration Fees

Registration Options Before May 2, 2019 Before May 13, 2019 After May 13, 2019
IFRS 17 Conference $2,099.00 + HST $2,199.00 + HST $2,299.00 + HST
Conference & Workshop $2,999.00 + HST $3,099.00 + HST $3,299.00 + HST
Workshop Only $   999.00 + HST $1,099.00 + HST $1,199.00 + HST
Executive Update Only $   449.00 + HST $   499.00 + HST $   550.00 + HST

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 28, 2019. 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 28, 2019, 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 May 13, 2019 and you will obtain the following additional savings:
(Discount applies to full conference only) 

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 a convenient location in downtown Toronto. Venue information and special conference accommodation pricing details will be provided upon confirmation of the venue.

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 - June 12

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

Janice Deganis, Partner, Ernst & Young LLP

9:05 a.m. - 12:15 p.m. - IFRS 17 Executive Summary (Available Separately) 

9:00 a.m. – 9:45 a.m.
Explaining the New Results to the Board and Stakeholders

Elaine Hultzer, Partner, Deloitte LLP

  • Identifying top line issues of importance to the Board and external stakeholders
    • investors – revenue & profit profile, capital, dividends
    • business impact – financial performance, products
    • regulatory –  capital and tax (income and premium taxes)
  • Internal stakeholders – management information
  • Key IFRS 17 decisions that affect high level decision making
    • lines of business impact
    • level of aggregation decisions impact on systems and operations
  • Will increased comparability and transparency occur?

9:45 a.m. – 10:30 a.m.
Internal Controls and Risk Oversight

Maisie Ho, Senior Manager, Ernst & Young LLP

  • Transition considerations: Validation of Day 1 Data, Systems and Processes
  • Expected changes to business-as-usual controls
  • Designing control documentation with “auditability”
  • Using analytics in controls

10:30 a.m. – 10:45 a.m. – Morning Networking Break

10:45 a.m. – 11:30 a.m.
Modelling and IFRS 17

Trevor Howes, Vice President and Actuary, Moody’s Analytics

  • IFRS 17 impact on actuarial models and processes
  • Where organizations are finding challenges
  • Performance and runtime concerns
  • Integrating accounting and actuarial needs
  • How data challenges are being tackled
  • Model risks and model governance

11:30 a.m. – 12:15 p.m.
ALM and Impact on KPIs

Bruce Langstroth, Actuarial Associate Partner, Ernst & Young LLP

  • Revisiting the balance sheet and ALM
  • How will IFRS 17 alter AL
  • What constraints does IFRS 17 remove/introduce
  • What risks can be hedged
  • What risks can’t be hedged
  • What choices are available under IFRS 17 to manage these risks
      • P&L vs OCI
      • top-down vs bottom-up
      • methodology choices
      • modelling credit spreads

     

  • Telling your story under IFRS 17
  • What is staying the same
  • What is changing
  • Impact on current KPI’s
    • IFRS equity
    • operating result
    • combined ratio
    • gross written premium
    • solvency ratio
  • Potential new KPI’s arising from IFRS 17 information

12:15 p.m. – 1:15 p.m.  –  Luncheon

1:15 p.m. – 2:15 p.m.
IFRS 17 Amendments and Transition Resource Group Issues Update

Amal Rajwani, Principal, Actuarial Consulting, Oliver Wyman

  • Review of IASB impending changes to IFRS 17 standard including
    • Onerous contracts with proportionate reinsurance
    • Loan products that provide insurance coverage
    • CSM amortization for General Model products with investment coverage
    • Updated acquisition expense requirements
  • Looking at highly debated TRG issues

2:15 p.m. – 3:15 p.m.
CSM Amortization and Release – Looking at Implementation Challenges

Amal Rajwani, Principal, Actuarial Consulting, Oliver Wyman
Trevor Howes, Vice President and Actuary, Moody’s Analytics

  • Impact of CSM amortization on contracts that include investment services
  • Transitioning to IFRS 17 level of aggregation requirements
    • allocation of CSM and identification of onerous contracts
  • Pooling of similar risks vs risk sharing – assessing the level of aggregation
  • Operational and transition challenges of level of aggregation
  • CSM and level of aggregation
  • Deeper dive into level of aggregation rules
    • portfolio level
    • one year issuing period and determination of annual cohort
    • group level
  • Issues for participating contracts that do not allocate all returns from underlying items to policyholders
  • CSM allocation to cohorts
    • CSM release under IFRS 17
    • General Model – terminations as expected, unexpected
    • Variable Fee Approach – terminations as expected, unexpected
      • expected termination for cohorts
      • interaction of cohorts and coverage units

3:15 p.m. – 3:30 p.m. – Afternoon Networking Break

3:30 p.m. – 5:15 p.m.
Working Through the Components of a Life Product with Journal Entries

Hudson Lopez, Partner, KPMG LLP
Trevor Gibbons, Senior Accountant, KPMG LLP

  • Working through life product examples with journal entries including
  • An onerous term product with reinsurance
  • A term product where actual acquisition costs vary from initial expectation
  • A universal life product with a policy loan

OR

IFRS 17 for Actuaries

Bruce Langstroth, Actuarial Associate Partner, Ernst & Young LLP

  • Fair Value
    • looking at initial choices
  • Discount Rates
    • impact on investment strategies
    • managing the asset side of the balance sheet
    • drivers to consider on the asset side
  • Risk Adjustment
    • understanding confidence intervals
    • relationship of solvency regulatory concepts
    • adapting Pfads to each organization
    • quantifying confident intervals

5:15 p.m. – End of Day 1

Program - June 13 

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
Transition Approaches

Lesley Thomson, Deputy Chief Actuary, Sun Life Financial
Ricky Chawla, IFRS 17 Operational Business Readiness, Sun Life Financial

  • Illustrative examples of transition approaches and adjustments
  • Full retrospective approach – availability of detailed historical data
    • existing acquisitions cash flows balance
  • Modified retrospective approach
    • understanding the restrictions for utilization
    • lack of simplifications in full retrospective approach
    • valuation of past margins
  • Fair value approach - restrictions on nil fair value for assets by IFRS 9
  • Splitting of portfolios by profitability – impact on type of data needed for transition
  • Use of annual cohorts upon transition
  • Transition numbers by annual cohort v. grouped cohorts
  • Specific operational challenges to address for each method
  • Disclosure of how measurement of contracts at transition is determined
    • reasons for methods used and judgments applied approach

10:00 a.m. – 11:00 a.m.
Reinsurance Treatment Under IFRS 17

Simon Couture, Senior Manager, PricewaterhouseCoopers LLP

  • Measurement of reinsurance contracts
  • Differences from measurement of insurance contracts
  • Determining CSM of the reinsurance and release of CSM
  • Use of the PAA – eligibility
  • Other issues of significance to reinsurers
    • level of aggregation for reinsurance
    • required modification to the general model
    • mismatches in timing of gains and losses
    • use of different model than underlying contracts
  • Working through examples to illustrate the process
  • Practical responses to reinsurance requirements

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

11:15 a.m. – 12:30 p.m.
Grey Areas and Key Judgments – Insights and Approaches

Bobby Thompson, Senior Manager, Ernst & Young LLP

  • Judgments in transition: practical considerations and industry perspectives on applying the three approaches
  • Considering estimates required in the fair value and modified retrospective approaches
  • What is in a contract? Combination, separation, riders and options
  • Determining whether a contract has direct participation features or not and other topics around non-distinct investment components
  • PAA: perspectives for assessing eligibility when term is greater than one year
  • Viewpoints on determining onerousness of contracts under the GMM and PAA – the grind of determining granularity

12:30 p.m. – 1:30 p.m.  – Luncheon

1:30 p.m. – 2:45 p.m.
How IFRS 9 Interacts with IFRS 17

Raj Matharu, Senior Manager, Deloitte LLP
Natalie Hu, Senior Manager, Manager, Deloitte LLP

  • Overview of IFRS 17 and differences from CALM
  • Introduce time value of money under IFRS 17
  • Bottom up versus top down
  • Risk free rate + illiquidity premium
  • IFRS 17 accretion and IFRS 9 classification and measurement
  • 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
  • Discuss new income statement and how assets and liabilities emerge into income through subsequent measurement

2:45 p.m. – 3:45 p.m.
IFRS 17 Systems Solutions and Vendors – Trends, Capabilities and Strategies

Richard Brayley, Principal, Braylson Group

  • What are we seeing in the market (three case studies)
  • Characteristics of an integrated IFRS 17 finance and risk solution
  • Data discussion: what additional data will be required to support GMM/PAA/VFA calculations; what’s the impact on data flows; what are some of the data options / benefits from a technology perspective moving forward
  • 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
Optional Pre-Conference Workshop
IFRS 17 –Understanding the Fundamentals
Program – June 11

9:00 a.m. –  5:00 p.m.

Workshop Leader(s):
Kyle Snyder, Senior Manager, PricewaterhouseCoopers LLP

 

The objective of this work shop is to provide an overview of IFRS 17 and an introduction to its key elements with a view to enabling project team members and new project members quickly get up to speed.  The workshop will target the essential working parts of the standard and, as well, will relate to standard to established OSFI insurance capital adequacy rules.  This session will help your project team have a sound grasp of the basics in order to effectively carry out their roles in the broader project implementation or specific issues arising in the implementation project itself including key issues such as:

 

Background and overview
Classification and unbundling
Aggregation level (unit of account)
Measurement models
Transition
Presentation and disclosures
Employee and other stakeholder considerations

 

(There will be 15 minute breaks mid-morning and mid-afternoon)
(Lunch will be provided)

 

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