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IFRS 17 – Insurance Contract Accounting

December 11 – 12, 2019 – Toronto

IFRS 17 – Insurance Contract Accounting has been updated and tailored to provide a thorough examination of the new standard. This up-to-date conference examines not only the direct accounting consequences but also 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. This up-to-date conference examines not only the direct accounting consequences but also operational, regulatory and capital markets implications.

Implementing feedback from past participants and industry experts, the agenda incorporates both new and revised topics on critical issues for implementation, including

  • IFRS 17 Amendments Exposure Draft and Transition Resource Group Issues Update
  • Managing Capital under IFRS 17
  • Reporting, Note Disclosures and Accounting Memos
  • Working Through the Components of a Life Product with Journal Entries
  • Transition From CALM to IFRS 17 – Using the Variable Fee Approach
  • Working Through the Life Cycle of a P&C Product with Journal Entries
  • Practical Application of the Premium Allocation Approach
  • Grey Areas and Key Judgments – Insights and Approaches
  • Internal Controls and Risk Oversight
  • Discounting under IFRS 17: Where is This Going?
  • ALM Considerations and Strategies Arising From IFRS 17
  • Reinsurance Under IFRS 17 – Looking at Hot Button Issues
  • IFRS 9 interaction with IFRS 17
  • IFRS 17 Systems Solutions and Vendors – Trends, Capabilities and Strategies

                                        Streamed Sessions

In addition to looking at key issues in-depth, IFRS 17 – Insurance Contract Accounting offers 2 sets of streamed sessions.  The first examines key issues for Life and P&C companies. The second looks at issues of importance for actuaries and accountants.

Registration Fees

Registration
Options
Before
October 31, 2019
Before
November 13, 2019
After
November 13, 2019
IFRS 17 - Insurance Contract Accounting     $2,099.00 + HST $2,199 + HST $2,299.00 + 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, 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 November 27, 2019, and fail to attend will be liable for the entire registration fees.

 

Early Bird Registration Discount

Register prior to to November 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:

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 Amendments Exposure Draft 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 industry feedback on impending changes

10:00 a.m. – 11:00 a.m.
Managing and Capital Under IFRS 17

Glenalan Cameron, Principal, Eckler

  • IFRS 17 insights on capital implications  - what do we know so far?
  • What to expect from LICAT 2022
  • Refinements needed for traditional risk metrics such as economic capital, earnings at risk, earnings sensitivities
  • Expected impact on traditional capital management tools

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

11:15 a.m.  – 12:15 p.m.
Reporting, Note Disclosures and Accounting Memos

Scott Morrison, Senior Manager, PricewaterhouseCoopers LLP
Abdul Majeed, Manager, PricewaterhouseCoopers LLP

  • Introduction to illustrative example
  • Walkthrough for the:
    • Life Risk product line (GMM)
    • reconciliation disclosures for the Life Risk product line (GMM)
    • par contracts product line (VFA)
    • P&C product line (PAA)
    • P&C Reinsurance contracts held
  • Transition disclosures
  • Significant judgements and disclosures
  • Accounting memos

12:15 p.m. – 1:15 p.m.  –  Luncheon

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

Life Sessions

Working Through the Components of a Life Product with Journal Entries (2 Hr 15 Min)

Dana Chaput, Partner, KPMG LLP
Trevor Gibbons, Manager, KPMG LLP

Working through life product examples with journal entries including:

  • Profitable term product that turns onerous with reinsurance
  • Onerous term product with reinsurance on initial recognition, to demonstrate reinsurance contracts held incorporating the amendments to IFRS 17 exposure draft

Transition From CALM to IFRS 17 – Using the Variable Fee Approach  (1 Hr)

Bobby Thompson, Senior Manager, Ernst & Young LLP
Bruce Langstroth, Canadian Life Actuarial Leader, Ernst & Young LLP

  • Eligibility to use VFA
  • Dealing with Par surplus
  • Which products can go under VFA? - some PAR, some UL
    • can VFA be used for these products?
    • how to justify use of VFA
    • examples for consideration
    • what would/would not work

OR

Property and Casualty Sessions 

Working Through the Life Cycle of a P&C Product with Journal Entries (2 Hr)

Bobby Thompson, Senior Manager, Ernst & Young LLP
Daniel Willmann, Senior Manager, Ernst & Young LLP

This session will examine a P&C product from contract inception to liability for incurred claim settlement. We will work through journal entries for the following events and transactions:

    • Recognizing profitable and unprofitable business
    • Billing and receipt of premiums
    • Payment and amortization of acquisition cash flows
    • Earning premiums and running-off loss components
    • Setting up the liability for incurred claims through IBNR and claims reserves
    • Changes in estimates for the LIC as well as accretion of LIC
    • Settlement of the LIC and subrogation
    • How to treat investment components’

Practical Application of the Premium Allocation Approach (PAA)  (1 Hr 15 Min)

Owen Thomas, Partner, PricewaterhouseCoopers LLP
Varun Kumar, Manager, PricewaterhouseCoopers LLP
Claire Wei, Manager, PricewaterhouseCoopers LLP

  • Understanding key judgments in PAA eligibility assessment
  • Scenarios where a test is required
  • Practical example of a quantitative test
  • Evaluating whether PAA does not differ materially from the general model

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. – 11:00 a.m. - Streamed Accounting and Actuarial Sessions

Accounting Sessions

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

Internal Controls and Risk Oversight

Zachary Bonomo, Partner, Risk Consulting, KPMG 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

OR

Actuarial Sessions

Discounting under IFRS 17: Where is this going?

Dane Grand-Maison, Consulting Actuary, Eckler Ltd.

  • Description of the two approaches (i.e.: bottom-up and top-down) for the calculation of discount rates under the IFRS 17 Standard and discussion about a proposed hybrid approach
  • Discussion about reference portfolio and steps for building one including:
    • selection of bond “universe”
    • cash flow matching
    • discount rate calculation
    • credit risk adjustments
  • Calculation and incorporation of illiquidity premium curve in the estimation of the discount rate
  • Review of the illiquidity of insurance contracts under IFRS 17
  • CIA Standard of Practice and its relationship to discounting
  • Managing the discounting process under IFRS 17
  • Recent developments

ALM Considerations and Strategies Arising From IFRS 17

Bruce Langstroth, Canadian Life Actuarial Leader, Ernst & Young LLP

ALM

  • ALM under IFRS 4 (CALM)
  • What’s changed that’s important
  • Key questions
  • Potential new strategies

Model validation

  • General model risk/validation considerations
  • Best practices
  • What’s unique about IFRS 17
  • Learnings from IFRS 9 implementation

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

11:15 a.m. – 12:30 p.m.
IFRS 17 Systems Solutions and Vendors Including Consideration of Life and P&C Specific Issues

Richard Brayley, Principal, Braylson Group
Max Samadov, Solutions Architect, SAS
Trevor Howes, Vice President and Actuary, Moody’s Analytics

An overview of the solution landscape and vendor market followed by vendor presentations from SAS and Moody’s Analytics including

  • What are we seeing in the market (transformation vs compliance; build vs buy; type of solutions: actuarial vs platform vs accounting engine)
  • Characteristics of an integrated IFRS 17 finance and risk solution
  • Review leading vendors and their coverage of IFRS 17 requirements
  • Implementation approaches and deployment strategies / case studies
  • Presentations from vendors highlighting key considerations for life and P&C projects
    • Moody’s Analytics AXISTM & RiskIntegrityTM IFRS17 (Life)
    • SAS® Regulatory Content for IFRS 17 (P&C)

12:30 p.m. – 1:30 p.m.  –  Luncheon

1:30 p.m. – 2:30 p.m.
Reinsurance Under IFRS 17 – Hot Button Issues

Jason Machtinger, Senior Vice President - Analytics & ERM, Reinsurance Division
AON

  • Outlining the position of
    • cedant (insurer)
    • reinsurer (issuer)
  • Working through examples to illustrate the process

2:30 p.m. – 3:30 p.m.
How IFRS 9 interacts with IFRS 17

Owen Thomas, Partner, PricewaterhouseCoopers LLP
Julia Chan, Senior Manager, PricewaterhouseCoopers LLP

  • IFRS 9 considerations from an insurer’s perspective
  • Industry observations
  • Working towards implementation
  • Lessons learned

 

 

 

 

 

 

 

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