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Implementing LICAT

May 25, 2017 – Toronto

LICAT represents a significant change in the insurance regulatory solvency framework that is far more detailed and comprehensive than MCCSR. Intended to align risk measurements with risks, the framework changes the capital ratios with the result that supervisory ratios will be much more sensitive to changes in the ratio.     

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LICAT represents a significant change in the insurance regulatory solvency framework that is far more detailed and comprehensive than MCCSR. Intended to align risk measurements with risks, the framework changes the capital ratios with the result that supervisory ratios will be much more sensitive to changes in the ratio.

Once initial determinations have been made, it will be very difficult to change your framework in the future.  The key to this new regulatory standard is getting it right the first time and understanding key triggers in the guideline in order to make appropriate decisions at the outset.

In addition, LICAT is intended to function with the new IFRS 17 standard on insurance contracts expected later this year.  Although the transition date for IFRS 17 is still several years away, there are decisions that will need to be made now based on an awareness of what will have to be integrated into LICAT in order to avoid subsequent redundancy of effort and expense.

Implementing LICAT has been specifically designed to examine the critical issues vital to your implementation plans and initial decision-making. You will obtain valuable insights on where to go from here and for producing your first year reporting package.

With the implementation date quickly closing in, leading Canadian experts will look at progress made to date, lessons learned and considerations for first year reporting. Topics to be addressed include:

  • Implementing LICAT – New Concepts and Key Changes from MCCSR
  • Practical and Operational Issues for Effective Transition
  • Downstream Impact of LICAT – Implications for Management
  • Examination of Critical Factors for Initial Implementation
  • Models, Assumptions and Regulatory Outputs Under LICAT
  • IFRS and LICAT - Past, Present and Future

Registration Fees

Registration
Options
Before
April 20, 2017
Before
May 4, 2017
After
May 4, 2017
Implementing LICAT    $1,049.00 + HST $1,099 + HST $1,199.00 + 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 10, 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 May 10, 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 May 4, 2017, and you will obtain the following additional savings:

Second delegate: $50  Discount
Third delegate: $75 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 - May 25

Conference Agenda

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

Johan Janse van Vuuren, Vice President, ORSA and LICAT, Sun Life Financial

9:05 a.m. –10:00 a.m.
Implementing LICAT – Understanding New Concepts and Key Changes from MCCSR

Alison Rose, Senior Manager, KPMG LLP

  • Overview of changes to existing categories and new key concepts
    • comparing LICAT to MCCSR
    • similarities to Solvency II – using guidance from the European experience
    • available capital
  • Elements of the Base Solvency Buffer
    • credit risk
    • market risk – interest rate, equity and real estate
    • insurance risk
    • operational risk
    • participating and adjustable products
    • credit for risk mitigation and risk transfer
  • IFRS 17 – LICAT implications
  • Highlighting processes with LICAT interdependencies
    • e.g. ORSA; DCAT

10:00 a.m. – 11:00 a.m.
Practical and Operational Issues for Effective Transition

Kelly Levy, SVP Capital Management, Great West Life
James Malin, Vice President Solvency, Manulife

  • Key challenges for industry implementation of the new LICAT capital regime including
    • operational impact of LICAT on capital targets and allocation
    • investment mix
    • product design and pricing
    • use of reinsurance

11:00 a.m. – 11:20 a.m.  –  Morning Networking Break

11:20 a.m. – 12:10 p.m.
Downstream Impact of LICAT – Implications for Management

Gaurav Upadhya, Managing Director, Actuarial Services, PricewaterhouseCoopers LLP
Mike Palmer, Senior Manager, PricewaterhouseCoopers LLP

  • Organizational impact of LICAT with respect to
    • products and product development
    • capital allocation
    • performance management and incentives
  • Broader capital management impacts on
    • capital structure
    • shareholder ROE
    • understanding and managing volatility
    • near-term DCAT transition
    • ORSA integration and internal capital targets

12:10 p.m. – 1:15 p.m.  – Luncheon

1:15 p.m. – 2:10 p.m.
Examining Critical Factors for Initial Implementation

Janice Deganis, Partner, Ernst & Young LLP

  • Evaluating the sensitivity of the new calculations
  • Communicating impact of new framework to stakeholders – what the new numbers mean
  • Importance of understanding initial numbers correctly – less volatility, greater impact from movement
  • Implications for reinsurance providers and primary users
  • Update on progress regarding disclosure requirements

2:10 p.m. – 3:10 p.m.
Models, Assumptions and Regulatory Outputs Under LICAT

Trevor Howes, Vice President and Actuary, GGY AXIS

  • How LICAT impacts models, model risk, data governance and regulatory outputs
  • Working with assumptions required by LICAT –
    • reflecting valuations under best estimates
    • stressing assumptions
  • Understanding issues associated with new stress testing expectations
    • systems demands
    • outside data issues
    • data aggregation
    • OSFI reporting
  • OSFI cash flow reporting
    • capturing and saving data on a continuous basis
  • Verification and ability to reproduce results
  • Other issues to address
    • controls
    • required resources
    • projections and planning for risk calculations
    • anticipating IFRS 17 implementation
    • how to project projected LICAT calculations

3:10 p.m. – 3:25 p.m. – Afternoon Networking Break

3:25 p.m. – 4:15 p.m.
Progression from Past to Present to Future of LICAT Including Interaction with IFRS

Steve Easson, Vice President and Chief Actuary, Canadian Life and Health Insurance Association

  • Key evolutionary LICAT developments to date
    • Required Capital, Available Capital, Credits
    • Segregated Fund Guarantee
    • Integration with IFRS 4, Phase II proxy at first, then to CALM
  • Transition impacts from MCCSR to LICAT
  • Looking forward
    • 2019/2020
    • IFRS 17 in 2021
  • IFRS 17
    • Conceptual bases of integration of CALM vs. IFRS 17 into LICAT
    • Key differences between CALM and IFRS 17 impacting LICAT - Best estimate liabilities, "Margins" and
      Contractual Service Margin

 

 

 

  • Who Should Attend

    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 Risk Officers
    • Chief Actuaries
    • VPs, Directors and Managers
      • Risk Management
      • Financial and Regulatory Reporting
      • Finance
      • Regulatory Compliance
    • Risk Managers
    • Actuaries
    • Internal Auditors
    • Audit Committee Members
    • Audit and Assurance Professionals
    • Industry Regulators and Standard Setters

Comments from Past Delegates to Acumen Conferences

"…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

“Finally a course that communicates true technical knowledge”,

Director, Operations Finance NAV Canada

“This seminar was fantastic – very informative and has some extremely interesting and knowledgeable speakers.”

Manager, Corporate Accounting Brascan Power

“Great balance between theory and practical application/issues. Perfect level of detail…”

Treasury Manager CHC Helicopter Corporation
“Speakers were very knowledgeable, materials were current…examples and materials were relevant and well presented.”

Derivatives Accountant, Agrium Inc.

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:info@acumeninformation.com

Submit Questions

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

Sponsorship Information

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  info@acumeninformation.com