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Insurance Reporting & Regulation – 2019 Update 

October 22 – 23, 2019 – Toronto

While IFRS 17 and 9 have been dominating the agenda of Insurance Companies, many other significant developments have also come into play.  These challenges  must be managed at the same time as IFRS 17 projects and, some case, in conjunction with those efforts.

Insurance Reporting and Regulation highlights and summarizes key issues on your accounting, reporting, risk  and regulatory agenda. Understand changes affecting your organization and how they impact your scope of responsibilities by obtaining the most current and focused information available


While IFRS 17 and 9 have been dominating the agenda of Insurance Companies, many other significant developments have also come into play.  These challenges  must be managed at the same time as IFRS 17 projects and, some case, in conjunction with those efforts.

Insurance Reporting and Regulation highlights and summarizes key issues on your accounting, reporting, risk  and regulatory agenda. Understand changes affecting your organization and how they impact your scope of responsibilities by obtaining the most current and focused information available on these topics:

  • OSFI and Corporate Governance – the New Messages for Boards and Management
  • Insurance Industry Regulatory Update
  • LICAT – Pending Developments and Lessons Learned To Date
  • Market Conduct and Fair Treatment of Consumers
  • Model Risk Management and Model Governance – Life and P&C
  • Where can InsurTechs impact Insurance Reporting and Regulation?
  • Cybersecurity and Data Protection Regulation for Insurers
  • Reinsurance Update – OSFI Draft Guidance, New Securitization Rules
  • IFRS 15 and IFRS 16 for Insurance Companies
  • IFRS 17 Updates – Changes, Practical Matters and Project Challenges

Registration Fees

Registration
Options
Before
September 17, 2019
Before
September 24, 2019
After
September 24, 2019
Insurance Regulation     $2,099.00 + HST $2,199.00 + HST $2,299.00 + HST

Our HST Number: R862562543

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 October 8, 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 October 8, 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 September 24, 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:

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

416-924-1611/1-800-847-5075

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 - October 22

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

Dana Chaput, Partner, KPMG LLP

9:05 a.m. – 10:00 a.m.
OSFI and Corporate Governance – the New Messages for Boards and Management

Gord​on​ Piercey, Managing Director Risk Assurance Services, PricewaterhouseCoopers LLP

  • Summary of changes introduced by the new 2018 Governance Guideline
  • What boards and management should be doing to comply
  • Role of board in promoting a “risk culture”
  • Taking a closer look at some key terms:
    • culture, challenge, satisfied, sufficient stature and authority, diversity
  • Independence of operational management, senior management and heads of oversight functions in smaller organizations – applying proportionality
  • OSFI’s assessment of board performance – understanding the criteria and methods for complying
  • Pending revisions to E-4A – what can be expected?
  • Sources of guidance for fulfilling OSFI expectations
  • Specific operational challenges to address for each method
  • Disclosure of how measurement of contracts at transition is determined
  • Getting ready for 2020 - new emphasis on people and culture risk; what OSFI’s organizational changes could mean to you

10:00 a.m. – 11:00 a.m.
Insurance Industry Regulatory Update

Koker Christensen, Partner, Fasken Martineau LLP

  • A progress report on the Financial Services Regulatory Authority of Ontario
  • Quebec’s Bill 141
  • Amendments to Canada’s AML regime impacting life insurers
  • Other provincial and federal regulatory developments

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

11:15 a.m. – 12:30 p.m.
LICAT – Pending Developments and Lessons Learned To Date

Na Ta, Principle, Oliver Wyman

  • Brief overview of LICAT framework
    • stricter requirements on the quality of available capital
    • highlight on key risk components
    • control and governance around the LICAT process
  • Risk and capital management under LICAT
    • challenges in explaining results to investors
    • considerations for life insurers
    • asset risk charge
    • interest rate risk
    • reinsurance implications
    • internal target capital ratios reassessment for ORSA
  • LICAT and IFRS 17
    • expected key principles
    • OSFI’s capital implementation plan
    • potential differences

12:30 p.m. – 1:30 p.m.  –  Luncheon

1:30 p.m. – 2:30 p.m.
Market Conduct and Fair Treatment of Consumers

Jay McMahan, Partner, Deloitte LLP

  • CCIR/CISRO – update on guidance
    • differences between CCIR/CISRO guidelines and related Federal and provincial initiatives
  • Aspects of Market Conduct and Fair Treatment
    • key concepts examined from product design to claim settlement
    • use of technology in assisting end-to-end oversight of market conduct and fair
    • treatment of customers
    • meeting the threshold of adequate systems and controls in the selection of intermediaries
  • Regulators and Regulations
    • practical considerations for applying the regulations within insurance organizations
    • disclosure expectations
    • types of actions taken against life and P&C insurers
    • key issues on the IAIS agenda
  • Risks
    • emerging risks related to corporate culture and conduct
    • positioning market conduct risk in the enterprise risk framework
  • Challenges
    • intermediaries and compliance challenges  -  impact on insurance companies
    • positioning market conduct risk in the enterprise risk framework

2:30 p.m. - 3:30 p.m.
Model Risk Management and Model Governance – Life and P&

Alison Rose, Senior Manager, Life Actuarial, KPMG LLP
Anh Tu Le, Executive Director, P&C Actuarial KPMG LLP

  • Model risk – definitions and scope
  • Regulatory framework for insurance liability model governance – OSFI guidelines, actuarial standards of practice
  • Model risk management key issues including:
    • different model purposes (e.g. IFRS 17, LICAT/MCT, sensitivities)
    • issues arising from proprietary modelling platforms and “black box” models
    • documentation of modeling decisions and approach (data, methodology, assumptions)
  • Effective model governance
    effective challenge processes and use of model validation and model vetting
  • controls

3:30 p.m. – 3:45 p.m. – Afternoon Networking Break

3:45 p.m. – 4:45 p.m.
InsurTechs – Where They Can Impact Insurance Reporting and Regulation

Hugh Margey, Senior Manager, Life Advisory, Ernst & Young LLP

  • Overview of insurtech landscape, disrupting vs partnering
  • Carrier strategies for engaging with insurtechs
  • What are the risks (regulatory and otherwise) of partnering, acquiring insurtechs?
  • Regulatory landscape and guidance regarding insurtechs
    • privacy, cyber, fairness & access
    • position on regulatory sandbox for insurtechs
    • importance of dialogue between regulators and innovators
  • Where have we seen movement and where are the opportunities

4:45 p.m. – End of Day 1

 

 

Program - October 23

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

Dana Chaput, Partner, KPMG LLP

9:05 a.m. – 10:00 a.m.
Cybersecurity and Data Protection Regulation for Insurers

Sylvia Kingsmill, Partner and National Leader, Privacy, Regulatory and Information Management, KPMG LLP

  • Cybersecurity reporting under securities regulation
    • OSFI Cybersecurity Advisory – obligations and implementation
    • understanding compliance thresholds for differing regulatory requirements
      • what is a “material” breach and “how” to report it
  • How to harmonize with PIPEDA regulatory reporting rules
    • what is a “significant risk of harm” – when is a breach reportable?
  • Anticipating a breach – do’s and don’ts - what is considered appropriate and effective risk management?
  • Risk issues unique to the insurance industry – technology and data
  • Privacy and the digital charter

10:00 a.m. – 11:00 a.m.
Reinsurance Update – OSFI Draft Guidance, New Securitization Rules

Laurie LaPalme, Partner, Cassels Brock LLP

  • Summary of OSFI Reinsurance Discussion Paper
    • reasons for framework review
    • objectives and guidelines
    • key categories for review
      • large exposure/counterparty concentration risks
      • capital framework
      • clarifications to Guideline B-3 and other adjustments
  • Practical implications for the future of reinsurance in Canada
  • Issues raised by comments to OSFI
  • Asset Securitization (Guideline B-5) implementation
    • overview of the new rules
    • operational and qualitative requirements
    • capital requirements for insurers that invest in/sponsor securitizations
    • understanding insurer’s credit risk exposures

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

11:15 a.m. – 12:15 p.m.
IFRS 15 and IFRS 16 for Insurance Companies

Maisie Ho, Senior Manager, Ernst & Young LLP
Daniel Willmann, Senior Manager, Ernst & Young LLP

  • Determining revenue from contracts that fall outside IFRS 17
  • IFRS 17 unbundling requirements – what must be captured?
  • Key IFRS 15 concepts applied to insurance transactions
  • Impact on current KPIs and business practices including new data requirements
  • Accounting for variable consideration  - defining terminolo
  • Bifurcation of asset management services – interaction with IFRS 9
  • upfront fees - timing of transfer of services to customer
  • ongoing fees - determining timing of revenue recognition
  • surrender penalties
  • Contract costs – costs to fulfill vs. incremental costs to obtain a contract
  • Bridging the gap – implementation and transitions issues up to 2021
  • New and interim disclosures
  • IFRS 16 lease accounting issues for the insurance industry
  • Separating lease vs. non-lease components
  • Impact of capital adequacy
  • life
  • property and casualty
  • mortgage insurance

12:15 p.m. – 1:15 p.m.  – Luncheon

1:15 p.m. – 2:15 p.m.
IFRS 17 Updates – Changes, Practical Matters and Project Challenges

Bobby Thompson, Senior Manager, Ernst & Young LLP

  • How is the accounting framework changing from IFRS 4?
  • What does this mean for KPIs and evaluating the business?
  • What changes will be required to the IT architecture and where are the project costs being spent?
  • Should we be targeting minimal compliance? Finance transformation? Something in between?
  • What does each functional leader within the company need to know about IFRS 17 and why do non-accountants need to be knowledgeable?
  • Practical issues being encountered in implementation

2:15 p.m. – 3:15 p.m.
Tax and Tax Accounting Update

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

  • CRA audit and review activities in the insurance industry
  • Update on tax developments of specific concern to Canadian insurers
  • Tax impact of IFRS 17
  • IFRS 17 compatibility with current tax rules
  • Issues that need to be resolved by CRA and Finance – what to do in the interim to plan
  • Tax issues presented by other IFRS standards: 9, 15, 16
  • IFRIC 23 considerations
  • OECD and Canadian tax rules affecting transfer pricing in insurance operations

 

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