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IFRS 9 For Insurance Companies 

May 20, 2020 – Toronto

IFRS 9 for Insurance Companies provides an industry-specific examination of the implications and impacts for insurance-related financial assets and liabilities that fall outside the scope of IFRS 17. In addition, the interaction between these two standards will be explored for implementation planning purposes.

 

 

IFRS 9 for Insurance Companies provides an industry-specific examination of the implications and impacts for insurance-related financial assets and liabilities that fall outside the scope of IFRS 17. In addition, the interaction between these two standards will be explored for implementation planning purposes.

In particular, the conference highlights issues insurers need to address that differ from current practices, including:

  • Applying the business model and related SPPI testing requirements
  • Incorporating macroeconomic forecasting into ECL calculations
  • ECL considerations for low credit risk assets
  • Challenges of new disclosures and reporting

This one-day conference addresses practical matters relevant to your implementation planning to highlight key issues, differences from current practice and application considerations including:

  • Classification and Measurement
  • IFRS 9 Impairment – Overview and Macroeconomic Forecasting
  • IFRS 9 Disclosures – 2022 and Beyond
  • Interaction of IFRS 9 with IFRS 17
  • Calculating ECL Including ECL Models – Case Studies and Examples
  • Implementing IFRS 9 and IFRS 17 – Practical and Operational Issues
  • Transition Considerations and Planning

Registration Fees

Registration
Options
Before
April 7, 2020
Before
April 21, 2020
After
April 21, 2020
IFRS 9 For Insurance Cos    $1,099.00 + HST $1,199 + HST $1,299.00 + 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 May 6, 2020. 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 6, 2020, 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 21, 2020, 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 a convenient location in downtown Toronto. Venue information and special conference 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.

Conference Agenda 

May 20, 2020

 

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

Owen Thomas, Partner, PricewaterhouseCoopers LLP

9:05 a.m. – 10:30 a.m.
Classification and Measurement

Scott Morrison, Senior Manager, PricewaterhouseCoopers LLP

  • IFRS 9 classification and measurement requirements
    • how IFRS 9 differs from IAS 39
  • Understanding the business model criteria in the insurance context
    • impact of liability profile on investment management strategy
  • Understanding SPPI in the insurance context
    • testing financial instruments for SPPI compliance
    • working through cash flow examples to demonstrate proper application
    • working through an example of SPPI test for the insurance industry
  • Treatment of financial instruments with accounting examples
    • investments at FVOCI
    • loans, particularly intercompany
    • equity investment
    • structured note
  • Classification of financial liabilities
  • Tools to reduce accounting mismatches
  • Identifying the necessary classification and measurement capabilities

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

10:45 a.m. – 11:45 a.m.
Impairment Under IFRS 9 – Overview and Macroeconomic Forecasting

Raghuvir Rajagopalan, Senior Manager, KPMG LLP
Vedant Bhatnagar, Manager, KPMG LLP

  • IFRS 9 impairment as it applies to insurers
  • Scope of the impairment model
    • investments at FVOCI
    • loans, particularly intercompany
    • structured note
  • Identifying technical challenges for insurers
  • Macroeconomic forecasting for insurance financial instruments – what to do
  • Macroeconomic scenarios – how many are appropriate?
  • Criteria for low credit risk exemption
  • Data, third party providers and other key issues
  • Mapping out the requirements and process
  • Example of an acceptable forecast for reporting
  • Forward looking recognition of credit losses on the balance sheet
  • Consideration of future stage 2 allocation

11:45 a.m. – 12:30 p.m.
IFRS 9 Disclosures – 2022 and Beyond

Rida Sheikh, Director, Financial Services Assurance, PricewaterhouseCoopers LLP

  • Understanding IFRS 9 disclosure requirements
  • Review of OSFI IFRS 9 disclosure requirements for insurers
  • Key disclosures
    • types of investment
    • impairment
  • Interaction with IFRS 7, IFRS 17 and other standards
  • Changes to make for ECL implementation
    • temporary considerations for transition
    • permanent considerations surviving transition
  • How new requirements create processes subject to financial reporting/disclosure
  • Implementation process and considerations
  • Financial statements and disclosure considerations including KPIs

12:30 p.m. – 1:30 p.m. – Luncheon

1:30 p.m. – 2:30 p.m.
Interaction of IFRS 9 with IFRS 17

Bobby Thompson, Senior Manager, Ernst & Young LLP

  • Highlighting key areas of interaction
  • Developing an operating model to integrate the standards
  • Integrating and implementing FVOCI classifications
  • Consistent credit modelling and infrastructure
  • Working with the CSM, P&L and OCI to manage volatility
  • Scenario testing to understand impacts on financial statements, CSM, P&L and OCI
  • ALM – what actuaries need to know from accounting rules
  • Impact of IFRS 9 on solvency regulation compliance
  • Optimizing ALM for balance sheet market consistency and regulatory frameworks
  • Combining IFRS 17 and IFRS 9 impact assessments
  • Modified asset strategies to better match liability duration?
    • increased reliance on non-equity investments?
  • Balancing reduction of volatility vs operational complexity

2:30 p.m. – 3:30 p.m.
Calculating ECL including ECL Models – Case Studies and Examples

Maisie Ho, Senior Manager, Ernst & Young LLP

  • Examining credit risk issues for insurers and reinsurers
  • Importance of ECL methodology for all insurers
  • Understanding exemptions to minimize impairment compliance
  • Methods for ECL calculations where no exemptions apply
    • twelve month
    • lifetime
    • point in time (PIT)
  • ECL disclosure considerations
  • Use of internal models – alone and with other tools
  • Lessons learned and outcomes observed from banking industry compliance
  • Modeling, model validation and model risk
  • Challenges for low default asset classes

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

3:45 p.m. – 4:45 p.m.
Transition Considerations and Planning with Working Examples and Journal Entries

Kiran Khun-Khun, Partner, Deloitte LLP 

  • Mapping an effective operating model for IFRS 9
  • Transition year reporting – implications of different transition rules for adopting IFRS 9
    • identification of asset/liability mismatches for accounting purposes
    • matching GMM liabilities and assets
    • looking at implications of different measurement criteria – IFRS 9 v. 17
    • reporting on two different bases and how to manage this
  • Reconciliation of accounting, regulatory capital and managerial reporting and information
  • Understanding data needs, management and reporting
  • Highlighting “grey areas” that need to be resolved
  • Modifying internal controls and risk management processes
  • Transition year reporting and disclosure for IFRS 9
  • Ongoing disclosure for IFRS 9 transition

 

Who Should Attend

This conference has been specifically designed for, and in consultation with, experts in accounting for insurance companies in Canada 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