With the FASB and the IASB set to release an exposure draft and a targeted discussion document respectively, there is renewed interest within the industry related to insurance contracts accounting. Companies are working to study the impacts of the proposed new framework on the various products, their financial statements taken as a whole, as well as on systems and processes. This session will cover an update on current positions of the FASB and IASB as well as case studies illustrating some of the impacts being experienced by companies when they apply this framework. At the conclusion of the session, attendees will be able to describe the current positions of the FASB and the IASB with respect to insurance contracts accounting and the potential impacts of those positions.

Research projects in pension - Pension Risk Management: Derivatives, Fiduciary Duty and Process by Susan Mangiero

In this session, the panelists will discuss the various proposals and changes with regard to the NAIC, ACLI, FASB and IASB. The primary emphases will be on the reserve, capital and accounting requirements or changes in both the United States and internationally, including the latest on the NAIC AG38 working group and its potential implications. The panelists will discuss what has been approved, what is being proposed, and any potential changes or proposals in the horizon. At the conclusion of the session, participants will be able to understand what the regulation has recently changed, what the various regulatory bodies are currently considering, and what possible outcomes are.

US GAAP for International Life Insurers, Hong Kong, 2008. This session focused on the the risk-transfer requirements under reinsurance accounting. Topics included: 1. Common Types of Reinsurance 2. Accounting Guidance 3. Short Duration Contracts 4. Long Duration Contracts 5. Ceded Reinsurance Examples 6. Reinsurance Assumed

Slides from a session at the seminar: International Financial Reporting for Insurers: IFRS and U.S. GAAP held on August 31-Sept. 1 2010 in Hong Kong Presentation on Embedded Derivatives and SFAS 133. Includes an introduction to FAS 133, definition of a derivative, examples of what is included/excluded from the scope and discussion of how to account for embedded derivatives under GAAP.

2011 SOA Insurance IFRS Seminar, Hong Kong. This workshop session teaches how to calculate liability values using a case study which modeled cash flows of a term policy under several modeling approaches.

This presentation reviews global solvency issues and concerns and their impact on asset portfolio management. An overview of future solvency regimes is provided - included are the US NAIC Solvency Modernization Initiative, the European Solvency II, and the Canadian ODFI Vision. From the Investment Symposium, Session E3, March 2012.

US GAAP for International Life Insurers, Hong Kong, 200 This session focused on the GAAP treatment of expenses: Deferrable acquisition costs, non-deferrable acquisition costs, maintenance expenses, and all other.

The speakers will discuss what has been approved, what is still being proposed, and any potential changes or proposals on the horizon. This session will also focus on the impact these changes will have on the insurance industry. At the conclusion of the session, attendees will be able to describe the life insurance industry regulatory developments shaping the insurance industry.

In recent decades, as the use of derivatives by financial institutions has expanded, the shortcomings of historical cost accounting approaches have become increasingly apparent. Since derivatives can create large exposures to risk that go unnoticed under historical standards, the accounting industry has focused on how to change the standards so that these risks are reflected appropriately in a company's accounting statements. This paper will use a simple equity-indexed annuity to illustrate the problem with historical cost accounting and with the standards that have been adopted to correct it. The paper then argues that the only legitimate means of reflecting risk properly on a company's accounting statements is to adopt full fair value accounting for all assets and liabilities on the company's books.