Complying with FASB’s Insurance Accounting Standard: Effective Preparation and Implementation Strategies
The Financial Accounting Standards Board (FASB) recently released its Accounting Standards Update (ASU) that revamped the financial reporting of insurance companies’ long-duration contracts like life insurance, disability income, long-term care, and annuities. The new accounting standard demands enhanced disclosures, improves uniformity among similar market-based benefits, and sets standard liability discount rate.
The changing FASB standard poses a considerable impact on various stakeholders. Revisiting existing financial reporting practices and integrating a doable strategic plan are imperative for effective and efficient compliance.
This LIVE Webcast will discuss the following key provisions:
- The Backstory of the New Insurance Contracts Accounting Standard
- FASB Consideration of Industry-Input and Feedback
- Implementing the Spirit of Clarity
- Implementation and On-Going Calculations
- Data Requirements and Governance
- Explaining the Impact to Stakeholders
- Explain backstory of the new insurance contracts accounting standard. (“How Did We Get Here?”)
- Recognize FASB consideration of industry input and feedback from stakeholders.
- Identify the value of implementing new accounting standards in the spirit of clarity.
Emily Cummins, CPA, CIA, CPCU, CISSP, ARM, ARe, Underwriting Administration Specialist
Church Mutual Insurance Company
- How Did We Get Here? Backstory of the new Insurance Contracts Accounting Standard
- FASB Consideration of Industry Input and Feedback
- Implementing in the Spirit of Clarity
William Hines, FSA, MAAA, Principal & Consulting Actuary
- Implementation and ongoing calculations
- Data requirements and governance
- Explaining the impact to stakeholders
Who Should Attend:
- Finance & Accounting Executives
- Financial Directors/Analysts
- Financial/Accounting Managers
- Chief Financial Officers
- Corporate Tax Professionals & Finance Executives
- Attorneys and Consultants for Financial Companies
- Financial Industry Analysts
- Other Related/Interested Professionals
William consults extensively on financial reporting issues involving U.S. GAAP, IFRS, regulatory accounting, and embedded value. He has served as appointed actuary for more than a dozen life insurers in the United States, Bermuda and the Cayman Islands. William is recognized as an expert in insurance company accounting and serves on the International Accounting Standards Board’s IFRS 17 Transition Resource Group.
His consulting assignments have also included litigation support, reserve reviews, pricing analysis, mergers and acquisitions, mutual company reorganizations, alternative financing structures, securitizations, captive insurance companies, and reinsurance transactions.
Prior to joining Milliman, William worked at John Hancock in Boston, where he gained experience in GAAP and statutory financial reporting, valuation, dividend scale development, profitability analysis, and projection, as well as many aspects of demutualization.
William consults extensively on financial reporting issues involving U.S. GAAP, IFRS, regulatory accounting, and embedded value. He has served as …
Emily Cummins (MBA, CPA, CIA, CPCU, CISSP) is a specialist in the underwriting division of Church Mutual Insurance Company, a leading risk and insurance services provider in the religious institutional marketplace and other compatible markets. She joined Church Mutual following a career in tax, compliance, and enterprise risk management at a nonprofit organization. Previously, she worked for Wachovia (Wells Fargo) and Ernst & Young. Emily has degrees from Wake Forest University, George Washington University, and George Mason University. Most recently, she served on the global board of directors for RIMS, the Risk and Insurance Management Society, and as chair of the RIMS board audit committee. Emily has been a panel judge for the U.S. Captive Services Awards, and she was named as one of Insurance Business America’s “Leading Risk Managers of 2018.”
Emily Cummins (MBA, CPA, CIA, CPCU, CISSP) is a specialist in the underwriting division of Church Mutual Insurance Company, a …
Print and review course materials
Method of Presentation:
On-demand Webcast; Group-Internet Based
Experience in accounting law
NY Category of CLE Credit:
Areas of Professional Practice
NASBA Field of Study:
Accounting - Technical
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Milliman is among the world’s largest providers of actuarial, risk management, and related technology and data solutions. Our consulting and advanced analytics capabilities encompass healthcare, property and casualty insurance, life insurance and financial services, and employee benefits.
With more than 3,500 employees and revenue of US$1 billion in 2017, the firm serves the full spectrum of business, financial, government, union, education, and nonprofit organizations.
Founded in 1947, Milliman today has offices in principal cities worldwide, covering markets in North America, Latin America, Europe, Asia and the Pacific, the Middle East, and Africa.
About Church Mutual Insurance Company
The mission of Church Mutual is to be the premier provider of insurance services in the religious institutional marketplace and other compatible markets. Church Mutual insures more religious institutions than any other company in the United States. Church Mutual’s focus is on serving faith-based organizations, including places of worship, camps, schools, senior living facilities, denomination and association offices, ministries, and an expanded underwriting appetite of other nonprofits and human services, consistent with Church Mutual’s core principle of “Protecting the Greater Good.”