HomeWebcastComplying with FASB’s Insurance Accounting Standard: Effective Preparation and Implementation Strategies
Online CPE Insurance Accounting CLE

Complying with FASB’s Insurance Accounting Standard: Effective Preparation and Implementation Strategies

Live Webcast Date: Thursday, April 11, 2019 from 12:00 pm to 1:00 pm (ET)
CPE AccountingCPE InsuranceRecording

Online CPE Insurance Accounting

Join us for this Knowledge Group Online CPE Insurance Accounting Webinar. 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.

Join a panel of key thought leaders and professionals assembled by The Knowledge Group as they provide the audience with an in-depth analysis of the recent developments in FASB's Insurance Accounting Standard. Speakers will also discuss its implications to stakeholders as well as the best preparation and implementation strategies to avoid pitfalls.

This 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

LEARNING OBJECTIVES

  • 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.

Who Should Attend

  • Finance & Accounting Executives
  • Financial Directors/Analysts
  • Financial/Accounting Managers
  • Chief Financial Officers
  • CPAs
  • Auditors
  • Corporate Tax Professionals & Finance Executives
  • Attorneys and Consultants for Financial Companies
  • Financial Industry Analysts 
  • Other Related/Interested Professionals

Preview Podcast

Please click the podcast below to hear the speakers discuss the key topics for this webcast.

Faculty

Online CPE Insurance Accounting
William Hines, FSA, MAAA
Principal & Consulting Actuary
Milliman
Online CPE Insurance Accounting
Emily Cummins, CPA, CIA, CPCU, CISSP, ARM, ARe
Underwriting Administration Specialist
Church Mutual Insurance Company

Click Here to Read Additional Material

Online CPE Insurance Accounting

SEGMENT 1:
Emily Cummins, CPA, CIA, CPCU, CISSP, ARM, AReUnderwriting 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

SEGMENT 2: 
William Hines, FSA, MAAAPrincipal & Consulting Actuary
Milliman

  • Implementation and ongoing calculations
  • Data requirements and governance
  • Explaining the impact to stakeholders

Online CPE Insurance Accounting

Online CPE Insurance Accounting

William Hines, FSA, MAAAPrincipal & Consulting ActuaryMilliman

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.

Online CPE Insurance Accounting

Emily Cummins, CPA, CIA, CPCU, CISSP, ARM, AReUnderwriting Administration SpecialistChurch Mutual Insurance Company

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.”

Online CPE Insurance Accounting

Course Level:
   Intermediate

Advance Preparation:
   Print and review course materials

Method Of Presentation:
   On-demand Webcast

Prerequisite:
   Experience in accounting law

Course Code:
   147968

NY Category of CLE Credit:
   Areas of Professional Practice

NASBA Field of Study:
   Accounting - Technical

Total Credit:
    1.0 CLE

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About the Knowledge Group

The Knowledge Group

The Knowledge Group has been a leading global provider of Continuing Education (CLE, CPE) for over 13 Years. We produce over 450 LIVE webcasts annually and have a catalog of over 4,000 on-demand courses.

About the Knowledge Group

The Knowledge Group

The Knowledge Group has been a leading global provider of Continuing Education (CLE, CPE) for over 13 Years. We produce over 450 LIVE webcasts annually and have a catalog of over 4,000 on-demand courses.

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.

Website: http://us.milliman.com/

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.”

Website: https://www.churchmutual.com/

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