The balance sheet and PL of insurance companies by jaboxer


									                          WARSAW ACTUARIAL SUMMER SCHOOL
                                    20TH EDITION
                                7-11 SEPTEMBER 2009

                                   COURSE SYLLABUS:

10-11 September:
- Course 2: Understanding Accounting Standards and Regulatory
  Requirements for Insurance Companies – Actuaries on the Pole Positions
  (10 h), Daniel Matic, Aleksander Rejman, Andreas Schroeder, Tillinghast
  Towers Perrin, Germany

1. The balance sheet and P&L of insurance companies: Statutory and economic view /
  measurement approaches.

2. Overview of current insurance accounting and their history (focus on life business):
  Statutory (Polish) GAAP, US GAAP, idea of measurement approaches on the liability
  side for important standards, IFRS (currently applicable standards / contract

3. Overview of future (IFRS) accounting standards: Timeline, content of IFRS 4 Phase II
  discussion paper and expected exposure draft.

4. Overview of existing and future regulatory requirements throughout Europe:
  Solvency I, examples of more advanced local mark to market approaches (UK and
  Switzerland), Solvency II standard (Pillar I requirements / QIS 4 exercise).

5. One common playground: Market consistent valuation methods (focus on life
  business), role of the actuary, common valuation principles under SII and IFRS,
  bridge to MCEV and differences.

6. Comparison of approaches: Basic measurement approach, cash flows issues,
  allowance for expenses, Economic assumptions / discount rates future premiums,
  participating business, time value of options and guarantees, allowance for own
  credit risk.

Topics will be accompanied with worked single policy examples for life business under
the different standards (Polish Statutory / US GAAP / IFRS / MCEV / SII) with focus on
best estimate liability, profit recognition, and DAC (methods).

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