WARSAW ACTUARIAL SUMMER SCHOOL 20TH EDITION FACULTY OF ECONOMIC SCIENCES, UNIVERSITY OF WARSAW 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 classification). 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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