ACCOUNTING, RISK AND FINANCE SESSIONS

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Accounting Update

1:45pm -3:15pm

Are you up-to-date on the 2019 activity of the NAIC's Statutory Accounting Principles Working Group (SAPWG)? Do you know what issues are still pending and, if adopted, might need to be addressed for year-end 2019? Are there other NAIC initiatives in the works that may eventually affect statutory accounting? This session will provide current information your company needs to prepare for necessary statutory accounting changes.

Objectives:

  • Understand new statutory accounting requirements.

  • Determine needed company changes to meet new statutory accounting requirements.

  • Recognize areas of NAIC activity that need to be monitored.

101

Monday, June 3

Moderator:

Arthur Salvadori, Crowe Horwath LLP

Speakers:

Michael Reis, Northwestern Mutual

Julie Gann, CPA, FLMI, AIRC, ARA, National Association of Insurance Commissioners

Industry Perspective: Current Expected Credit Loss (CECL)

1:45pm -3:15pm

Industry experts see the new GAAP Credit Loss standard, commonly referred to as CECL, as one of the most significant changes facing financial institutions today. There is universal agreement that implementing the standard will be challenging. Is your company ready for the operational, analytical and accounting processes you will need to complete? With the implementation date just months away, join this session and gain knowledge from our experts on what you should be thinking about, including a review of the guidance, walk-through examples, operational and investment considerations, and reporting changes.

Objectives:

 

  • Review new GAAP guidance, including differences by asset type and classification (HTM vs. AFS)

  • Walk through example impairment processes, including operational, analytical and process considerations

  • Discuss what companies should be thinking about with regards to CECL implementation

102

Monday, June 3

Moderator:

Rachel Evans, BlackRock

Speakers:

Betsy Rose, State Street

Maria Bifulco, Prudential

Rachel Evans, BlackRock

Technology Business Management-A Finance and IT Collaboration

1:45pm -3:15pm

As the Insurance Industry becomes more centered around Information Technology (IT), managing the IT Portfolio becomes a key component of successful strategy execution. How do you, not just manage, but strategically align an IT Portfolio in a successful way? How can the needs of the business be met while maintaining control over costs?In 2016, Western & Southern Financial Group began a collaborative effort between IT and Finance to better manage the large, strategic and operational program and project requests coming from both outside, and within, IT. Through this collaborative effort, Western & Southern now Captures, on all Strategic Programs and Projects, a Business Case.Cost/Benefit Analysis.Estimate of the level of IT effort for execution.Complexity and Risk Assessments.- Has a rolling Portfolio that is vetted monthly at the Executive Level.- Assesses Demands based on strategic alignment.- Sequences the Portfolio based on priority and resource availability.

Objectives:

  • Explain the fundamentals of project portfolio management at Western & Southern Financial Group.

  • Select and sequence the highest value work.

  • Participate in an interactive walk-thru of the Western & Southern Demand Lifecycle.

103

Monday, June 3

Speakers:

Lisa White, Western & Southern Financial Group

Brian Haberman, Western & Southern Financial Group

Maximizing R&D Tax Credits: How Insurance Companies Can Benefit

1:45pm -3:15pm

In a dynamic technological landscape, insurance companies are making significant investments of internal and external resources to build new software platforms resulting in automation of workflows and improved business functions. These efforts often qualify for a federal tax credit.

Objectives:

 

  • Determine the qualifying criteria for the Research Tax Credit

  • Identify potentially qualifying activities and projects applicable to the Insurance Industry

  • Discuss what expenses can qualify for the Research Tax Credit

  • Educate on tax benefits, possible risks, and burdens associated with competing a Research Tax Credit project.

104

Monday, June 3

Moderator:

Margarete Chalker, Plante Moran

Speakers:

Julie Peters, Plante Moran

Chuck Marchand, Plante Moran

Kristy Dombkowski, Hastings Mutual Insurance Company

Callie Courtright, Hastings Mutual Insurance Company

Unstable Outlook? The Changing Landscape of Fixed Income

1:45pm -3:15pm

Fixed Income was traditionally considered the safe zone for insurers. But today, corporate credit quality is declining, the municipal bond market has been impacted by tax reform, and rates are rising. What do insurers do now?

Objectives:

  • Identify the market forces that have impacted fixed income

  • Evaluate the big changes and how they will impact portfolios

  • Discuss ways to take advantage of the current market dynamics

105

Monday, June 3

Speaker:

Walt Stubbings, Miles Capital

Fraud Investigations: Who What Where and How

1:45pm -3:15pm

This session will focus on the identification of potential fraudulent actions that can cost insurance companies millions of dollars. Who are they, what are they doing, where are they located and how do we find them?

Objectives:

  • Who are the types of people will commit fraud and how do you find them?

  • What types of tools are they using to commit this fraud?

  • How do we identify different types of fraud in our industry?

106

Monday, June 3

Speaker:

Cristine Miller, MCM CPA's & Advisors

Essential Elements of Reinsurance

1:45pm -3:15pm

Reinsurance is often referred to as "insurance for insurance companies." While many of the concepts of insurance carry over to reinsurance, the reinsurance environment includes numerous unique terms, coverages and concepts. A solid understanding of these concepts will help finance, IT and risk professionals consider the common variables involved in different forms of reinsurance products and how they operate as a risk management tool. In this session we will provide a solid foundation of reinsurance principles and discuss key concepts to consider when developing a reinsurance program.

Objectives:

  • Describe the role reinsurance plays in an insurance company's risk management strategy.

  • Provide insight into various reinsurance products and the objectives they are designed to achieve.

  • Analyze various ways premium, losses and expenses can be shared in a reinsurance program.

  • Analyze the impact of reinsurance alternatives on balance sheets, income statements and financial ratios.

107

Monday, June 3

Speakers:

Stephen Korducki, BMS Re US

Urban Friesz , BMS Re US

Cannabis: Insurers Capitalize on Effective Management of Growing Niche

1:45pm -3:15pm

The US cannabis market is fraught with both uncertainty and unheard-of potential. From greenhouses, water/irrigation to labs/testing, to financial services (banking and payment processing), core software and point-of-sale, to retail support, credit/collection and regulatory compliance, the industries supporting cannabis growers and distributors is growing exponentially. Hedge fund legends, big pharma, big tobacco, big alcohol, and now even the Coca-Cola Co. are among the list of new and possible cannabis industry participants. Why? The cannabidiol (CBD) market is estimated to grow by 700 percent by 2020, and Hemp Business Journal projects that the CBD market will grow to $2.1 billion by 2020 (http://cnw.fm/7iczS), compared to last year's CBD market of $202 million. A panel comprising two insurers, a tech solution provider and a regulator will discuss insurers' risk management challenges, the technology solutions that will help them achieve growth, and how to manage and capitalize on the cannabis industry's future state.

Objectives:

  • How small-to-medium sized insurers are setting the pace, successfully providing coverage ranging from BOP to WC.

  • How cloud-based enterprise software is configured to meet the unique requirements of insurers underwriting cannabis exposures.

  • The top risk management issues (environmental, safety and loss control, etc.) impacting effective underwriting.

108

Monday, June 3

Moderator:

Pat Speer, Speer Content Strategy & Development LLC

Speakers:

Wes Gilbreath, Continental Heritage Insurance Co

Lee Mashore, CHSI Technologies Inc

Camille Dixon, J.D., LL.M. , State of California Insurance Department

Kathleen Brown-Hurtado, International Excess Companies

Future Forces: Insights from the New World of Work

3:30pm - 5:00pm

Seth Mattison is an internationally renowned expert on workforce trends and generational dynamics. As Founder and Chief Movement Officer of FutureSight Labs, Seth advises many of the world’s leading brand and organizations on the key shifts happening around talent management, change and innovation, leadership, and the future of work.

Named to the Editors’ Picks for Favorite Speakers for 2013 by MeetingsNet, Seth’s presentations bring an entirely unexpected perspective on the future of work, talent, innovation, and the power of relationships. With a passion for helping to create greater understanding and collaboration in today’s workplace, Seth offers participants actionable content that can immediately impact business performance.

Super Session

Monday, June 3

Speaker:

Seth Mattison, Growth Enabler. Perspective Shifter. Fire Starter. 

Reporting Update

10:15am - 11:45am

The NAIC is working on completing the updates for 2019 year-end reporting. Learn what items have already been adopted and what your company can do now to prepare for those changes. Get a preview of items being considered for 2019 adoption at the upcoming June 2019 Blanks Working Group conference call. The session will also summarize the 2019 Risk-Based Capital format changes, as well as provide information on what RBC revisions are still pending.

Objectives:

  • Attendees will be able to explain 2019 revisions for RBC.

  • Attendees will be able to explain 2019 revisions for Blanks.

  • Attendees will be able to plan any necessary system or documentation changes to produce required data.

301

Tuesday. June 4

Moderator:

John Bauer, Prudential Financial

Speakers:

John Bauer, Prudential Financial

Mary Caswell, National Association of Insurance Commissioners

360 Degree Persepective of Cybersecurity Risk

10:15am - 11:45am

Cybersecurity risk has become an important consideration in the risk profile of a company. Frequent front-page news articles highlight external attacks or attempts to access company systems and data. The need for a robust cybersecurity program is a critical and required mitigation strategy for insurance companies of all sizes. This session addresses the current cybersecurity risk environment including trends, recent regulations, other regulatory activities, and steps to support compliance. Panelists will include a current regulator from the Arizona Insurance Department, company representative, principal in Johnson Lambert's regulatory consulting practice and IT Advisory partner. Topics addressed from each panelists' different perspective will include: - Recent regulatory developments including the NAIC Model Cybersecurity Law, NY and SC Cybersecurity Regulations and other state activities. - Perspective and expectations of the financial examiners when conducting a financial examination and IT review.- Company perspective in the development, commitment and challenges encountered in a cybersecurity program.

Objectives:

  • Understand the current regulatory climate or cybersecurity risk including recent activities of the NAIC and states.

  • Learn about how cybersecurity risk is addressed through the financial examination process and expectations of review.

  • Understand the Company’s perspective on the development, challenges and success of a cybersecurity program.

302

Tuesday. June 4

Moderator:

Kim Mobley, Johnson Lambert LLP

Speaker:

Rick Nelson, Johnson Lambert LLP

Treasury & Accounting Impact on Alternative Payment Methodologies

10:15am - 11:45am

Alternative claim payments methods are becoming more popular in today's world. When used to pay insurance claims they can have a significant impact on the accounting and treasury service group. These impacts range from accounting and reconciliation issues "Where's my check number" to treasury investment and float losses. Near real time payments can also challenge bank funding relationships and accounting systems. Join us as we contemplate the pitfalls and advantages of the emerging trend of alternative payments.

Objectives:

  • Make accounting and treasury personnel aware of needed changes

  • Discuss the possible impacts to their department from the use of alternative payment methodologies.

  • Provide a better understanding of treasury money management and float issues.

303

Tuesday. June 4

Moderator:

Karsten Hatch, Larson & Company, PC

Speaker:

Lenny Richileau, Commerce Bank

Samantha Werner, Commerce Bank

James Heavin, CPA, CISA, CLU, Shelter Insurance

SALTY Talk: Hot Topics In State & Local Tax

10:15am - 11:45am

This session will focus on hot topics in state and local taxes, with emphasis on recent legislation and litigation that impact the insurance industry.

Objectives:

  • Discussion on SALT hot topics

  • Update on Wayfair’s impact to insurance companies

  • Update on continuing SALT responses to 2017 Federal Tax Reform and any federal revisions in 2018/2019

304

Tuesday. June 4

Moderator:

Nancy Thibideau, Amerisure Insurance Company

Speakers:

Michael Palm, BKD CPAs & Advisors

Melissa Gasior, BKD CPAs & Advisors

Rodney McGough, Ohio Bar Liability Insurance Company

Investment Accounting Update

10:15am - 11:45am

Investment accountants working in the insurance industry know it is crucial to stay up-to-date with recent regulatory guidance. Attend this session to hear the most recent NAIC investment accounting updates pertaining to the Statutory Accounting Principles Working Group (SAPWG), Valuation of Securities Task Force (VOSTF), Blanks Working Group (BWG), and Investment Risk-Based Capital Working Group (IRBCWG).Attendees at this session will hear from Julie Gann, CPA, Senior Manager - Accounting and Reporting at the NAIC, and Charles Therriault, CFA, Director of the NAIC Securities Valuation Office, and other insurance industry experts on the latest hot topics and important investment accounting related items. They will analyze how changes to risk-based capital will influence 2019 filings, discuss updates to the private credit rating and filing exempt processes, and address other relevant topics being discussed by the NAIC.

Objectives:

  • Find out how upcoming regulations could impact your insurance accounting and investment teams

  • Discuss best strategies for keeping up with regulatory bodies

  • Understand the bigger picture of how investment accounting regulations affect your industry

305

Tuesday. June 4

Moderator:

Richard Pullara, Clearwater Analytics

Speakers:

Julie Gann, CPA, FLMI, AIRC, ARA, National Association of Insurance Commissioners

Charles Therriault, National Association of Insurance Commissioners

Sabrina Wilson; CPA, Clearwater Analytics

US GAAP Changes to Long Duration Contract Accounting

1:15pm -2:15pm

The Financial Accounting Standards Board adopted changes to U.S. GAAP accounting for long-duration insurance contracts. The new guidance is effective January 1, 2021 and represents the most significant changes to insurance contracts accounting in over twenty years. To comply with the initiatives brought about by this standard, companies need to have the appropriate policies, procedures, contracts, systems and data management capabilities in place. This session will provide an overview of the changes and implementation issues for life insurers to consider.

Objectives:

  • Recognize the changes to GAAP insurance accounting.

  • Understand the steps needed to implement the new accounting, including impacts to processes, systems and controls.

  • Distinguish the impacts to financial statements and disclosures.

  • Identify best practices for compliance.

401

Tuesday. June 4

Moderator:

Gregory Hendler, Brighthouse Financial

Speakers:

Louis Mannello, Dixon Hughes Goodman

Gregory Hendler, Brighthouse Financial

Effectively Managing the Privacy Rights of Individuals

1:15pm -2:15pm

A patchwork of privacy regulations (GDPR, CCPA, SOC 2 Privacy, HIPAA/HITRUST to name a few) have been rapidly implemented over the last few years and maintaining compliance has become a significant burden to Companies. Not meeting these regulations can result in severe fines, lawsuits, and reputational damage, and meeting them can require a large upfront investment (both in employee time and expenses). Based on Skoda Minotti's experience assisting clients with the implementation of security and privacy programs, a large number of overlapping principles and requirements between the frameworks became apparent. The session will surface the similarities between the primary privacy frameworks, teach 10 actions that can be taken immediately to enhance internal privacy controls and meet regulatory requirements, and explain the effort involved with implementation, along with the risk of not being prepared. Expected length: 30 minutes

Objectives:

  • Understand the key principles and requirements spanning the majority of privacy regulations.

  • Learn relevant operational and security controls that can be implemented within 90 days.

  • The costs, operational impact, and effort involved in managing a privacy program, and risks for non-compliance.

402

Tuesday. June 4

Speakers:

Tim Porter, Skoda Minotti

Aaron Madison, The IMT Group

Jaike Hornreich, Skoda Minotti

Fundamentals of Automation & Controls for P/C Reinsurance

1:15pm -2:15pm

We will provide an overview of basic P/C reinsurance process flows from the operations, accounting and reporting, and control perspectives. On top of this framework, from each of these perspectives, we will demonstrate by case study and example of an MS Access based automation solution and related controls including details of data requirements, database structure and relationships, calculation engine features, and processing and reporting capabilities. Additional controls outside of the automation environment will also be covered.

Objectives:

  • Obtain or refresh a basic understanding of P/C reinsurance process flows

  • Obtain a basic understanding of nuts and bolts of typical P/C reinsurance automation solutions.

  • Obtain a basic understanding of P/C reinsurance process risks and controls to mitigate these risks

403

Tuesday. June 4

Moderator:

Karsten Hatch, Larson & Company, PC

Speakers:

Stephen DuPont, Liberty Mutual Insurance Company

Martin Jackson, MIIA P&C Group

Myles Tilley, Insurance Resolutions, Inc.

Common Regulatory Reporting Mistakes & How To Avoid Them

1:15pm -2:15pm

Every year, mistakes in regulatory reporting are costing insurance carriers time and efficiency. Regulators are making changes in an effort to reduce the number of reporting errors, but there are steps that carrier companies can also make. This session covers some of the common mistakes made in Statutory and GAAP reporting and some best practices to help carriers avoid them.This session was presented at the 2018 IASA conference and had 114 attendees.

Objectives:

  • Learn some of the common mistakes that are made in Statutory and GAAP regulatory reporting.

  • Learn best practices for data scrubbing that can help reduce errors.

  • Learn about procedural streamlining efforts that have increased efficiency and productivity while reducing mistakes.

404

Tuesday. June 4

Moderator:

Tim Hicks, FIS Global

Speakers:

Tracey Chipego, State Street Global Services

Todd Goldenhersh, Brown Smith Wallace LLP

Applying Digital Labor to the Premium Tax Process

1:15pm -2:15pm

Discussion panel that addresses robotics process automation solutions that have been successfully deployed to reduce time spent on repetitive, manual tasks.

Objectives:

  • Learn about BOTS that have been developed to perform manual tasks in the premium tax process.

  • Learn about functionality in Excel and Outlook that reduces time in data gathering.

  • Learn about BOTS that can perform manual tasks within premium tax software.

405

Tuesday. June 4

Moderator:

Lynne Flater, KPMG

Speakers:

John Fiore, KPMG

Lynne Flater, KPMG

Insurance Industry Investment Trends - Past, Present, and Future, Sponsored Session

1:15pm -2:15pm

Prior to the 2008 financial crisis, investment grade fixed income had historically been the predominate asset class where insurance companies invested. The prolonged low interest rate environment that followed has pressured insurance companies to look further out the risk spectrum to attain their yield and return targets. This session will review the investment trends that insurers have undertaken during the past decade to boost their investment profile, and the resulting impact on various risk metrics. Our discussion will include Prime’s position that the role of alternative asset classes has become a necessary part of a diversified insurance company investment portfolio. Furthermore, these asset classes are now accessible to small-to-medium size insurance companies that were previously precluded from these opportunities due to cost and scalability challenges.

investments

Objectives:

  • Review the evolution of investment trends within insurance company portfolios during the past decade

  • Discuss the benefits of these investment trends within a diversified insurance company investment portfolio

  • Discuss how to evaluate the risks and capital charges associated with these investment trends

406

Tuesday. June 4

Speaker:

Thomas Klem, Prime Advisors Inc

Sponsored by:

SEC & PCAOB Update

2:30pm - 3:30pm

Provide attendees with an update on current and future SEC and PCAOB matters that directly impact financial reporting, accounting and internal control matters for public insurance companies.

Objectives:

  • Obtain an understanding of recent SEC matters that apply to public insurance companies.

  • Obtain an understanding of recent PCAOB matters that apply to public insurance companies.

  • Obtain an understanding of future SEC and PCAOB matters that will apply to public insurance companies.

501

Tuesday. June 4

Moderator:

Arthur Salvadori, Crowe LLP

Speaker:

Eric Base, BDO USA, LLP

Reinsurance Placement Cycle

2:30pm - 3:30pm

A discussion of the elements of a successful reinsurance placement including risk assessment, coverage, pricing, marketing, submissions and final binding of reinsurance.

Objectives:

  • Learn the elements and sequence of a reinsurance placement.

  • Understand the elements of pricing for reinsurance coverage.

  • Understand the roles and responsibilities of the reinsurance market participants.

502

Tuesday. June 4

Speakers:

Kristin Callahan , BMS Re US

Heather Barbee , BMS Re US

Transformational Change: From Principles to Practice

2:30pm - 3:30pm

Given the complexity, organizational scope and impact, and strategic importance of business and finance transformation initiatives, organizations clearly recognize that a comprehensive change management framework is essential for success. Introducing change, sustaining change, tackling resistance and challenges proactively, providing dedicated resources, crafting and implementing a robust communication strategy, and executing core training and education activities are all critical elements of a well-designed change management framework. Learn how well-established organizations such as Hanover Insurance, Liberty Mutual, Boston Consulting Group and numerous others have leveraged a foundational best practice-based change management framework to deliver transformational change initiatives and produce outstanding results.

Objectives:

  • Why Change Management should not be overlooked when transforming business operations

  • Practical techniques for gaining consensus

  • How to reduce the fear of the unknown when undertaking a large initiative

503

Tuesday. June 4

Moderator:

John Holdorf, NYCM Insurance

Speaker:

Philip Peck, Peloton Group

Austin Chappell, Peloton Group

The Ripple Effect of Tax Reform

2:30pm - 3:30pm

This session will discuss the impact we have seen on taxpayers and other taxing jurisdictions post first year implementation of the Tax Cuts and Jobs Act (“Act”). We will perform a deep dive into ways companies have had to adapt or modify internally and how the transition and clarifying guidance has changed our initial interpretations of the law. We will also cover common approaches that have been observed in putting these new rules into practice as companies prepare the first return that includes the tax reform changes. Additionally, we will discuss how states are adapting and reacting to the changes in response to the Act and what this means to taxpayers from a practical perspective.

Objectives:

 

  • Learn best practices from companies on how they have made modifications in relation to tax reform.

  • Gain knowledge of updates related to transition/clarifying guidance released at the federal and state level.

  • Learn tips on how tax reform might impact the preparation of the 2018 returns.

504

Tuesday. June 4

Moderator:

Sarah Stubbs, Johnson Lambert LLP

Allan Autry, Johnson Lambert LLP

Speakers:

Tim O'Sullivan, Lancer Insurance Group

Antoine Hawkins, Amerisafe Inc.

Investment Management with Consideration of Statutory Accounting

2:30pm - 3:30pm

This panel will discuss investment management for insurance companies, in light of the intricacies of statutory accounting. For an insurance company, investment management is highly unique given the regulatory oversight, which includes IMR/AVR, RBC, implementing the seriatim method of amortization, prospective/ retrospective method of amortization, etc. To include current events, the panel will discuss pending RBC changes and how to position a portfolio to mitigate this impact. Moreover, they will discuss changes pertaining to the current interest rate environment and how to position an insurer’s portfolio with respect to ALM and proper shock testing of the assets and liabilities to reduce risk.

Objectives:

  • Investment management for insurers with a focus on what makes it unique due to statutory accounting.

  • Address pending regulatory changes that will impact the balance sheet of an insurer.

  • Convey how changing interest can affect profitability and the need to have proper ALM immunization.

505

Tuesday. June 4

Moderator:

Tim Hicks, FIS Global

Speaker:

Theron Holladay , Parkway Advisors

Regulator Town Hall

9:45am - 11:15pm

Regulation and reporting requirements are ever-changing and evolving. Changes in the market, economy and even technology create the need for advancement and changes in how insurers do their business, and how states regulate the insurance industry. With this, understanding and collaboration between regulators and insurers is key. Seize this opportunity to talk with state regulators and NAIC staff about regulatory questions, clarifications of new guidance, and where they see new regulation focus over the next few years. Back by popular demand, this session will provide an open forum to discuss various topics focused on accounting, markets & valuation, investments, and risk. Have a topic or a question you would like to discuss? Email us at askiasa@iasa.org

Objectives:

 

  • Speak with regulators to better understand new and upcoming guidance

  • Learn more from regulators about current projects and focus

  • Review current accounting, market, and risk topics with regulators and other insurers

701

Wednesday, June 5

Contact Us
Mailing Address
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Street Address
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Suite 160
Durham, NC 27707

Tel: (919) 489-0991

info@iasa.org

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