International Developments in Solvency and Financial Reporting

Session Description:

Tom will address the current efforts underway by the IAIS to create a global standard for insurance group minimum capital. He will address the temporary and permanent projects that will effect internationally active insurance groups and systemically important insurers. The IASB and FASB are now pursuing separate insurance financial reporting projects.

Doug will present on the progress of the IASB on finishing their building block model and where the FASB may be headed with their “targeted improvements”. What does this mean for life and health reporting and when will the changes become effective?

Speaker(s):

Tom Herget, FSA, MAAA, CERA. Tom is a retired life company actuary currently doing volunteer work for the SOA, AAA and IAA in the financial reporting area of practice.

Douglas S. Van Dam, FSA, MAAA Manager, Actuarial Services, PolySystems, Inc. Doug provides actuarial financial reporting consulting services to insurance entities both domestic and global. He has been closely following the development of the new international insurance GAAP accounting standard for 9 years and is member of the AAA IFRS Task Force/AAA Risk Management and Financial Reporting Council Financial Reporting Committee. He is also a member of the SOA Fellowship Exams Curriculum Committee for the Life and Annuity Track.