Thomas Q. Chamberlain, ASA, MAAA
Charles Deak, FSA, CERA, MAAA
This session will walk through simplified term life and payout annuity examples of actuarial balances and GAAP book profits under FASB TI and practical considerations during implementation.
With FASB’s Long Duration Targeted Improvements coming down the pike, this session will cover detailed examples for simplified term life and payout annuity products. Examples will cover GAAP reserves and DAC at issue and transition under the new guidance.
The session will also cover challenges and practical considerations that have been identified and discussed within the industry.
Tom Chamberlain is a Managing Director in Deloitte’s Actuarial & Insurance Solutions practice with over 20 years of experience working in the life insurance industry and life insurance consulting. He specializes in Financial Reporting related issues that impact US GAAP, Statutory and Tax Actuarial Valuation.
Recently, Tom has been working with Deloitte Tax to interpret and evaluate the industries response to the tax reform included in the Tax Cuts and Jobs Creation Act (“Tax Reform”) and the new financial reporting requirements included in the Financial Accounting Standards Board (“FASB”) long duration targeted improvements changes (“LDTI”) included in ASU 2018-12.
Tom co-leads the Deloitte Technical Excellence group which evaluates, interprets and analyzes how new regulatory requirements across various capital and financial reporting paradigms impact the insurance industry. This group provides on-site LDTI and TCJA training. He is also responsible for preparing Actuarial training and Actuarial audit procedures for Deloitte’s life insurance attest and consulting clients. As such, Tom also works in the area of Actuarial Governance (Data, Assumptions, Model) and Controls. Tom is the co-author of the SOA Actuarial Model Governance, A Survey of Actuarial Model Governance and the Industry Evolution.
Charles Deak is a Manager in Deloitte’s Actuarial & Insurance Solutions practice with over 10 years of experience working in the life insurance industry. He specializes in Actuarial Modernization with an emphasis on modeling and financial reporting for life insurance and reinsurance companies. He currently leads internal FASB LDTI model and training development.
Charles provides modeling solutions and assists insurance companies with improving their systems and processes. He has served on various teams as a lead builder and tester for Prophet Conversion projects. Charles has also been a strategic advisor across broader modernization programs by developing roadmaps, assessing system architecture, and implementing model governance. Charles has experience with Prophet, AXIS, and other vendor systems.
Charles also serves Deloitte’s audit clients and has relevant knowledge of audit expectations and controls. He co-authored the Society of Actuaries’ report on Actuarial Model Governance.
Charles is a Fellow of the Society of Actuaries, Chartered Enterprise Risk Analyst, and a Member of the American Academy of Actuaries.