Topic: Long Duration Contracts and Separate Accounts
The Accounting Standards Executive Committee (AcSEC) of the American Institute of Certified Public Accountants (AICPA) issued a new Statement of Position (SOP), Accounting and Reporting by Insurance Enterprises for Certain Nontraditional Long Duration Contracts and for Separate Accounts in May 2003. The new SOP supplements certain guidance of SFAS 97 on nontraditional long duration contracts (LDC) such as LDC with market value adjustments, two-tier LDCs, variable contracts with guarantees, and LDCs that provide sales inducements. This SOP requires stochastic modeling of these LDCs, even for small insurance companies. This session will cover the general aspect of the new SOP and some of the practical implementation issues.  Make sure you understand the impact this new SOP has on the reporting requirements for your company or clients!       (Level: Moderate)

Speakers: Vincent Y. Tsang, FSA, PolySystems Inc.
      David C. Heavilin, ASA, PolySystems Inc.

Date: September 18, 2003 :  3:30 Registration  /  4:00Speaker  /  5:00Hors d’oeuvres
Location:CNA Insurance Companies
Conference Center — 2nd Floor, Room 210 North