Life insurance: proposed IASB/FASB models

Hosted by the EY Global Insurance Center

Insurance

January 23, 2013 15:00 GMT

January 23, 2013 16:00 GMT

Duration: 01:00

Audio broadcast live from: London

Please note that hosted two webcasts, one focused on non-life insurance and another focused on life insurance. Click here to watch the non-life insurance event.

The IASB/FASB joint project on insurance contracts is making progress on the latest revised Exposure Draft (ED). It’s crucial to understand this model and what the latest developments mean for your company.

Join EY as we provide a recap of proposals specific to the life and non-life/property and casualty industries and how these proposals developed.

The agenda includes:

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Good summary of changes to IASB and FASB proposals.

- Director, Insurance

Panelists

Carol Carlson

Ernst & Young LLP (US)

Carol Carlson is a partner in the Financial Services Financial Accounting Advisory Services practice. She joined Ernst & Young LLP in 1980 and has been a partner since 1989.

Her primary area of expertise is in the analysis of technical accounting literature and its implications. She has extensive experience in the insurance industry – working with all types of business, including life, annuity, health, commercial and personal lines of property and casualty, workers compensation disability, title and long term care insurance. She has worked with stock, mutual, member-owned and captive insurance companies.

Carol has experience assisting and advising insurance companies with purchase accounting and other NAIC statutory, US GAAP and IFRS accounting issues. She also has experience assisting companies with accounting conversions. She has assisted companies with the implementation of new accounting guidance and is responsible for staying abreast of all new accounting literature for the insurance industry.

Tara Hansen

Ernst & Young LLP (US)

Tara Hansen is a Principal in the Insurance and Actuarial Advisory Services practice. For over 17 years she has worked in the life insurance industry, with an emphasis on advanced financial reporting and mergers and acquisitions.

Based in New York City, Tara has experience in various areas including Fair Value/IFRS Phase II/Market Consistent Valuation, Principle-Based Approaches and Solvency II.

She is also a frequent speaker at SOA and other industry meetings on financial reporting topics such as principles-based reserves, fair value and international financial reporting standards.

Hans van der Veen

EY Accountants LLP

Hans van der Veen is a Senior Manager with Financial Accounting Advisory Services of EY Accountants LLP. Based in Amsterdam, Hans has over ten years experience auditing and providing accounting advice to various clients in the insurance sector.

Hans joined the International Accounting Standards Board (IASB) in 2008 as a staff member on the Insurance Project. During this secondment from EY, he was part of the IASB’s insurance team and became the project manager responsible for developing the Exposure Draft on Insurance Contracts.

Hans also has Finance Transformation expertise, focusing on diagnostics and impacts analysis for IFRS 4 Phase II accounting changes and interaction with Solvency II.

Timely update. Relatively simple approach taken to describe a complex topic.

- Assistant Vice President, Insurance

Moderator

Kevin Griffith

Ernst & Young LLP (UK)

Kevin Griffith leads the Insurance Financial Accounting Advisory group in the UK which specialises in financial and regulatory reporting in the insurance industry. He has extensive insurance industry and accounting advisory experience in Europe and South Africa and heads up EY's Pillar 3 initiative in the UK.

Kevin has led the Accounting, Reporting and Disclosure workstreams for a number of Solvency II projects in Europe where he has advised on the development of market consistent balance sheet reporting, set up of reporting infrastructure and processes, and the production of Pillar III disclosures. He has also advised on the operating model and responsibilities of finance in a post-Solvency II world.

He has worked with both large multi-national groups and smaller single country insurers and has advised insurers in the life, non-life and reinsurance sectors.

[I liked the] suggestions on what to do next.

- Director, Insurance