Retained P/C Insurance-Related Risk: Interaction of Actuarial Analysis and Accounting
This event has passed.Webinar
Retained P/C Insurance-Related Risk: Interaction of Actuarial Analysis and Accounting
June 25, 2018 | Noon to 1:30 p.m. EDT | CE available
- Member: $50 (Discount code required.)
- Nonmember: $100
- Government Regulators and Academy volunteers: Free (Register by email.)
ABOUT THIS WEBINAR
Increasingly, actuaries are being called upon to review loss estimates and reserves for retained risks at non-insurance entities. Often, this is part of a larger review of corporate finances being done by an auditor or an accounting firm. During this webinar, presenters discussed the Academy’s practice note, “Retained Property Casualty Insurance-Related Risk: Interaction of Actuarial Analysis and Accounting,” which examines the interaction between the non-insurance business entity, the accountants and the actuaries.
The new practice note examines the types of retained risk, types of entities, and the associated accounting guidance for corporate entities. Many corporate entities retain significant amounts of risks that are similar to risks that are commercially insured. These entities often engage actuaries–either directly or indirectly through consulting firms, insurance brokers or insurance companies–to assist in valuing the unpaid claim estimates associated with these exposures. This actuarial estimate is in turn recognized by the management of the entity on its balance sheet as a liability. The way in which these liabilities become part of an entity’s financial statements is governed by the applicable accounting standards for the type of entity, by the type of exposure to loss and by the domiciliary jurisdiction of the entity and its parent.
Presenters discussed these topics, and walked through a case study to describe the practice note’s application.
PRESENTERS
- Mary Frances Miller, MAAA, FCAS, Hon FIA, CPCU, ARe, AIM
Past President, American Academy of Actuaries
Member, Committee on Property and Liability Financial Reporting - Lisa Slotznick, MAAA, FCAS
Vice Chairperson, Casualty Practice Council
MODERATOR
- Kevin Ryan, MAAA, FCAS
Senior Casualty Fellow
CONTINUING EDUCATION CREDITT
The American Academy of Actuaries believes in good faith that attendance at this live webinar constitutes an organized activity as defined under the current Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion in the United States, and that attendees may earn up to 1.8 CE credits for attending this live webinar.
QUESTIONS
- For more information about this webinar, contact Kristina Jackson at 202-223-8196 or kjackson@actuary.org.
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