In June 2017, insurance company CEOs, CFOs and controllers—as well as software vendors and public accounting professionals—shared useful knowledge at the Insurance Accounting & Systems Association (IASA) annual conference in Orlando, Florida.
The four-day conference featured more than 30 events including keynote speakers, roundtable discussions and networking. Topics ranged from leadership skills and technology updates to statutory accounting updates and upcoming regulation affecting reinsurance. Conference tracks included accounting and financial reporting, career skills development and technologies. Keynote speakers Capt. Scott Kelly, Mike Rowe and Robyn Benincasa shared great stories and life lessons applicable to insurance careers. The roundtables included general discussions among chief financial, operating, information technology and investment officers.
Some key issues included:
- Statutory Accounting Updates – Adopted Statutory Accounting Guidance, including 2013-36 Investment Classification Review, 2015-37 Disclosures About Short-Duration Contracts, 2016-18 Money Market Mutual Funds, 2016-43 Accounting for Inflation-Indexed Securities, 2016-46 Classification of Certain Cash Receipts and Cash Payments, 2016-47 Simplifying the Transition to the Equity Method of Accounting and 2016-44 Appendix A-791 Life and Health Reinsurance Agreements Model Regulation
- Generally Accepted Accounting Principles Updates – Accounting Standards Update (ASU) 2015-09, Financial Services—Insurance (Topic 944): Disclosures About Short-Duration Contracts, Long-Duration Contracts—Exposure Draft, Revenue Recognition, Classification and Measurement (ASU 2016-01), Credit Losses (ASU 2016-13) and Leases (ASU 2016-02)
- Commercial Mortgage Loans – Overview of the basics surrounding commercial mortgage loans. Some attractive benefits of these investments include compelling relative value and spread premium, high recover rates and reasonable credit loss experience, asset diversification, call protection, risk-based capital treatment and the ability to adjust the portfolio.
- Operational Benchmarking – Overview of the use of operational benchmarking and why it’s important to companies
- Reinsurance Overview & Issues – Summary of key concepts relating to reinsurance, along with the upcoming effects from regulation (collateral reform)
- Cybersecurity – Key statistics regarding cybersecurity that may surprise. Integration of cyber risk within an enterprise risk management program and methods of developing a cyber ecosystem.
- Best’s Capital Adequacy Ratio (BCAR) – Update on changes in the BCAR methodology and how to begin assessing your risk related to BCAR changes
To learn more about these topics, contact your BKD advisor.
BKD has been a longtime supporter of IASA and was a key conference sponsor this year. BKD professionals presented, moderated or attended technical sessions and CFO roundtables. More than a dozen BKD professionals met with insurance company representatives and vendors, enhanced their industry knowledge and shared experiences. We look forward to next year’s conference in Nashville.