People are being invited to learn more about new international standards designed to ensure a consistent approach for all insurance contracts.
The Bermuda Insurance Institute [BII] has organized a lunch and learn on Thursday [July 19] to examine the IFRS 17 guidelines published by the International Accounting Standards Board [IASB].
BII CEO Malcolm Butterfield said: “After nearly 20 years of discussion, the insurance industry will have its first harmonized accounting standard.
“The new standard requires insurance liabilities to be measured at a current fulfilment value and provides a more uniform measurement and presentation approach for all insurance contracts.
“This will create wholesale changes to how insurer’s measure their contracts and will impact systems, data and process across finance, actuarial and IT divisions.”
The ‘IFRS 17: What it means and what should I be doing now?’ session will look at:
- What does this mean for insurers in Bermuda and who is the most impacted?
- How will the profit profiles of insurance contracts be impacted?
- What should IFRS reporters be doing now?
- What does the path to implementation look like? And what will be the cost of implementation?
- How does the new Standard differ from the current measurement approaches under IFRS?
“The speakers at the event are Alex Bateman and Gokul Sudarsana,” BII said.
“Alex is a Senior Manager in the Financial Services Practice and specializes in providing audit and advisory services in the insurance industry. He has experience working with groups specializing in both general and life [re]insurance, who operate across a number of different geographical markets.
“In Bermuda, Alex is Deloitte’s accounting lead for IFRS 17 and was part of the Deloitte EMEA IFRS 17 team in London prior to joining us here in 2016. Alex was involved on one of the first IFRS 17 impact assessment projects in 2015 and has been responsible for rolling out IFRS 17 training across Deloitte.
“Gokul is a Senior Manager with broad actuarial experience spanning pricing, valuation, risk modeling, ALM, and capital management across insurance, reinsurance, and banking.
“He currently helps a diverse range of Bermuda and international clients with actuarial statutory and solvency reporting, model development and validation, regulatory compliance, and structuring and pricing and helps clients with IFRS 17 impact assessments, contributes to IFRS 9 policy and modelling projects, and is actively involved in Bermuda EBS developments. He has previously worked with SII reporting and large scale actuarial transformation projects.”
Tickets are: Platinum $150, Gold $175, Silver $200, Bronze $225 and non-members $250. The session will run from 12 noon to 2pm at O’Hara House, on Bermudiana Road, Hamilton. A light lunch will be provided.
If you want to attend or have questions, please contact the Bermuda Insurance Institute at 441-295-1596 or email firstname.lastname@example.org. Alternatively, you can register online through the BII website at www.bii.bm.
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