ACCOUNTING, RISK MANAGEMENT & FINANCE

IASA is a leading provider of education to the insurance industry on Accounting, Risk Management, and Financial (ARF) topics.  The ARF Program, as part of the IASA Annual Conference, is built by industry experts to deliver must-have information and emerging insights to prepare for the future of the insurance industry.  The ARF Program contains 6 distinct tracks to meet the needs of attendees in specialized concentrations, as well as a special topics area of interest to the industry at large.

Accounting and Financial Reporting Update
The Accounting & Financial Reporting Track provides attendees with the most recent developments affecting an insurance company’s financial statements.  These developments focus on changes and potential changes to U.S. GAAP, NAIC Statutory Accounting and Reporting requirements and Public Company Reporting requirements as mandated by the Securities and Exchange Commission.  A must attend for Chief Financial Officers and those responsible for or work with insurance carrier financial statements.

 

Sessions Include:





Monday, June 4 - 1:30pm - 3:00pm
101 Statutory Accounting Update

Moderator
Connie Jasper Woodroof, StoneRiver, Inc

Speakers
Greg Hendler, Brighthouse Financial
Julie Gann, NAIC

.Are you up-to-date on the 2018 activity of the NAIC’s Statutory Accounting Principles Working Group (SAPWG)? Do you know what issues are still pending and, if adopted, might need to be addressed for year-end 2018? Are there other NAIC initiatives in the works that may eventually affect statutory accounting? This session will provide current information your company needs to prepare for necessary statutory accounting changes.

Objectives
  • Understand new statutory accounting requirements.
  • Determine needed company changes to meet new statutory accounting requirements.
  • Recognize areas of NAIC activity that need to be monitored.


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Operations
The Operations Track focuses on issues that impact both financial and business concerns.  The Operations track provides a business perspective to challenges facing both IT and Finance professionals with a goal to learn about current trends in the business environment and solutions that insurance carriers are using to meet the challenges and demands of today’s ever-changing technology landscape.  The topics are business in nature and do not get into the technical aspects of solutions and are designed for anyone looking to improve processes with efficiency and/or economic impacts.  Sessions include learning more about agile methodologies, enhanced claim payments, making successful business transformations, RFP best practices, common regulatory mistakes, and the IASA Tech Tank.

Sessions Include:





Monday, June 4 - 1:30pm - 3:00pm
102 Agile Benefits-Scrum Together: The Benefits of Implementing Agile in the Workplace

Moderator
Ryan Stevens, Commerce Bank

Speakers
Ryan Brassey, Clearwater Analytics
Allison Parks, Mutual of Omaha Insurance Company

Companies in a variety of markets are adopting a project management method called Agile, developed and used by software developers to improve communication and deliver timely results across teams. What does a tech company-style of project management have to do with insurance? And why is it becoming so popular? In this session, peers who embrace this collaborative approach to project management share the benefits of implementing Agile at their companies. You’ll learn a host of Agile-related terms and hear a simple explanation for how Agile can be used for a variety of different projects and departments.

Objectives
  • Understand how two-week “sprints” with collaboration across departments keeps projects on target
  • Learn why Agile is a perfect fit for insurance companies
  • Learn tips and tricks for reorganizing office culture to embrace Agile


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Investments
This track focuses on topics related to investment accounting, regulation, and markets. Sessions provide attendees with insight to how peers handle various investment processes, as well as changes in NAIC and other regulatory changes for investments, including how they will impact your RBC. 

Sessions Include:





Monday, June 4 - 1:30pm - 3:00pm
103 The ABC's of RBC: Impact of Proposed Bond Factor Changes

Moderator
Rachel Evans, BlackRock

Speakers
Donald Lin, BlackRock
Kevin Fry, Illinois Department of Insurance
Mark Davidson, Sentinel Investments

The NAIC is developing recommendations for revisions to the current bond charges for the RBC formula. The changes include 1) increasing the granularity of risk charges from six to 20 factors 2) updates to risk charges to reflect current loss experience and 3) revision to the portfolio adjustment factor to measure the diversification benefit based on the number of issuers in a portfolio. The expected implementation date is YE 2019 and is expected to impact Life, P&C, and Health insurers. BlackRock will analyze and estimate the potential implications of these RBC changes and provide views on how investment strategy may (or may not) potentially evolve as a result.

Objectives
  • Review bond factor changes developed by the American Academy of Actuaries (on behalf of the NAIC)
  • Compare and contrast the current factors and portfolio adjustment with the new proposal
  • Review estimated pro-forma results of required capital and discuss potential implications for an insurer’s investment strategy


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Special Topics
The Special Topics track provides insights into key topics of special interest chosen by industry. 

Sessions Include:





Monday, June 4 - 1:30pm - 3:00pm
104 Mergers and Acquisitions

Moderator
Greg Voorhies, Mercury Insurance Group

Speakers
Josh Keene, Johnson Lambert LLC
Paul Poston, Wellington Insurance Group

A panel of three accounting professionals will provide their experiences and knowledge in the area of mergers and acquisitions. The panelists will provide a perspective from the company being acquired, the company doing the acquiring, and from the auditor’s viewpoint. The complex world of mergers and acquisitions will be explored with insight on lessons learned, good business practices, due diligence and plan development. The session will include information on the entire M&A process including researching potential opportunities for target selection, valuation methods and models, deal design, and post-merger integration planning.

Objectives
  • To provide M&A examples from the perspective of auditors, buyers, and sellers.
  • The lessons learned regarding merger and acquisition transactions.
  • A review of good business practices and due diligence concerns in these types of transactions.


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Risk Management
This track focuses on various enterprise risk and compliance topics impacting the Insurance industry.

Sessions Include:





Monday, June 4 - 1:30pm - 3:00pm
105 The Cost of Cybersecurity - Pay Now or Pay Later

Moderator
Lauren Williams, Johnson Lambert

Speakers
Kim Mobley, Johnson Lambert
Fred Danback, FOJP Service Corporation and Hospitals Insurance Company
David Fuge, Johnson Lambert

Cybersecurity costs are not one a time expense, but require a continuous commitment of time, talent and dollars. A simple software purchase alone will not fix the issue. HIPAA rules have been around since 1996. Now insurers in NY are subject to the NYDFS cybersecurity regulation, and the NAIC has finalized the Insurance Data Security model law. The difference between now and 1996 is the sophistication and access to exploit tools. We will show how easy it is to take over a system, control the components, and steal information. Our session will explore common threats and the layers of defense, including governance, perimeter, network, local system, application, and data. We will explore the potential business impact of not addressing this risk, and discuss steps insurance companies need to be taking to address cybersecurity risk. Ultimately, addressing strategies to manage this outflow of resources, while having an effective cybersecurity program.

Objectives
  • Understand how wide-spread access to personal information and exploit tools facilitate attacks.
  • Learn how to increase security automation and focus on the principle of least privilege for access.
  • Understand the impact of training on your program’s success, and use of tools to prevent mistakes.


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Tax and Legislative
The Tax & Legislative Track is forward thinking and will keep you informed and up to date on a myriad of topics.  These topics also seek to address issues facing insurance companies and how to prepare for them.  These topics include the tax considerations of principles based reserving, a current update on tax reform and changes, preparation for IRS audits, and preparing for the tax department of the future.

Sessions Include:





Monday, June 4 - 1:30pm - 3:00pm
106 Financial Products & Derivatives: Tax Rules Practically Applied

Moderator
Lynne Flater, KPMG LLLP

Speakers
Andrea Kramer, McDermott Will & Emery LLP

.Join Andrea S. Kramer, partner in McDermott Will & Emery, for a lively discussion of the tax rules that apply to popular financial products and derivatives entered into by insurance companies for investment, risk management, and tax hedging purposes. In this session Andie will highlight popular products and market strategies, addressing the tax rules that can vary based on an insurance company's use of the products and strategies. She will address relevant tax changes made by the Tax Reform Act signed into law in December of 2017, including some unintended consequences of the lower corporate tax rate and the repeal of the corporate alternative minimum tax.

Objectives
  • Participants will learn about tax rules that apply to popular market strategies used by insurance companies.
  • Participants will see how 2017 Tax Act provisions can affect certain investment decisions and strategies.
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Reinsurance
The Reinsurance Track provides individuals a broad knowledge of how reinsurance affects the overall insurance industry.  Topics range from a basic introduction of reinsurance to pricing & placing reinsurance and impacts on financial & capital goals of an insurance company. 

Sessions Include:





Monday, June 4 - 1:30pm - 3:00pm
107 Reinsurance Placement Cycle

Moderator
Allison Tranberg, BMS Re US

Speakers
Kristin Callahan, BMS Re US
Todd Baitsholts, First Benefits Insurance Mutual
Michael Penney, Transatlantic Re
Bob King, Safety National Re

A discussion of the elements of a successful reinsurance placement including risk assessment, coverage, pricing, marketing, submissions, and final binding of reinsurance.

Objectives
  • Learn the elements and sequence of a reinsurance placement.
  • Understand the elements of pricing for reinsurance coverage.
  • Understand the roles and responsibilities of the reinsurance market participants.


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