Description/Overview:
This course will provide updates on the latest accounting and regulatory developments impacting the insurance industry in Cayman. The speakers will focus on accounting and reporting hot topics, regulatory and licensing updates as well an accounting updates focusing on NAIC Statutory accounting vs. GAAP accounting.
Speakers:
Accounting and Reporting 'Hot Topics': Harvey Gowers, Audit Director at KPMG, will provide an overview of key relevant accounting areas and common pitfalls faced by Cayman insurers, including discounting of reserves, confidence levels, risk transfer, deposit accounting and subsequent events reporting under U.S. GAAP.
Regulatory Updates and impact to Insurance companies: Laura Oseland, a Senior Associate at Nelsons Law, will provide an overview of the following key regulatory topics impacting insurance licence holders:
1. Corporate Governance to include the nature, accessibility, and retention of records and internal controls.
2. Outsourcing
3. Cybersecurity and data protection
Reinsurance Regulatory Update - Brad Ashton, an actuarial consulting senior manager within Ernst & Young’s Insurance - Risk and Actuarial Services team, will provide an overview of the following topics:
1) Regulatory updates – Class B(iv), CIMA fee increases, Appointed Actuary
2) Licensing update – latest licensee numbers and submission pipeline, typical challenges during the licensing process
3) NAIC Qualified Jurisdiction Status and what it means for Cayman
Reinsurance NAIC Statutory Accounting vs GAAP - Anne Lagat, a Senior Manager in the Assurance practice for the Bahamas, Bermuda, British Virgin Islands, and Cayman Islands region of EY’s Financial Services Organization, will provide an overview of the National Association of Insurance Commissioners (NAIC) statutory framework and present a comprehensive analysis of the key differences between NAIC statutory accounting and US GAAP. Attendees will gain an understanding of the unique statutory financial reporting requirements, instances of when it may apply to (re)insurers, and the implications of these differing standards on financial statements and regulatory compliance.
Learning Objectives:
- Understand key accounting and reporting topics impacting the insurance industry
- Recall the regulatory and licencing updates impacting the re-insurance industry in Cayman.
- Understand the differences between NAIC statutory accounting and GAAP
Who should attend: Insurance industry professionals, accountants and directors for insurance companies.
CPD Credits: 3
Cost: CIIPA Member: KYD $115 / Non-member: KYD $140
Additional Event Information:
Food & Beverage: A light breakfast will be served from 8:30am
Pictures: By attending this event, you agree to be photographed and/or filmed and give permission to use your likeness in promotional and/or marketing materials.
Cancellation Policy: Registrants may cancel without penalty if your cancellation is received 10 full business days prior to the event. Due to financial obligations incurred by CIIPA, no refunds or credits will be issued on cancellation requests received less than 10 full business days prior to the event.
Signing In: When attending any training event, please be sure to sign in to be able to receive your CPD credits.
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