PD 17 IMPLICATIONS OF SECTION 3855

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Presentation transcript:

PD 17 IMPLICATIONS OF SECTION 3855 CIA General Meeting Mike Lombardi October 19, 2006 Chicago

2006 Developments Town Hall (April, 2006) CIA Annual Meeting (June, 2006) CLIFR Educational Note OSFI Guideline D-10 MCCSR Changes CLHIA Tax Proposal AA Seminar (September, 2006) CIA General Meeting (October, 2006)

Panelists Mike Lombardi Gianni Fiacco Igor Afanassiev Ty Faulds

Accounting changes 3 new accounting standards effective January 1,2007 S.3855 Financial Instruments – Recognition and Measurement S.3865 Hedges S.1530 Comprehensive Income Amendments S.4211 Replaces S.4210 – Life Insurance Enterprises AcG9 Financial Reporting by Life Insurance Enterprises Applies to all entities but affects the life insurance industry in a unique way due to linkage between asset and liability measurement Will significantly change the measurement of financial instruments and the presentation and disclosure of the financial statements

Accounting changes (cont’d) All financial instruments must be classified Held To Maturity Held For Trading Available For Sale Loans and receivables Once and for all designation at inception based on management’s intention No restatement of prior periods Restate the opening balance sheet to recognize assets/liabilities at fair value to write-off previously deferred gains/losses to adjust opening surplus as a result of the above

Issues Available for Sale anomaly Portfolio tainting rules OSFI restrictions on Fair Value options CALM implications MCCSR impact Tax impact Transition and implementation issues Impact on financial reporting and disclosure

Current MCCSR Requirements Assets are valued at amortized cost or moving average market on the balance sheet Assets supporting surplus are recognized at market (net of taxes) for Capital Available purposes 55% of unrealized unamortized gains recognized in Tier 2C

Guideline D-10 OSFI has issued criteria for the use of the Fair Value Option Requirements Use must eliminate or significantly reduce mismatch, or A group of financial assets, financial liabilities or both is managed and performance is evaluated on a fair value basis, in accordance with a documented risk management strategy

MCCSR Rules