© 2006 Towers Perrin Leonard Pressey June 29,2007 Vancouver PD-30 Lessons Learned Implementation of CICA 3855 CIA Annual Meeting.

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Presentation transcript:

© 2006 Towers Perrin Leonard Pressey June 29,2007 Vancouver PD-30 Lessons Learned Implementation of CICA 3855 CIA Annual Meeting

© 2006 Towers Perrin 2 Implementation CICA 3855 from Small Company Perspective AFS classification Restating opening liabilities Valuation issues MSSCR/TAAM returns DCAT analysis

© 2006 Towers Perrin 3 AFS classification Relevant considerations Consistency with US parent company reporting Guidance of external auditors Capabilities of investment accounting systems Simplicity of assets Often invested in Government of Canada or public bonds Rigour of risk management processes Investment strategy typically “buy and hold” investment strategy

© 2006 Towers Perrin 4 Restating opening liabilities Not re-determined using new CALM testing Instead, year-end liabilities adjusted for Release of deferred net realized gains and losses Value of supporting assets at market not book value Redetermination of future tax liability Future tax liabilities For several companies and product lines, market value of assets not materially different than amortized cost basis Issue years —No impact on post-1995 life business —Impact on pre-1996 business, but if not material, may assume unchanged timing differences Small adjustments for A&S business (example: LTD or active life DI reserves)

© 2006 Towers Perrin 5 Valuation Issues Quarterly reporting Quarterly CALM testing not normally performed for small companies Usually based on continuation of year-end valuation assumptions Additional adjustments may be required to account for material movements in market values Year-end valuation Where reporting cycles are longer, CALM testing can be performed as of December 31 For shorter reporting cycles, more practical to use CALM roll- forward methods and adjust for changes in market values and yield curves

© 2006 Towers Perrin 6 MCCSR/TAAM Returns Overall impact on MCCSR/TAAM ratios not material

© 2006 Towers Perrin 7 DCAT Analysis Key changes Develop projected market value of assets in addition to book value of assets Review projected policy liabilities for consistency with projected market value of assets More extensive use of future scenarios in AXIS software Testing of adverse economic scenarios similar to CALM