Captive Accounting Issues 24 th June 2009, Wednesday.

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Presentation transcript:

Captive Accounting Issues 24 th June 2009, Wednesday

Captive Accounting Issues Panellists: Craig Swan, Director of Policy, Research and Risk Assessment Unit, Bermuda Monetary Authority Tony Grainger, Senior Vice President, Marsh Management Services (Bermuda) Ltd Gary Richardson, Senior Manager, Ernst & Young Ltd. Moderator: Philip Burrill, Partner, Ernst & Young Ltd.

Captive Management Captive Insurance Company Cash ExpensesTPA - Claims Advisory Program Auditor GAAP/ Stats Regulators Compliance Actuary Reserves Broker/ Client Premium/DAC Investments Income/Gains Board of Directors & Shareholders

Captive Management Issues: Solvency/ Compliance Matching/ Timing Asset Management TPA/ Actuary Markets/ Programs Cash Flows

Captive Accounting Issues Significant Items we receive from captive managers include: Actuarial report Investment Custodian and/or Investment Manager statements (Re)/insurance Contracts Tax provision workings (if 953d elected) GAAP and Statutory Financial Statements and Return Access to underlying accounting records

Captive Accounting Issues Hot current accounting issues that affect our audit and the preparation of the captive financial statements: FAS – Other than temporary impairment (“OTTI”) FAS 157 – Fair Value Measurements FAS 159 – Fair Value Option FAS 163 – Accounting for Financial Guarantee Insurance Contracts an interpretation of FASB Statement No. 60 Revenue Recognition – current FASB/IASB discussion paper

Statutory Financial Return Process Captive BMA Application: Other Fixed Capital Relevant Assets, Solvency Relief Regulatory Decision SFR Filing Additional Information Request Confirmation Letter

Statutory Financial Return Review VerificationAnalysis Communication