Risk Transfer Practice Note: 2021 Updates

Various regulatory activities, including new reporting requirements, occurring from 2002 to 2005 have provided the impetus for various papers on risk transfer. The American Academy of Actuaries published two: Risk Transfer in P&C Reinsurance: Report to the Casualty Actuarial Task Force of the National Association of Insurance Commissioners in 2005; and Reinsurance Attestation Supplement 20-1: Risk Transfer Testing Practice Note in 2007. This current update builds on the work done a decade and a half ago and adds to the bases of FAS 113 and SSAP 62R within these papers the requirements of Solvency II, which became effective in 2016, and the anticipated implementation of IFRS 17 in 2023.

  • Date:Tuesday, September 14
  • Time:9:00 AM - 9:50 AM EDT
  • Session Type:Concurrent Lite
  • Session Code:CL-5
  • Learning Objective 1:Understand the differences in the various definitions of risk transfer in the different accounting standards.
  • Learning Objective 2:Learn the process for determining if a reinsurance contract transfers risk.
  • Learning Objective 3:Evaluate contracts to determine if they transfer risk.
  • Level of Knowledge:Level 2: General knowledge of the subject
  • Moderator:Charles Lei
Ernest Wilson, FCAS
Munich Re America, Inc.
Eduardo Esteva
Deloitte Mexico
Derek Freihaut, FCAS
Rose-Hulman Institute of Technology