An Actuary’s Primer on Accounting Standards Webinar

August 12, 2010
12:00 - 1:30 EDT

Program Description

In order to team effectively with other professionals, the actuary needs to understand the context within which their work is to be used. The financial reporting context within which an actuarial estimate will be used must be considered when evaluating the “best estimate” within a range. Actuaries whose work is used within a financial reporting context need to keep current on relevant accounting standards and interpretations. An actuary also must be able to clearly communicate the scope of the actuary’s analysis (what is estimated and what is not, including key assumptions) to the actuary’s principal(s) and to provide a meaningful work product to his/her principal(s) while ensuring that his/her work product will not be misused.

This webinar will enable attendees to (1) articulate key US GAAP and Statutory accounting policies that affect actuarial analyses; (2) evaluate whether his/her actuarial analyses might be modified to better serve their principal(s)’ intended purposes; and (3) better protect against potential misuse of the actuary’s work product.

Intended Audience

This webinar is open to CAS Members and Non-Members. Members whose responsibilities include Accounting/Financial Reporting, Management of Actuarial Units, Strategic/Financial Planning, Regulation, Reserving, Risk & Capital Management and Valuation are encouraged to attend.

Instructor

Patricia Teufel
Ms. Teufel is a principal with KPMG Actuarial Services. She is a Fellow of the Casualty Actuarial Society and a Member of the American Academy of Actuaries. Ms. Teufel holds a B.A. in mathematics from Trinity College and is a regular speaker at professional actuarial meetings and other training sessions.

Ms. Teufel’s principal services include: independent evaluation of loss and loss adjustment expense liabilities (including asbestos, environmental and other mass tort liabilities); issuance of statements of actuarial opinion; merger and acquisition assistance; litigation support services, including expert witness testimony; conversions to US GAAP and IFRS (International Accounting Standards); purchase accounting advisory services; and business process improvement advisory services.

Ms. Teufel just finished her term on the Casualty Actuarial Society Executive Council as Vice President – Marketing & Communications. She is a Member of the Board of Trustees of The Actuarial Foundation and previously served on the Boards of Directors of both the Casualty Actuarial Society and the American Academy of Actuaries. She has also served as Vice President-Financial Reporting for the American Academy of Actuaries and as Chairperson of the Committee on Property Liability Financial Reporting (COPLFR).

Registration Information and Fees

*Multiple Registrations may provide a list of attendees to the CAS via email, meetings@casact.org so CAS may note attendance for all participants in their CAS member record..

Cancelations/Refunds

Registrations fees will be refunded for cancellations received in writing at the CAS Office via fax, 703-276-3108, or email, refund@casact.org, by August 2, 2010 less a $50 processing fee.

Continuing Education Credit

The CAS Continuing Education Policy applies to all ACAS and FCAS members who provide Actuarial Services. Actuarial Services are defined in the CAS Code of Professional Conduct as “professional services provided to a Principal by an individual acting in the capacity of an actuary. Such services include the rendering of advice, recommendations, findings or opinions based upon actuarial considerations.” Members who are or could be subject to the continuing education requirements of a national actuarial organization can meet the requirements of the CAS Continuing Education Policy by satisfying the continuing education requirements established by a national actuarial organization recognized by the Policy. For further information regarding the CAS Continuing Education Policy please visit the CAS web site.

This activity may qualify for up to 1.8 CE Credits for CAS members. Participants should claim credit commensurate with the extent of their participation in the activity. CAS members earn 1 CE Credit per 50 minutes of educational session time not to include breaks and/or lunch.

**The amount of CE credit that can be earned for participating in this activity must be assessed by the individual attendee. It also may be different for individuals who are subject to the requirements of organizations other than the Casualty Actuarial Society.