The implications of the US long-duration targeted improvements (LDTI) accounting change will be one of the important topics discussed at the Insurance Risk & Capital Americas virtual conference on 22 September.
LDTI is one of the most complex accounting developments ever to hit the US insurance industry. In June, the Financial Accounting Standards Board (FASB) proposed a year’s delay to the effective date of the standard, after insurers complained of uncertainty and disruption to preparation work from Covid-19.
The accounting standard was expected to take effect in January 2022 for large insurers and January 2024 for smaller firms.
The Insurance Risk & Capital Americas conference, in association with software solutions provider FIS, will examine the impact for risk management during a panel session and two breakout discussion groups at the event.
Responding to the proposal by the FASB to delay LDTI to January 2023 for large firms and January 2025 for smaller firms, Martin Sarjeant, head of risk solutions management and strategy for insurance at FIS, has said the FASB’s vote to delay “was widely expected” and “recognises the impact on these projects of Covid-19”.
Sarjeant added there is a large number of small and medium sized insurers in the US “who now have more time to do a complete financial transformation to meet LDTI”.
The Insurance Risk & Capital Americas virtual conference is an exciting new initiative, combining a mixture of live-streamed and pre-recorded content, and networking via a dedicated virtual event platform.
The event features three tracks covering all aspects of risk, investment and climate issues for re/insurers in the Americas.
The virtual event is FREE for insurers, regulators and commissioners to attend. Email [email protected] to receive an invitation.
To register for the conference and view the agenda click here.
Once registered, the online platform for participating and networking at the virtual event can be found here.