Reinsurance: Management and Accounting
Reinsurance relationships: an overview
- Characteristics and terms
- Purpose, types, forms and uses of reinsurance
- The unique reinsurance interpretations of good faith and “follow the fortunes”
Treaties
- Learning how they work — the intent of involved parties vs. actual results
- Reviewing contract wording
- How to develop treaty abstracts (using a case study focus)
- Procedures for accounting and analysis of treaty business
-How to monitor and manage reinsurance
-Accounting and auditing for quota share and excess-of-loss treaties
Accounting and reporting
- FASB 113 and SSAP #61 and #62
- Risk transfer in reinsurance contracts
- Statutory accounting concerns
- Deposit accounting overview
- Internal and external reporting
Reinsurance auditing
- Types and objectives of reinsurance audits: financial/transactional, claims, underwriting and operational audits
- Reinsurance internal control reviews
- Audit examples for internal and external reporting
- When reinsurance audits should be performed
- The most effective way to conduct a reinsurance audit
How and what to audit in Bordereaux and summary reports
- Inherent problems in Bordereaux
- Closing an EDP format
Reinsurance claims
- Reporting to reinsurers, notice of loss, clarity of reports
- Environmental exposures: a reinsurance perspective
- Effects on financial reporting
Intermediaries and third parties
- Functions of a broker
- Managing general agents
Solvency issues
- Tools used to evaluate companies
- Reviewing the annual statement
Regulatory issues
Legal development update
- Arbitration/litigation issues
Reinsurance best practices
Schedule
Evening before course — 5:30 – 7:30 p.m. Optional dinner
Days 1, 2, 3 — 8:00 – 5:00 p.m. Session
The University of Wisconsin–Madison, as a member of the University Continuing Education Association (UCEA), authorizes this course for 2.4 Continuing Education Units (CEUs) or 24 hours.
gsrenaski@exed.wisc.edu