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Captive Accounting Issues

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

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Captive Accounting Issues

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  1. Captive Accounting Issues 24th June 2009, Wednesday

  2. 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.

  3. Captive Management Board of Directors & Shareholders

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

  5. 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

  6. Captive Accounting Issues Hot current accounting issues that affect our audit and the preparation of the captive financial statements: FAS 115-2 – 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

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

  8. Statutory Financial Return Review

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