June 18-19, 2025, 8:30-5:00pm ET (breakfast and lunch provided)
June 20, 2025, 8:30-12:15pm ET (breakfast provided)
The course provides a comprehensive review of life insurance statutory accounting, its framework and a deep dive into reporting within the Life and Accident & Health/Fraternal Benefit Societies Annual Statement (Blue Book). Gain an understanding of life insurance fundamentals, lines of business, statutory accounting concepts and the purposes and contents of the Blue Book. We address most pages, exhibits and schedules in Annual Statement. This class will center on a comprehensive textbook and a completed Blue Book for an illustrative model company in PDF format. Tuition includes PDF access to the Life Annual Statement Handbook, an $875 value.
Materials provided in print, if selected, include the course outline, textbook, and the illustrative 2025 Annual Statement for American Model Life Insurance Company only. A printed copy of the Handbook is not included.
Who Should Attend: Individuals responsible for or interested in the preparation or review of the Life Annual Statement.
Those interested in a more concise survey of the Life Annual Statement should consider Life Overview of Statutory Financial Reporting. Those interested in a comprehensive review and comparison of life insurance statutory accounting and U.S. GAAP accounting methodologies should consider Life Accounting and Financial Reporting.
It is not recommended to complete this course and the Life Accounting and Financial Reporting course in close proximity as the discussion on statutory accounting concepts in both courses is very similar.
Prerequisites and Advance Preparation: No advance preparation or prerequisite is required
Program Level: Basis
Field of Study: Accounting
- Identify the fundamentals of the life insurance industry and the key risks life insurers manage
- Explain typical products sold by life insurers
- Identify the elements of the framework of Statutory accounting principles and concepts
- Identify the structure of the NAIC Annual Statement
- Identify key components of the statutory financial statements including (a) the types of investments held by life insurance companies, statutory valuation rules and the investment schedules and exhibits (b) the statutory accounting rules for debt and equity securities impairments (c) the interest maintenance and asset valuation reserves guidance (d) information disclosed in the various investment schedules (e) the statutory accounting and reporting rules to reserves and other policyholder obligations (f) statutory accounting and reporting of deferred taxes concepts (g) the statutory accounting and reporting requirements for premiums, benefits, commissions, and dividends (h) the statutory nonadmitted asset concept
- Distinguish between the reinsurance methods utilized by life insurance companies and the type of reinsurers used in statutory reporting
- Identify the key components of the Life Risk-Based Capital (RBC) formula and recognize the regulatory implications of RBC results
Fort Lauderdale, FL
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