Insurance Contract Liabilities:
Senior management commit the necessary resources to the processes associated with calculating insurance contract liabilities – staff have the skills and time to all the calculation and review of the liabilities.
Staff responsible for calculating insurance contract liabilities are appropriately credentialed professionals.
Staff participate in continuing professional development activities.
Duties are segregated so that separate individuals are responsible for the primary analysis, technical review and supervisory peer review.
Personnel responsible for calculating insurance contract liabilities are independent of the underwriting and pricing functions.
There is a Chief Actuary who takes responsibility and ownership for the insurance contract liability values.
The Chief Actuary reports to senior management and the Board of Directors on issues relating to insurance contract liabilities.
Computer systems used to calculate insurance contract liabilities:
• Access to systems is restricted to authorized personnel
• Access security privileges are monitored on a quarterly basis.
• Authorized changes to computerized systems are made only after the changes have been fully tested.
• Use control totals to track that all information is fully processed.
End-user controls are implemented over use of excel spreadsheet.
Individuals are assigned the responsibility for each insurance contract liability models.
Insurance contract liability models are documented to describe the methodology and assumptions used to calculate the liability.
Personnel independent of the insurance contract liability calculations review the models to ensure that they comply with Company policies and industry standards.
Individuals are assigned the responsibility to review financial statement disclosures to ensure that disclosures associated with processes undertaken to estimate insurance contract liabilities is understandable.
Senior management review and sign-off on individual assumptions annually.
Sensitivity analysis is performed on key assumptions each reporting period.
Valuation data used for calculating insurance contract liabilities is reconciled to systems used to administer the insurance contracts each reporting period.
Reasonability checks are performed on outputs from the insurance contract liability processes.
Reasonability reviews of insurance contract liabilities are performed by senior management each reporting period.
Equities:
Senior VP Investments is responsible to the development, maintenance and communication of the corporate policies and procedures for public equities.
The Public equities policy reflects all requirements for current Canadian generally accepted accounting principles.
All equity purchase recommendations are thoroughly researched prior to purchase are researched by treasury analysts to ensure that they align with corporate investment objectives.
VP Investments will authorize the purchase and disposition of public equities.
Investments will be classified at the time of acquisition.
Custody of the public equities has been delegated to the Investment Division of a large national Canadian Bank (The Bank).
The Bank also acts as the fund manager for the public equities.
Confirmations are received from the Bank for all purchases and sales of public equities.
Monthly statements are received from the Bank that detail the invested asset portfolio.
Treasury analysts reconcile the company investment portfolio records to the monthly statements received from the Bank.
At year-end the treasury analysts prepare journal entries to record fair market value adjustments.
Journal entries for fair market value adjustments are approved by the VP investments.
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