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Long-duration targeted improvements: Navigating impending deadlines and the LDTI impact
March 21 @ 1:00 pm – 2:00 pm EDT
After much talk and anticipation, long-duration targeted improvements (LDTI) will be effective for all entities for fiscal years beginning after Dec. 15, 2024. If you haven’t already started to prepare, it’s time.
In 2018, the Financial Accounting Standards Board (FASB) issued ASU 2018-12 Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, also known as long-duration targeted improvements (LDTI), which impacts all insurers that issue long-duration contracts. While LDTI has been effective for public organizations that meet certain SEC filer requirements since December 2022, for all other entities, LDTI is effective for fiscal years beginning after Dec. 15, 2024. The transition effort will require significant financial, actuarial, project management and information technology (IT) resources that will need to be sourced from internal reallocations, new hires and external assistance. If your organization will be impacted by LDTI, it is recommended that you get started immediately on the transition.
Because the implementation effort will require significant changes to systems, processes and controls within your organization, Baker Tilly insurance specialists have partnered with actuarial firm Lewis & Ellis to host a webinar that will answer many of your LDTI questions from both an accounting and actuarial perspective. We will provide an overview and background of long-duration contracts and LDTI, and explain how to best identify opportunities within your organization to modernize, implement transition processes and much more. Don’t navigate these obstacles alone – learn how LDTI will impact your organization ahead of time and put a plan in place before it’s too late.
Join us on Mar. 21 from 1-2 p.m. ET. Questions will be encouraged throughout the webinar.
Learning objectives:
- Define long-duration insurance contracts, long-duration targeted improvements (LDTI), impacted vs. non-impacted policies and discuss the specifics behind the FASB regulation
- Receive information on how LDTI may impact and change your insurance organization’s financial reporting, actuarial and IT functions
- Learn just how extensively this new regulation has impacted other insurance organizations that issue long-duration contracts and the steps you should be taking to ensure compliance
- Identify key updates, tips and practical considerations to help you navigate the impending deadlines and ensure your insurance organization is well prepared
Information about CPE eligibility:
There are no prerequisites for this webinar, and advance preparation is not required. There is no cost to attend this webinar. A certificate of completion will be emailed to you four to six weeks after the event.
Level: Overview
CPE credit: One (1) hours total credit
Field of study: Specialized Knowledge
For more information regarding administrative policies such as complaint and refund policies, please email learning@bakertilly.com.
Baker Tilly is registered with the National Association of State Boards of Accountancy as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: nasbaregistry.org.
