Fundamentals of Life Statutory Accounting and Reporting

Classroom instruction is designed to enable you to make sense of the information contained in the financial reports by understanding statutory accounting definitions, the differences between statutory and GAAP accounting, insurance regulatory concepts, and required financial reporting

Program objectives

  • Learn and define the terms used in life insurer statutory accounting and reporting
  • Distinguish the types, risks and financial impact of the prevalent life insurance product lines
  • Understand the components of an insurance company’s income statement, balance sheet and cash-flow statement
  • Recognize the impact of differing accounting standards, reserving policies and changes in external variables (such as interest rates and asset prices) on the financial statements

Why two days for an introductory level program?

Because you're looking for more than a gloss of the subject.

The knowledge you gain from Life Statutory Accounting and Reporting will be the basis of your livelihood and a strong foundation for your future performance. You’ll need this knowledge to succeed whether you’re working within the insurance industry or performing financial, credit or transaction analyses from outside. 

Devoting two full days to instruction presents the opportunity to explore the subject in depth. You'll have time to work with actual financial filings – learning what the line items mean, and discovering the interrelationships between the accounting components, and how the numbers flow into a life insurer's financial statements 

Small class size for a personalized learning experience

We limit the number of registrants accepted for a session of Life Statutory Accounting and Reporting in order to provide an optimal atmosphere for professional education. You’ll be part of a small group of serious learners. The small size allows ample opportunity for individual discussion.


Kevin Oates

Independent Consultant and Instructor

Kevin has spent his entire career in the insurance industry and since 1996 has worked as an independent consultant and instructor conducting in-house and open enrollment training for Wall Street and industry firms.

He has held positions as a SVP of an international insurance/reinsurance consulting firm, executive financial positions with holding companies and underwriting organizations, and as vice-president of reinsurance operations with a reinsurance intermediary.

His teaching experience includes being an adjunct instructor of accounting at Queens College, Rutgers University, and an instructor in P&C insurance accounting and annual statement preparation at the New York College of Insurance.

Kevin has an MBA in Corporate Finance from Rutgers University. He is a Fellow of the Life Management Institute (FLMI), and holds the Associate in Reinsurance (ARE), and Associate in Insurance Accounting and Finance (AIAF) designation from the Insurance Institute of America.

He is the author of the Reinsurance Accounting Chapter of the Strain Reinsurance Textbook and a contributing author to the NAIC Receiver's Handbook.

Fundamentals of Life Statutory Accounting and Reporting Agenda

08:00 am
Registration and Continental Breakfast Open:
08:30 am
Introduction and Overview:
  • • Functions
  • • Business Cycle
  • • Products
  • • Annuities
  • • Risks
09:30 am
Financial Regulation Overview:
  • • Regulation summary
  • • How Life and P&C Regulation differs
  • • NAIC
10:15 am
Refreshment Break:
11:00 am
Introduction to Life Insurance Accounting: Statutory vs GAAP Accounting:
  • • Differences
  • • One Universal Truth
  • • Key Factors
  • • Financial statements
12:00 pm
1:00 pm
Separate Accounts:
  • • Usage and purpose
  • • Flow of funds
  • • Liabilities
  • • Major points
  • • Reporting “Rules”
2:15 pm
Refreshment Break:
2:30 pm
Statutory Financial Reporting:
  • • The Annual Statement
  • • Requirements
5:00 pm
Day One Concludes:
THURSDAY, May 18th
8:00 am
Continental Breakfast Opens:
8:30 am
Balance Sheet Assets:
  • • Invested Assets
  • • Invested Income Investment
  • • Interest Maintenance Reserve
  • • Asset Valuation Reserve
  • • Non-Admitted Assets
10:15 am
Refreshment Break:
10:30 am
Summary of Operations:
  • • Summary
  • • Lines of Business
  • • Examples
12:00 pm
01:00 pm
Liabilities and Capital:
  • • Types of Reserves
  • • Actuarial Assumptions
  • • The Prospective Method
  • • Determining reserves
  • • Reserve Valuation Methods
02:15 pm
Refreshment Break:
02:30 pm
Risk Based Capital:
  • • Measurement concepts
  • • Risk factors
  • • Calculation
  • • Operation
  • • Percentages and Levels of Regulator Intervention
  • • Impact and Strategic Implications
05:00 pm
Program Concludes:

Ticket Info

Early Bird Rate: $1795

Regular Rate: $1995


Event location

New York, NY

Your registration includes all program work materials, plus continental breakfast and lunch both days.

New special discounted combo price! For $3590, take both Fundamentals of Life Statutory Accounting and Reporting and Financial Analysis of Life Insurers. To register at this special price, please contact us at +1 (888) 991-7786.

Downloads & FAQs

Insurance Sector Training Course Catalog

Manager Justification Letter

Who attends?

Life Statutory Accounting and Reporting provides a foundational knowledge of the accounting and reporting practices of life insurers. It is of highest value to:

  • Buy-side and sell-side investment analysts needing the first step towards understanding and analyzing life insurers
  • Entry-level insurance company accounting and audit professionals
  • Life insurance underwriters looking for insight into the financial effects of their activities on the company
  • Insurance company IT professionals wanting to understand the accounting and reporting flows that are the basis of their projects
  • Legal advisors and management consultants engaged in developing a big picture understanding of the life insurance business


This program presumes an interest in learning the foundations of the life insurance business and accounting.

What is the dress code? 
Business casual.

Do I need a laptop?

Are meals included?
Your registration includes continental breakfast and lunch both days.

What is the cancellation policy?
Cancellations for this program are eligible for a full refund, less a $150.00 administrative fee, if received at least 15 business days prior to the start of the program. Cancellations received after that date but at least 5 business days prior to the start of the program receive a credit in the amount of the registration fee, less a $150.00 administrative fee, to attend another Knowledge Center program within 13 months. Cancellations received fewer than 5 business days prior to the start of the program are not eligible for a refund or credit. 

Attendee substitutions from the same company may be made at any time.

In the event of a cancellation from a group discount, refunds or credits are issued beginning with the most heavily discounted price, minus a $150.00 administration fee.

"No shows" - or those who cancel within 15 days of the program - and have registered under the Invoice option, remain liable for the full program fee.

The Knowledge Center reserves the right to cancel/change programs, content, speakers or venue at any time. The Knowledge Center reserves the right to make portions of the program registration information available to program sponsors. The Knowledge Center will not be held liable for any costs incurred by registrant due to individual registration cancellation. In the event that a seminar is cancelled due to inclement weather, faculty cancellation or force majeure, the Knowledge Center will refund the registrant's tuition in full, however the Knowledge Center will not be liable for incidental or consequential out of pocket expenses incurred by the registrant. If you have questions regarding a Knowledge Center's refund, complaint or program cancellation policy, please call us at (434) 951-7786.

Registrant, as an individual person attending a Knowledge Center conference, seminar, or other program, hereby grants permission to the Knowledge Center to use and publish his or her image, likeness, or testimonials collected in connection with the program for advertising and trade purposes in connection with the Knowledge Center’s conferences, instructional, and/or marketing activities.

Continuing Education Credits

13.5 Hours of Continuing Education Credit
The Knowledge Center is registered with CFA Institute as an Approved Provider of professional development programs. This program is eligible for 13.5 CE credit hours as granted by CFA Institute If you are a CFA Institute member, CE credit for your attendance at this event will be automatically recorded in your CE Diary upon request.
16 Hours of CPE Credit
Participants who complete this program qualify for 16 hours of CPE credit (Specialized Knowledge and Applications). Program Level: Intermediate. Delivery Method: Group-Live. Knowledge Center is registered with the National Association of State Boards of Accountancy (NASBA), 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 addressed to the National Registry of CPE Sponsors, 150 4th Ave N, Ste 700, Nashville, TN, 37219-2417. Website: