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Www.marsh.comwww.marsh.com / www.pkfcayman.comwww.pkfcayman.com Accounting & Audit IMAC Captives Course November 9, 2011 Presented By: Alissa Matthews,

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1 / Accounting & Audit IMAC Captives Course November 9, 2011 Presented By: Alissa Matthews, CA Ben Leung, ACA Senior Vice President, Marsh Managing Partner, PKF

2 1 The objective of this course is to understand the process specific to insurance captives, for the following topics:  Accounting & Financial Reporting  Auditing Overview & Objective

3 2 Accounting & Financial Reporting Overview  Accounting Oversight & Governance  Accounting for Premiums & Losses  Example 1a: Premiums/Losses  Example 1b: Reinsurance  Accounting for Retrospectively Rated Programs  Example 2a: Retrospectively Rated Program  Example 2b: Deposit Accounting  Other Accounting Considerations: Premiums & Losses  Accounting for Investments  Example 3: Investment Classifications

4 3 Accounting & Financial Reporting Oversight & Guidance  US Generally Accepted Accounting Principles (US GAAP) – AICPA – American Institute of Certified Public Accountants – FASB – Financial Accounting Standards Board – SEC – Securities Exchange Commission – Vast majority of Cayman captives follow US GAAP  International Financial Reporting Standards (IFRS) – IASB – International Accounting Standards Board and IFRS Foundation – European Union, Canada, Australia, Asia  US GAAP vs IFRS: – Differences – Global harmonization and convergence – Majority of Cayman Captives use US GAAP – Presentation will focus on US GAAP treatment

5 4 Accounting & Financial Reporting Accounting for Premiums & Acquisition Costs  Accounting for the insurance program follows the insurance contracts. Under insurance accounting all contract amounts are set-up on day one: – Premiums recognized as revenue over term of the contract in proportion to the insurance protection provided (typically evenly) (ASC ). – Acquisition costs are related to acquiring the insurance contract and are set up on the balance sheet and expensed over term of contract. Acquisition Costs vary with the contract, ie. commissions, fronting fees, taxes, etc. (ASC ) – General & Administrative Costs do not vary with contract & are not primarily related to the acquisition of the contract, ie. management fees, audit fees, etc. These costs are expensed as incurred. (ASC ) – Reinsurance premiums assumed & ceded are accounted for on a gross basis

6 5 Accounting & Financial Reporting Accounting for Losses & Loss Reserves  Paid Losses & Case/Reported Reserves are based on Loss Runs – Claims Handler estimates reserve for known reported claims  Incurred But Not Reported (IBNR) must be recorded (ASC ) – Adverse development on case reserves – Claims not yet reported – Actuary projects ultimate losses then deduct paid losses and case reserves to obtain the IBNR figure.  Losses related to reinsurance contracts must be recorded gross  Loss & Reserves Note Disclosures: – Narrative on how losses are derived – Break-down components of reserves between case & IBNR – Break-down of movement in loss reserves between incurred and paid and between current and prior years

7 6 Accounting & Financial Reporting Accounting for Losses & Loss Reserves  Reserves may be booked at a different confidence level and/or discount rate than that used for funding. – Confidence level or risk margin: higher = more conservative – Discount rate: comparable to risk free rate – Reserving Trends  Expected/Undiscounted  75% confidence level/Discounted  Reserving methodology should be reviewed annually: – Changing confidence level = change in accounting estimate – Changing discount rate = change in accounting estimate – Changing from discounted to undiscounted  Differing treatments: accounting policy vs accounting estimate  Check with company’s auditors

8 7 Accounting & Financial Reporting Example 1 – Accounting for Premiums & Losses  AM Insurance Company (AMIC) has a December 31 st year end and their financial statements follow US GAAP.  On October 1 st AMIC entered into a year long reinsurance contract with the following terms and conditions: – Premiums $100,000 – Fronting & Acquisition Costs $5,000 – Net premiums ceded quarterly – Administrative expenses were $30,000 for the year – During the year claims were reported of $15,000 of which $5,000 was paid and $10,000 reserved. – Actuary projected ultimate losses of $25,000 as at year-end.

9 8 Accounting & Financial Reporting Example 1 – Accounting for Premiums & Losses Fronting Company AMIC Insured $100,000 in premiums $95,000 ($23,750 per quarter sent to the captive) $5,000 deducted for Fronting Fees

10 9 Accounting & Financial Reporting Example 1a - Accounting for Premiums & Losses. Day 1 – Entries (in blue throughout)DebitCredit Reinsurance Balances Receivable (B/S)$71,250 Acquisition Costs (I/S)$5,000 Cash (B/S)$23,750 Premiums Written (I/S)$100,000 Movement in UPR (I/S)$100,000 Unearned Premium Reserve (UPR) (B/S)$100,000 Deferred Acquisition Costs (DAC) (B/S)$5,000 Movement in DAC (I/S)$5,000 To record premiums written & costs To record unearned & deferred amounts

11 10 Accounting & Financial Reporting Example 1 – Accounting for Premiums & Losses Fronting Company AMIC Insured $100,000 in premiums ($25,000 earned per quarter) $95,000 ($23,750 per quarter sent to the captive) Loss Runs / Cession Statement: $5,000 Paid + $10,000 Reserved = $15,000 Incurred Invoices: $30,000 Expenses Actuarial Report: $25,000 Ultimate Losses - $15,000 Reported = $10,000 IBNR (Incurred But Not Reported) $5,000 for Fronting Fees ($1,250 expensed per quarter)

12 11 Accounting & Financial Reporting Example 1a - Accounting for Premiums & Losses Year-End – Entries (in green throughout)DebitCredit Unearned Premium Reserve (UPR) (B/S)$25,000 Movement in UPR (I/S)$25,000 Movement in DAC (I/S)$1,250 Deferred Acquisition Costs (DAC) (B/S)$1,250 Administrative Expenses (I/S)$30,000 Accounts Payable (B/S)$30,000 Losses Paid (I/S)$5,000 Losses Payable (B/S)$5,000 Movement in Loss Reserves (I/S)$20,000 Loss Reserves (B/S)$20,000 To Record Transfer to Incurred/ Earned To Record Losses & Loss Reserves To Record Expenses

13 12 Accounting & Financial Reporting Example 1a - Accounting for Premiums & Losses Balance SheetOpeningDay 1 EntryY/E AdjTotal Cash$1,500,000$23,750$0$1,523,750 Insurance Balances Rec071,2500 Deferred Acquisition Costs05,000(1,250)3,750 Total Assets$1,500,000$100,000($1,250)$1,598,750 Accounts Payable0030,000 Losses Payable005,000 Unearned Premium Reserve0100,000(25,000)75,000 Loss Reserves0020,000 Share Capital & APIC1,500,00000 Retained Earnings00(31,250) Total Liabilities & Equity$1,500,000$100,000($1,250)$1,598,750

14 13 Accounting & Financial Reporting Example 1a - Accounting for Premiums & Losses Income StatementOpeningDay 1 EntryY/E AdjTotal Premiums Written$0$100,000$0$100,000 Movement in UPR0(100,000)25,000(75,000) Acquisition Costs0(5,000)0 Movement in DAC05,000(1,250)3,750 Underwriting Income$0 $23,750 Losses Paid00(5,000) Movement in Loss Reserves00(20,000) Net Underwriting Income$0 ($1,250) Administrative Expenses00(30,000) Net Income$0 ($31,250)

15 14 Accounting & Financial Reporting Example 1b – Accounting for Reinsurance Example 1b: AMIC decided on October 1 st to cede 100% of the premiums to an excess reinsurer for an amount of $85,000 plus $10,000 in commission costs, due to the reinsurers on Day 1 of the policy. Day 1 – Additional EntriesDebitCredit Reinsurance Premiums Ceded (I/S)$85,000 Commissions (I/S)$10,000 Cash (B/S)$95,000 Deferred Reinsurance Ceded (B/S)$85,000 Movement in Def’d Reins Ceded (I/S)$85,000 Deferred Commissions (B/S)$10,000 Movement in Deferred Commissions (I/S)$10,000 To record premiums written & costs To record unearned & deferred amounts

16 15 Accounting & Financial Reporting Example 1b - Accounting for Reinsurance Example 1b: AMIC decided on October 1 st to cede 100% of the premiums to an excess reinsurer for an amount of $85,000 plus $10,000 in commission costs, due to the reinsurers on Day 1 of the policy. Year-End – Additional EntriesDebitCredit Movement in Def’d Reins Ceded (I/S)$21,250 Deferred Reinsurance Ceded (B/S)$21,250 Movement in Deferred Commissions (I/S)$2,500 Deferred Commissions (B/S)$2,500 Losses Recoverable (B/S)25,000 Movement Losses Recoverable (I/S)25,000 To Record Tsf to Incurred/ Earned To Record Recoverable from Reinsurers

17 16 Accounting & Financial Reporting Example 1b – Reinsurance Accounting Balance SheetPrior TotalDay 1 EntryY/E AdjTotal Cash$1,523,750($95,000)$0$1,452,500 Insurance Balances Rec71,25000 Losses Recoverable25,000 Deferred Reinsurance Ceded085,000(21,250)63,750 Deferred Acquisition Costs3,75010,000(2,500)11,250 Total Assets$1,598,750$0$1,250$1,600,000 Accounts Payable30,00000 Losses Payable5,00000 Unearned Premium Reserve75,00000 Loss Reserves20,00000 Share Capital & APIC1,500,00000 Retained Earnings(31,250)01,250(30,000) Total Liabilities & Equity$1,598,750$0$1,250$1,600,000

18 17 Accounting & Financial Reporting Example 1b – Reinsurance Accounting Income StatementPrior TotalDay 1 EntryY/E AdjTotal Premiums Written$100,000$0 $100,000 Movement in UPR(75,000)00 Reins Premiums Ceded0(85,000)0 Deferred Reins Prem Ceded085,000(21,250)63,750 Acquisition Costs(5,000)(10,000)0(15,000) Movement in DAC3,75010,000(2,500)11,250 Underwriting Income$23,750$0($23,750)$0 Losses Paid(5,000)00 Movement in Loss Reserves(20,000)00 Mvmt in Losses Recoverable0025,000 Net Underwriting Income($1,250)0$1,250$0 Administrative Expenses(30,000)00 Net Income($31,250)$0$1,250($30,000)

19 18 Accounting & Financial Reporting Accounting for Retrospectively Rated Programs  Premiums may be subject to adjustment under retrospectively rated or other experience rated contracts. – If the premium is reasonably estimable, then that amount is recognized as revenue over the course of the contract and revised to reflect current experience. – If the premium is not reasonably estimable, then the cost recovery method or deposit method until it is estimable.  Retrospectively-Rated, ‘Zero-Bottom Line’, or ‘Harvard Model’ captives – Premiums typically initially based on the 75% confidence level in the actuarial funding report plus operating expenses. – Policy notes premiums will be adjusted based on actual loss experience. – May be subject to a maximum & minimum premium. – May include operating expenses and investment income. – Return excess funding through premium adjustments.

20 19 Accounting & Financial Reporting Accounting for Retrospectively Rated Programs  Contracts must transfer risk in order to be accounted for on the insurance accounting basis. ASC (FAS113 (9)) states that both the following must be met in order for the transaction to be a risk transfer arrangement: (a) The reinsurer assumes significant insurance risk under the reinsured portions of the underlying contracts. (b) It is reasonably possible that that reinsurer may realize a significant loss from the transaction.  In general this clause has been interpreted as: 10% risk of a 10% loss = 90% confidence level x 90%  Evidence of risk transfer must be present at policy inception.  Cap maximum premiums at or below the risk transfer amount for the policy to qualify for insurance accounting treatment.

21 20 Accounting & Financial Reporting Accounting for Retrospectively Rated Programs

22 21 Accounting & Financial Reporting Example 2 – Retrospectively Rated Programs  On January 1st, AMIC issued a policy directly to its Parent with the following terms and conditions: – Premiums of $200,000 based on the 75% confidence level funding report of $165,000 plus $35,000 funding for admin expenses. – The policy includes a retrospective premium clause that meets the requirements for risk transfer – Premiums paid quarterly in advance – At year-end claims paid were $10,000 and case reserves $40,000. – The actuary adjusted their ultimate losses to $130,000 at year-end. – Administrative expenses were $30,000 – Interest earned was $5,000. Parent Insured AMIC $200,000

23 22 Accounting & Financial Reporting Example 2a – Retrospectively Rated Programs Day 1 - EntriesDebitCredit Insurance Balances Receivable (B/S)$150,000 Cash (B/S)$50,000 Premiums Written (I/S)$200,000 Movement in UPR (I/S)$200,000 Unearned Premium Reserve (UPR) (B/S)$200,000 To record premiums written & costs To record unearned & deferred amounts Year-End - EntriesDebitCredit Cash (B/S)$155,000 Insurance Balances Receivable (B/S)$150,000 Interest Income (I/S)$5,000 To Record Premiums & Interest received

24 23 Accounting & Financial Reporting Example 2a – Retrospectively Rated Programs Year-End – Entries ContinuedDebitCredit Unearned Premium Reserve (UPR) (B/S)$200,000 Movement in UPR (I/S)$200,000 Administrative Expenses (I/S)$30,000 Accounts Payable (B/S)$30,000 Losses Paid (I/S)$10,000 Losses Payable (B/S)$10,000 Movement in Loss Reserves (I/S)$120,000 Loss Reserves (B/S) [$130k - $10k]$120,000 Movement in RPA (I/S)$45,000 Retrospective Premium Adj (RPA) Reserve (B/S) $45,000 To Record Earned Premiums To Record Losses & Loss Reserves To Record RPA Movement To Record Expenses

25 24 Accounting & Financial Reporting Example 2a – Retrospectively Rated Programs Balance SheetOpeningDay 1 EntryY/E AdjTotal Cash$1,500,000$50,000$155,000$1,705,000 Insurance Balances Rec0150,000(150,000)0 Total Assets$1,500,000$200,000$5,000$1,705,000 Accounts Payable0030,000 Losses Payable0010,000 Unearned Premium Reserve0200,000(200,000)0 Loss Reserves00120,000 Retro Prem Adj Reserve0045,000 Share Capital & APIC1,500,00000 Retained Earnings0000 Total Liabilities & Equity$1,500,000$200,000$5,000$1,705,000

26 25 Accounting & Financial Reporting Example 2a – Retrospectively Rated Programs Income StatementOpeningDay 1 EntryY/E AdjTotal Premiums Written$0$200,000$0$200,000 Movement in UPR0(200,000)200,0000 Underwriting Income$0 $200,000 Losses Paid00(10,000) Movement in Loss Reserves00(120,000) Movement in RPA00(45,000) Net Underwriting Income$0 $25,000 Investment Income005,000 Administrative Expenses00(30,000) Net Income$0

27 26 Accounting & Financial Reporting Example 2b – Retrospectively Rated Programs Example 2b: All other contract terms remain the same, but the 90% confidence level discounted in the funding report was $230, % Confidence Level Discounted $230,000 Multiply by 90% 90% Maximum Premiums for Risk Transfer $207,000 Actual Premiums $200,000 Actual Premiums < Max Premiums YES Retrospectively Rated Policy Cap $250,000 Retro Cap < Max Premiums NO This example policy DOES NOT PASS the risk transfer test since the retro policy has a cap that is higher than the 90% confidence level discounted x 90%.

28 27 Accounting & Financial Reporting Example 2b – Retrospectively Rated Programs Day 1 – Entries to record as Deposit LiabDebitCredit Premiums Written (I/S)$200,000 Deposit Liability (B/S)$200,000 Unearned Premium Reserve (UPR) (B/S)$200,000 Movement in UPR (UPR) (I/S)$200,000 To set up deposit liability To reverse UPR entries  Accounted for using Deposit Accounting – Premiums received are recorded as additions – Losses paid as deductions to the deposit liability – Includes retrospective premium adjustments as part of policy  The amount of deposit liability should be adjusted to reflect future estimated payments (ASC )

29 28 Accounting & Financial Reporting Example 2b – Retrospectively Rated Programs Year-End – Entries to Record as Deposit LiabDebitCredit Deposit Liability (B/S)$35,000 Interest Income Allocated to Deposit Liab (I/S)$5,000 Admin Exp Allocated to Deposit Liab (I/S)$30,000 Losses Paid Allocated to Deposit Liab (I/S)$10,000 Loss Reserves (B/S)$120,000 Movement in Loss Reserves (I/S)$120,000 Retro Premium Adj Reserve (RPA) (B/S)$45,000 Movement in RPA (I/S)$45,000 Movement in UPR (I/S)$200,000 Unearned Premium Reserve (B/S)$200,000 To Allocate Income Statement Amounts to Deposit Liability To Reverse Reserve Entries

30 29 Accounting & Financial Reporting Example 2b – Retrospectively Rated Programs DEPOSIT LIABILITY ACCOUNT Premiums$200,000 Losses Paid (10,000) Investment Income 5,000 Admin Expenses (30,000) Balance $165,000

31 30 Accounting & Financial Reporting Example 2b – Retrospectively Rated Programs Balance SheetInsuranceDay 1 EntryY/E AdjDeposit Cash$1,705,000$0 $1,705,000 Insurance Balances Rec0000 Total Assets$1,705,000$0 $1,705,000 Accounts Payable30,00000 Losses Payable10,00000 Deposit Liability0200,000(35,000)165,000 Unearned Premium Reserve0(200,000)200,0000 Loss Reserves120,0000(120,000)0 Retro Premium Reserve45,0000(45,000)0 Share Capital & APIC1,500,00000 Retained Earnings0000 Total Liabilities & Equity$1,705,000$0 $1,705,000

32 31 Accounting & Financial Reporting Example 2b – Retrospectively Rated Programs Income StatementInsuranceDay 1 EntryY/E AdjDeposit Premiums Written$200,000($200,000)$0 Movement in UPR0200,000(200,000)0 Underwriting Income$200,000$0($200,000)$0 Losses Paid(10,000)00 Losses Alloc to Deposit Liab0010,000 Movement in Loss Reserves(120,000)0120,0000 Movement in RPA(45,000)045,0000 Net Underwriting Income$25,000$0($25,000)$0 Investment Income5,00000 Administrative Expenses(30,000)00 Inv/Admin Alloc to Deposit0025,000 Net Income$0

33 32 Accounting & Financial Reporting Other Premium/Loss Considerations  Loss Portfolio Transfers/Retroactive Contracts – Retroactive contracts occur when liabilities are transferred after the end of the policy year  ie. contract effective Jan 1, 2010 covering losses reported after Jan 1, 2010 but occurring prior to Jan 1,  Popular for new captives to cover tail liabilities. – Initial Treatment:  Consideration credited to reserves rather than income statement.  Gain on transfer is deferred and recognized over the payout period of the losses.  Loss on transfer is recognized in the current period. – Future movements in reserves go through income statement.

34 33 Accounting & Financial Reporting Accounting for Investments  Types of Captive Investments – Liquid: Cash, Money Market Funds, CD’s – US Treasuries, Bonds, Government-Backed Securities – Equities – Managed Funds (private & exchange traded), fund of funds  Custodian Reports vs Investment Reports  Investment Note Disclosures: – Maturity tables – Gross up unrealized & realized gains/losses – ASC820 level disclosures

35 34 Accounting & Financial Reporting Accounting for Investments  Methods of Recording: – Held to Maturity:  amortized cost – Available for Sale:  Stated at fair value  Changes reported in equity (other comprehensive income)  Other Than Temporary Impairments (OTTI)  ASC Election to record at fair value – Trading:  Stated at fair value  changes reported in income statement

36 35 Accounting & Financial Reporting Example 3 – Investment Classifications  AM Insurance Company (AMIC) has a December 31 st year end and their financial statements follow US GAAP. – On January 1 st, AMIC purchases investments for $700,000. – During the year AMIC sold $100,000 for a profit of $20,000. – During the year the portfolio earned $10,000 of interest income – At year-end there were $20,000 in unrealized losses and $50,000 in unrealized gains. – Of the unrealized losses at year-end $15,000 have been deemed to be Other Than Temporary Impairments (OTTI) in the investment value

37 36 Accounting & Financial Reporting Example 3 – Investment Classifications Balance SheetMaturityAvail for SaleTrading Cash (1)930,000 Investments (2)600,000630,000 Total Assets$1,530,000$1,560,000 Share Capital & APIC1,500,000 Unrealized Gains/Losses (3)045,0000 Retained Earnings30,00015,00060,000 Total Liabilities & Equity$1,530,000$1,560, Cash value: 1,500,000 – 700, , ,000 = 930, Investment value: 700,000 – 100,000 = 600,000 cost + unrealized 30,000 = 630, Unrealized Gains (Other Comprehensive Income): 50, , ,000 = 45,000

38 37 Accounting & Financial Reporting Example 3 –Investment Classifications Income StatementMaturityAvail for SaleTrading Investment Income Interest Income (1)10,000 Unrealized Gains/Losses (2)0030,000 Other Than Temporary Impairment (3)0(15,000)0 Realized Gains (4)20,000 Net Income$30,000$15,000$60, Interest Income: 10, Unrealized Gains/Losses: 50,000 – 20,000 = 30, Other Than Temporary Impairment (OTTI): 15, Realized Gains: 20,000

39 38 Auditing Overview  Audit Purpose & Responsibilities  Audit Process  Audit Planning Timeline  Standard Audit Procedures  Audit Completion

40 39 Auditing Audit Purpose & Responsibilities  Purpose & Scope – Enhance degree of confidence in the financial statements through expression of an opinion on those financial statements – Requirement under Insurance Law to be filed 6 months after year- end  Responsibilities of the Auditor – Conduct audit in accordance with appropriate standard (ISA/GAAS) – Obtain reasonable assurance financials are free from material misstatement – Obtain evidence on amounts & disclosures – Evaluate appropriateness of accounting policies & reasonableness of estimates, and overall presentation – Auditors judgement

41 40 Auditing Audit Overview  Responsibilities of Management – Management is any person(s) with executive responsibility for the conduct of the entity’s operations – Financial statements are the responsibility of management – Properly recording transactions in the accounting records – Maintaining internal controls sufficient to permit reliable financial statements – Adjusting the financial statements to correct material misstatements – Ensuring access to all company records and personnel – Ensure sufficient controls & programs to prevent & detect fraud – Ensure compliance with laws & regulations

42 41 Auditing Audit Process Timetable & Scope Agreed Confirmation Planning & Review Procedures Fieldwork & Testing Meetings & Discussion Completion Delivery Annual Audit Cycle

43 42 Auditing Audit Planning Timeline  Best practice is to get an audit timeline agreed with all parties prior to fieldwork: Days after Y/EWho Audit Planning Meeting> 2 weeks PriorAuditor Actuarial Report Received (2 wks p/t drafts)+ 2 weeksActuary Management Financials Completed+ 3 weeksManager Confirmations Sent Out+4 weeksAuditor Audit Fieldwork Start+4 weeksAuditor Draft Audited Financials Received+9 weeksAuditor Meeting to Approve Audited Financials+10 weeksManager Final Audited Financials Issued+11 weeksAuditor

44 43 Auditing Standard Audit Procedures  Investments/Investment Income – Confirm investment holdings with Custodian – Test market valuation of investments to third party pricing sources – Analytically review investment income – Review portfolio for Other Than Temporary Impairments, if applicable – Ensure disclosures have been made  Underwriting Income (Participant Contributions) – Confirm participant contributions assumed – Review policies and assess risk transfer – Agree policy contract terms and amounts – Confirm reinsurance & premiums written and related balances  Cash – Confirm cash balances for all accounts – Review cash reconciliations with bank statements

45 44 Auditing Standard Audit Procedures  Claim & Claim Expense Reserves – Review of current reserving policy – Test claims handling and/or obtain SAS 70 report from TPA – Obtain actuarial estimates for claim liability and IBNR claims – Review estimates used by actuary for reasonableness  Other Expenses & Procedures – Perform analytical procedures on operating expenses by comparing previous year, budget, and expected changes – Agree expenses to service provider agreements – Based on the results of analytical review, additional procedures will be performed, including review of detailed activity and testing of third- party documentation.

46 45 Auditing Audit Completion  Letter of Representations to Auditors – Sets out responsibilities of Management – Auditors are required to obtain written representations to support audit evidence (ISA 580)  Management Letters & Control Letters – Proactive approach during the audit  Audit Report – Sets out responsibilities – Auditors Opinion  Clean/Unqualified  Emphasis of Matter  Qualified  Adverse  Disclaimer

47 46 Questions?

48 47 / Alissa Matthews, CA Ben Leung, ACA Senior Vice President, Marsh Managing Partner, PKF


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