William Hines

FSA, MAAA

Principal and Consulting Actuary

Wakefield, MA, US

William Hines is a principal with the Boston office of Milliman. He joined the firm in 2001.

Experience

William supports clients globally on financial reporting issues involving IFRS, U.S. GAAP, and regulatory accounting. He has served as Appointed/Approved Actuary for more than 20 life insurers in the United States, Bermuda, and the Cayman Islands.

His consulting assignments have included audit and litigation support, reserve reviews, pricing analysis, mergers and acquisitions, alternative financing structures, securitizations, captive insurance companies, and reinsurance transactions.

William's expertise is sought after by standard settlers and regulators. He has served on IASB's IFRS 17 Transition Resource Group, the Board of Governors of the Federal Reserve Insurance Policy Advisory Committee, and the International Auditing and Assurance Standards Board's Consultative Advisory Committee.

Prior to joining Milliman, William worked at John Hancock in Boston, where he gained experience in GAAP and statutory financial reporting, valuation, dividend scale development, profitability analysis, and projection, and asset liability management.

Publications and Presentations

Frequent speaker at industry and professional conferences around the world on accounting for insurance and financial reporting topics
Organized and participated in speaker panels with IASB board members and staff
Author of numerous Milliman white papers on insurance accounting topics
Published articles in the North American Actuarial Journal, the Financial Reporter, and International News magazines of the Society of Actuaries, and LOMA’s Resource magazine
Quoted in Best’s Review and BNA’s publications

Professional Designations

Fellow, Society of Actuaries
Member, American Academy of Actuaries

Education

BBA, Finance, University of Massachusetts, Amherst

Affiliations

William is involved in committee work of the American Academy of Actuaries (AAA) and the International Actuarial Association (IAA). Current and former positions include:
Vice-Chairperson, Actuarial Board for Counseling and Discipline
Vice President, AAA Risk Management & Financial Reporting Council
Chairperson, AAA Financial Reporting Committee, AAA IFRS Task Force, AAA IFRS Task Force, AAA Financial Regulatory Task Force
Chairperson, IAA Insurance Accounting Committee

Publications

Read their latest work

Article

Best practices in risk and capital management for Bermudian life companies

04 October 2022 - by Tony Dardis, William Hines, Su Meng Lee

With insurers and reinsurers facing an ever-changing and increasingly complex market environment, Bermuda regulators expect robust ERM programs.

Article

IFRS 17 vs. US GAAP LDTI: Different animals?

19 February 2020 - by Takanori Hoshino, William Hines

This briefing note illustrates potential differences between the International Financial Reporting Standard for insurance contracts and US GAAP long-duration contract targeted improvements using a traditional level premium endowment contract.

Article

US GAAP Targeted Improvements & Disability Income Insurance

13 November 2019 - by François Dauphin, William Hines, Dan Skwire

This paper illustrates the potential impacts of Accounting Standards Updates 2018-12, Targeted Improvements for Long-Duration Contracts, relative to current US GAAP accounting with respect to products with long claim periods such as individual disability insurance and highlights some practical implementation challenges.

Article

Critical Point Episode 15: Key takeaways for insurers managing the US GAAP Targeted improvements

01 July 2019 - by François Dauphin, William Hines

Insurance companies that issue long-duration contracts (LDTI) can expect volatility, increased data and disclosure requirements, and the potential for a new market for reinsurers thanks to recent accounting changes, according to Milliman’s William Hines and Francois Dauphin. In the latest episode of Critical Point, Milliman’s life insurance actuaries discuss key takeaways from the Financial Accounting Standards Board (FASB) Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI), which will require significant risk management and has a go-live date of January 2021.

Article

Observations on Emergence of Earnings under US GAAP Targeted Improvements

01 April 2019 - by François Dauphin, William Hines

This paper illustrates the potential impacts of Accounting Standards Update 2018-12, Targeted Improvements for Long-Duration Contracts relative to current US GAAP accounting with respect to four blocks of business: level term insurance, single premium immediate annuities, long-term care insurance and universal life insurance.

Article

IFRS 17 preparedness: 2018 survey feedback

05 February 2019 - by Thomas Bulpitt, William Hines

Milliman conducted a survey to measure the preparedness for IFRS 17 among insurers.

Article

IFRS 17: Latest developments

14 November 2018 - by Eamon Comerford, William Hines, Andrew Kay, Amritpal Khangura

Andrew Kay, William Hines, Eamon Comerford and Amritpal Khangura discuss the latest developments regarding IFRS 17.

Article

IFRS 17 Transition Resource Group September meeting summary

22 October 2018 - by Thomas Bulpitt, William Hines

This paper summarizes the 11 papers discussed at the IFRS Transition Group meeting at the International Accounting Standards Board (IASB) at the end of September and the IASB staff’s summary of the discussion.

Article

Market risk benefits: What is in scope?

19 July 2018 - by William Hines

This paper discusses market risk benefits and contract features that might be within their scope.

Article

FASB approves targeted improvements

12 June 2018 - by William Hines

This paper outlines the decisions and discussions at the June 6, 2018, Financial Accounting Standards Board meeting.