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Financial and regulatory reporting in the European insurance industry is currently undergoing significant change, as regulators and financial reporting standard setters aim to make results more transparent, market consistent and comparable.
With limited time to implement all the necessary changes, insurers’ implementation approach will be critical. This document explores how insurers can meet the reporting requirements of these new regulations.
European insurers face the looming introduction of a range of new reporting regulations and standards including:
International Financial Reporting Standard (IFRS) 4 Phase 2, which will have a significant impact on how insurance contracts are measured and disclosed.
IFRS 9, which will replace current International Accounting Standard (IAS) 39 on financial instruments. The standard which focuses on the classification and measurement of financial instruments also introduces new requirements for hedge accounting and impairment.
Solvency II, which will introduce a common approach to regulation based on economic principles for the measurement of assets and liabilities. It is a risk-based system that aligns capital requirements to the underlying risks of entities.
ComFrame (Common Framework for the Supervision of Internationally Active Insurance Groups), a comprehensive group wide supervisory and regulatory framework for Internationally Active Insurance Groups (IAIS).
Whilst we recognise that the approach and size of implementation projects will vary from company to company, we believe that there are some critical success factors that all firms will need to bear in mind regardless of what stage they are at in the implementation project.
Strategic transformation change that fosters longer term organisational change
Data of high quality, easily accessible, in the right format and in sufficient granularity
Phased implementation with clear objectives and milestones for each phase
Strong project management to keep the programme on track and on budget
March 28, 2014
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