Consorcio de Compensación de Seguros tax information changes in Spain

Consorcio de Compensación de Seguros tax information changes in Spain

Consorcio de Compensación de Seguros tax information changes in Spain

Major changes in the information required to pay and declare Consorcio de Compensación de Seguros (CCS) taxes in Spain will come into force from 1 January 2019, according to insurance premium tax (IPT) specialists Impendulo. The changes will affect both extraordinary risk taxes and the Winding up of Insurance Companies Fund (formerly known as the CLEA), from 1 January 2019.…

IFRS 17 standard start date delayed

IFRS 17 standard start date delayed

IFRS 17 standard start date delayed

Following widespread calls for more time to prepare for the implementation of IFRS 17, the International Accounting Standards Board (IASB) has proposed postponing the new accounting standard by one year to 2022. The controversial new standard, which will introduce a comprehensive, principle-based framework to account for all types of insurance contracts, is intended to create greater transparency and bring accounting…

IAIS re-elects chair and approves supervisory papers at AGM

IAIS re-elects chair and approves supervisory papers at AGM

IAIS re-elects chair and approves supervisory papers at AGM

The International Association of Insurance Supervisors (IAIS) has re-elected the Bank of England’s Dr Victoria Saporta as chair, at the annual general meeting of members held at its 25th Annual Conference. Also at the annual general meeting, the IAIS executive committee approved the public consultation document on the holistic framework for the assessment and mitigation of systemic risk in the…

US insurance association has significant concerns over ComFrame and ICS

US insurance association has significant concerns over ComFrame and ICS

US insurance association has significant concerns over ComFrame and ICS

The Property Casualty Insurers Association of America (PCI) has “significant concerns” about two International Association of Insurance Supervisors (IAIS) proposals: the draft Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame) and Version 2.0 of its Insurance Capital Standard (ICS). “PCI continues to have significant concerns about the IAIS’s development of two major proposals for global insurance standards.…

IAIS to focus on good supervisory practices rather than rule-setting

IAIS to focus on good supervisory practices rather than rule-setting

IAIS to focus on good supervisory practices rather than rule-setting

The International Association of Insurance Supervisors (IAIS) says that 2019 will be a watershed year for the association, setting out a new set of priorities for the period 2020-2024. Writing in the Global Federation of Insurance Associations’ Annual Report for 2017-18, Jonathan Dixon, secretary general of IAIS, says the association will move from finalising its current commitments to the post-financial…

Insurance Europe welcomes IAIS ComFrame changes but calls for more guidance

Insurance Europe welcomes IAIS ComFrame changes but calls for more guidance

Insurance Europe welcomes IAIS ComFrame changes but calls for more guidance

The International Association of Insurance Supervisors (IAIS) has announced changes to its proposals for a Common Framework (ComFrame) for the supervision of Internationally Active Insurance Groups (IAIGs), and granted an extended period for consultation. The changes have been welcomed by Insurance Europe, in particular the IAIS’s efforts to clarify how requirements apply across an IAIG – for example, whether they…

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