IFRS 17 to enable greater comparison of insurers’ underwriting performance, says Best

IFRS 17 to enable greater comparison of insurers’ underwriting performance, says Best

IFRS 17 to enable greater comparison of insurers’ underwriting performance, says Best

The new International Financial Reporting Standard (IFRS 17) could provide better insight into underwriting performance, according to AM Best. This will provide greater granularity and enable comparisons to be drawn between insurers, said the ratings agency. The new standard was published in May last year, with an effective date of 1 January 2021. However, in AM Best’s opinion, this leaves…

No new reinsurance trade barriers but many still exist, says Global Reinsurance Forum

No new reinsurance trade barriers but many still exist, says Global Reinsurance Forum

No new reinsurance trade barriers but many still exist, says Global Reinsurance Forum

The Global Reinsurance Forum (GRF) is concerned that significant reinsurance trade barriers are still in place worldwide, despite no new major trade barriers having been added to the latest edition of its Reinsurance Trade Barriers and Market Access Issues Worldwide list. The GRF says it is a positive development, but it continues to encourage jurisdictions to remove existing and remaining…

Ferma urges OECD to adopt existing captive regulatory definitions in BEPS guidance

Ferma urges OECD to adopt existing captive regulatory definitions in BEPS guidance

Ferma urges OECD to adopt existing captive regulatory definitions in BEPS guidance

Ferma has urged the Organisation for Economic Co-operation and Development (OECD) to take advantage of existing regulations governing captives in planned guidelines on base erosion and profit shifting (BEPS), to ensure the initiative does not create “disproportionate uncertainty and administration” for multinational entities…

Mahnke calls for risk manager support as Ifrima seeks global programme consistency

Mahnke calls for risk manager support as Ifrima seeks global programme consistency

Mahnke calls for risk manager support as Ifrima seeks global programme consistency

The german risk management association GVNW has called on its own members and their wider community of peers to back ongoing efforts to seek more clarity and consistency on the treatment of international programmes by insurance supervisors…

Bermuda consults over proposed fee revisions for 2019 and 2020

Bermuda consults over proposed fee revisions for 2019 and 2020

Bermuda consults over proposed fee revisions for 2019 and 2020

The Bermuda Monetary Authority (BMA) has issued a consultation paper that sets out the proposed fee revisions across all the supervised sectors in a phased implementation in 2019 and 2020. The BMA says the proposed new fee structure “has been developed to maintain a balance between its need for additional financial resources to support a sustainable business model and the…

Slovakia’s new IPT Act comes into force at start of 2019

Slovakia’s new IPT Act comes into force at start of 2019

Slovakia’s new IPT Act comes into force at start of 2019

Slovakia’s new Insurance Premium Tax (IPT) Act has been signed off and will come into force from 1 January 2019, according to IPT compliance services firm Impendulo. At the beginning of 2018, the Slovakian Ministry of Finance published a draft bill intended to amend various details of its IPT regime. A final version of this amendment (Act no. 213-2018) has…

UK’s proposed Brexit solution for financial services won’t work for brokers, warns LIIBA

UK’s proposed Brexit solution for financial services won’t work for brokers, warns LIIBA

UK’s proposed Brexit solution for financial services won’t work for brokers, warns LIIBA

The London and International Insurance Brokers’ Association (LIIBA) is concerned that proposals put forward by the UK Government this week for “enhanced equivalence” between financial services post-Brexit will not work for intermediaries and has written to Prime Minister Theresa May to suggest a way forward…

South Korean insurers to bolster capital in response to regulatory reforms: Fitch

South Korean insurers to bolster capital in response to regulatory reforms: Fitch

South Korean insurers to bolster capital in response to regulatory reforms: Fitch

South Korean non-life insurers will increasingly rely on issuing hybrid securities, subordinated debt or fresh equity to reinforce capital adequacy, because of progressive tightening in risk-based capital (RBC) measures and rising interest rates, according to Fitch ratings. The credit ratings agency said that higher interest rates would enhance insurers’ profitability but the increases, along with tougher capital requirements, could depress…

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