Insurance Update

Welcome to our June 2019 insurance update. The purpose of this newsletter is to assist preparers of insurance and reinsurance financial statements and other reports to be aware of accounting, regulatory and other requirements which may have an impact on their reporting.

We will continue to provide you with, additional information on the matters being deliberated at the IASB. And we will also be watching how IFRS 17 will be reflected in Irish/UK GAAP and will inform you of future developments in this regard.

Mazars insurance group has the expertise to assist with the topics mentioned below and you can contact our insurance team if you require additional information or assistance.

This newsletter is not intended that it contain extensive detail on the content referred to, as it is assumed that most financial controllers and accounting managers are supported by legal and compliance personnel within their organisations who regularly provide updates on such matters.  

Regulatory Update

Central Bank of Ireland
The following is a summary of the items addressed in the April 2019 Central Bank of Ireland (CBI) Insurance newsletter.

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Accounting Matters

Mazars Board Meeting
IFRS 17 – More updates have been made at the International Accounting Standards Board’s (IASB) last meeting on 15 May 2019.

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Brexit Insurance update

Brexit Flag
EIOPA’s publication ‘ Recommendation for the insurance sector in light of the United Kingdom withdrawing from the Europe Union’ notes that in the event of a hard Brexit competent authorities should not allow UK companies, that would not have an authorisation post Brexit, to write new business, or to renew or increase insurance contracts.

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