Insurance update

Welcome to our insurance update. The purpose of this newsletter is to assist preparers of insurance and reinsurance 2018 financial statements and other reports to be aware of accounting, regulatory and other requirements which may have an impact on their reporting.

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.  

Accounting Standards - Implementation date of IFRS 17 and IFRS 9 deferred

IFRS 17 – It was decided at the November 2018 IASB Board Meeting to extend the implementation date by one year due to the need for clarification of certain aspects of IFRS 17. The EU’s “endorsement” of IFRS 17 will not happen until the IASB has completed making changes to IFRS 17. The deferral option for Insurers in IFRS 9 will also be deferred in-line with this.

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Regulatory Update

The following is a summary of the items addressed in the December 2018 Central Bank of Ireland (CBI) Insurance newsletter:

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Brexit Insurance update

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The likelihood of a hard Brexit continues to remain a real possibility and the impact it will have on Irish financial services is difficult to define.

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Insurance companies face increasing regulation, competition and risk. Our actuarial team offers practical advice and solutions to address these challenges.

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Mazars actuarial consultants have in-depth knowledge and experience of the challenges and opportunities in the Irish insurance market. We provide companies of all sizes with practical solutions that comply with regulatory requirements and achieve real business benefits.