Contributor: Anshuman Anand

Reporting for insurance companies -- IRDA has issued reporting guidelines in the past and has now established a committee to examine the International Financial Reporting Standards (IFRS) proposal issued by the International Accounting Standards Board (IASB) on July 30, 2010, for a comprehensive standard to address recognition, measurement, presentation and disclosure for insurance contracts. The committee will evaluate the various requirements and accounting standards, identify gaps and suggest various measures so that the insurance industry can move towards IFRS compliance by 2012.[1] This is a significant move at a time when the insurance world in general is looking for greater consistency in reporting standards.... read more

Contributor: Anshuman Anand

In my last post, I discussed capital adequacy as one of the challenges insurers must deal with as the regulatory and reporting environment becomes more demanding and the impact of Solvency II is felt in countries around the world. Today, we’ll explore the implications for the risk management function and the need for strong data control. The Indian Insurance Regulatory & Development Authority (IRDA) is attempting to address some of these issues in some of the regulations it has recently issued, such as the economic capital reporting requirement instituted in 2010.... read more

Contributor: Anshuman Anand

The European Union’s Solvency II regulations promise to be a huge catalyst for change within the insurance industry worldwide, not just in Europe. In our first series of blogs on Solvency II, we examined the actual Solvency II requirements, timeline and best practices for compliance. In this series, we’ll look at how Solvency II is influencing insurance regulation in the Asia Pacific region, beginning with the repercussions being felt in the growing and dynamic Indian insurance market.... read more