Contributor: Richard Drobner
As regulators work through the implementation of the Dodd-Frank Act, Basel III and Solvency II, change in the financial markets is inevitable. While the industry awaits final outcomes, industry participants are seeking strategic guidance to proactively prepare for compliance. Since collateral is one of the key focal points for mitigating systemic risk, making the right investments in collateral management is a good place to start.... read more
global director of actuarial and Solvency II consulting, SunGard’s insurance business
Contributor: Petra Wildemann
Regulatory reform has affected both the banking and insurance market. This has created, tougher CAR requirements and need for greater transparency and data control. This time, we will explore how the CIRC is bringing reporting further in line with Solvency II and starting to put the regulations in place.... read more
global director of actuarial and Solvency II consulting, SunGard’s insurance business
Contributor: Petra Wildemann
The European Union’s Solvency II regulations have been a huge catalyst for change within the insurance industry worldwide, not just in Europe. We will now turn our eye to China. In this series, we’ll examine the role of China Insurance Regulatory Commission and look at how Solvency II is influencing insurance regulation in China. ... read more
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
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