Versicherungsverträge — Schulungseinheiten

Date recorded:

Schulungseinheit — Auflösung der einzigen Marge im Ansatz des FASB

Der Stab stellt die Entscheidungen des FASB zur Auflösung der einzigen Marge unter dem Bausteinansatz (building block approach, BBA) über den Zeitraum der Risikoabwicklung und somit in vielen Fällen über einen Überhangszeitraum für die Deckung und möglicherweise bis zur endgültigen Schadensabwicklung (in Abhängigkeit davon, ob wesentliche Risiken weiter bis zur endgültigen Abwicklung bestehen) vor.

In der Darstellung wurde auch dargestellt, dass das Auflösungsmuster für die einzige Marge sich in dem Maße, wie sich die Risikoabwicklung ändert, ebenfalls prospektiv ändern würde, ohne dass es zu einer Anpassung der einzigen Marge oder einer Beeinträchtigung früherer Auflösungen der einzigen Marge kommt.

Es gab erhebliche Diskussionen zu der unterschiedlichen Behandlung der einzigen Marge nach dem BBA und dem Prämienallokationsansatz (premium allocation approach, PAA) durch den FASB, weil der FASB entschieden hatte, die gesamte einzige Marge beim PAA implizit über den Deckungszeitraum aufzulösen. Demgegenüber berücksichtigt der IASB eine explizite, neu bewertete Risikomarge über die Gesamtlaufzeit des Vertrags, und zwar sowohl unter dem PAA als auch unter dem BBA.

Der Stab empfahl, die Entscheidung zur Auflösung der gesamten, noch nicht aufgelösten einzigen Marge zu überdenken, wenn ein Vertrag einen Drohverlust aufweist, weil eine kleine Schätzungsänderung zu einem Drohverlustvertrag führen einer erheblichen Auflösung der einzigen Marge führen könnte.

Schließlich hielt man fest, dass die Vorschläge des FASB hinsichtlich einer einzigen Marge, die über den Deckungszeitraum entsprechend der Risikoverringerung aufgelöst wird, bei vielen Verträgen zu Ergebnissen führen könnte, die sich nicht von den IASB-Vorschlägen hinsichtlich einer Restmarge, welche über den Deckungszeitraum aufgelöst wird, und einer expliziten Risikomarge unterschieden, die im Wege der über die Gesamtlaufzeit des Vertrags vorzunehmenden Neubewertung aufgelöst wird.


Schulungseinheit — Verwendung von OCI für bestimmte Wertänderungen von Schulden aus Versicherungsverträgen

The Staff prepared five papers but the education session did not specifically address the mechanics set out in paper 2C/82C or the detailed example in paper 2E/82E. No decisions were called for at this education session. The Staff expect to present proposals for a decision–making session in May 2012.

Hintergrund für die Vorschläge zur Verwendung von OCI

Staff noted that the draft proposals have been formulated on the assumption that IASB and FASB asset accounting rules will be revised to allow the use of FVTOCI for certain assets although the scope and detail of these amendments to the asst rules have still to be determined and are due to be debated further in May 2012.

Staff noted that the proposals seek to address volatility and accounting mismatch in the performance statement but do not address balance sheet volatility which is considered a lower priority in most feedback received by the Staff.

Staff noted that the boards have rejected the use of a locked (at inception) discount rate for measuring insurance contract liabilities.

Staff noted that if insurers included all investments at FVTPL then both investment and insurance liability volatility due to interest rate changes would appear in P&L but feedback indicates that insurers wish to have the option to take both asset and insurance contract measurement volatility due to changes in market interest rates to OCI and not include in P&L significant items that largely compensate one another in the short term and distract from presentation of core business performance.

There was significant discussion of whether the volatility is due to an accounting mismatch (different valuation bases or recognition timing) or to an economic mismatch (e.g. duration mismatch). Members also noted that short term changes in interest rates affect discounted cash flow measurement but unwind over time and do not affect the actual liability settlement.

Die Vorschläge zur Verwendung von OCI

The draft proposals outlined are for the reporting of changes in insurance liability measurement arising from changes in the discount rate after contract inception in OCI rather than in P&L.

Staff noted that the cumulative balance in OCI would be the effect on measurement of the current insurance portfolio due to changes in discount rate after inception. Amounts in OCI would automatically be recycled as insurance contracts are derecognised.

Staff analysis showed that US insurers, for example, typically hold approximately 70% to 75% of their assets in a form that may meet the new criteria when developed for FVTOCI reporting.

The asset rules are expected to require recycling from OCI on sale and many members noted that asset sales may not necessarily correspond to insurance liability settlements and thus there may be opportunities for earnings management by timing of asset realisation and reduced effectiveness of the proposals in the matching of the effects of interest rate changes on measurement of assets and insurance liabilities in OCI.

Staff acknowledged that further work is required on recycling proposals.

Members expressed mixed views on the proposals for using OCI rather than P&L and were especially concerned at the possibility of masking economic volatility and the complexity of some aspects of the proposals.

The need to consider asset and insurance liability proposals as a combined package was also noted by several board members.

In response to suggestions from a member that insurers should be required to present OCI and net income as a combined performance statement the chairman noted that the recent IASB decisions on reporting OCI and net income with an option for one or two separate statements would not be changed for insurers.

Verwendung von OCI – anderweitige Zahlungsströme

Staff explained that other assumptions may also be sensitive to changes in interest rates and raised the question of whether measurement changes arising from such assumptions should also be reported in OCI.

Although the relationship between various assumptions was noted (e.g. lapses, surrenders and interest rates) the general view appeared to be that this proposal would be a step too far and would be overly complex leading to a lack of clarity on what the balance in OCI would represent

Verwendung von OCI – vorschreiben oder gestatten

Staff proposed requiring the use of OCI unless the use of P&L avoids accounting mismatch.

Board members noted that this would require insurers to allocate assets to contracts in order to determine whether there would be a mismatch from using OCI.

Board members noted that this decision would depend on the details of the likely changes to asset rules.

Verwendung von OCI – Bilanzierungsgegenstand

Staff rejected the entity as too wide of a unit of account as well as the contract or the product as a too small unit. They had mixed views, some suggesting using contract portfolios other recommending the allocation of contracts based on the asset portfolios.

Board members noted the complexity and reallocation required as contracts mature and assets are sold but did not have a full discussion at this point.

Verwendung von OCI – Häufigkeit der Wahl

Staff proposed that if the OCI decision is made by portfolio it should be made for new portfolios and only be changed if there is a fundamental change in the investment strategy for that portfolio, which is likely to be rare.

Staff proposed that if the OCI decision is made by group of contracts it should be made at contract inception and be irrevocable with any new accounting mismatch arising dealt with by election for new contracts only.

Board members noted the Staff proposals but did not discuss them at this point.

Verwendung von OCI – Drohverlusttest

FASB Staff proposed recycling from OCI where the cumulative balance in OCI exceeds the remaining single/residual margin plus investment return on assets allocated against the relevant insurance liabilities. IASB Staff did not propose a loss recognition test.

Members expressed concern at the complexity of these calculations and the requirement for insurers to allocate assets against all insurance liabilities for this test. One member also noted that seeking to fine-tune the recycling from OCI could encourage users to ignore balances remaining in OCI.

Reaktion insgesamt auf die OCI-Vorschläge

It was acknowledged that the basic proposal to report changes in insurance liability measurement arising from changes in the discount rate after contract inception in OCI rather than in P&L would be a pragmatic response to eliminating some accounting mismatch volatility from the P&L. However, there was significant concern at the potential complexity of many aspects of the proposals and that they would not address all causes of accounting mismatch and may, in some circumstances, mask economic volatility.

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