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Insurance Contracts – Phase II

Date recorded:

The Board had an educational session on insurance. It was given a briefing from insurance supervisors on developments in insurance supervision. Three different organisations represented by five persons presented to the Board.

No decisions were taken during this session.

IAIS Second Liabilities Paper

Rob Esson, Chair of the Insurance Contracts Subcommittee, IAIS, made a presentation highlighting areas of contention and how IAIS looks to cooperate with the IASB in future.

Their liabilities paper provides a second set of IAIS observations on identified measurement themes common to both general purpose financial reporting and regulatory reporting that the IAIS understand the IASB is addressing in its consideration of Phase II of its Insurance Contracts Project.

Outline of CEIOPS structure and work on the Solvency II project

Alberto Corinti, Paul Sharma and Gabriel Bernardino from CEIOPS (Committee of European Insurance and Occupational Pensions Supervisors) gave three presentations on CEIOPS organisational structure, framework, technical provisions and development on disclosure requirements on the Solvency II project (the Solvency project is an EU initiated project which aims at creating a more risk-related solvency model).

International Actuarial Association

Finally, Sam Gutterman, from the International Actuarial Association, gave a presentation on the IAIS Liabilities Paper from the IAA's point of view, some insurance regulatory issues and key issue that need further actuarial assessment.

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