CIA Annual Meeting Assemblée annuelle de l’ICA June 29 & 30, 2006  Les 29 et 30 juin 2006 Ottawa, Ontario International Actuarial Accounting and Regulatory.

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Presentation transcript:

CIA Annual Meeting Assemblée annuelle de l’ICA June 29 & 30, 2006  Les 29 et 30 juin 2006 Ottawa, Ontario International Actuarial Accounting and Regulatory Developments for Insurance - Helmut Engels

International Association of Insurance Supervisors IAIS Background –Founded in 1994 –Represents insurance regulators/supervisors from 180 jurisdictions –Currently Observers –Aim is to achieve consensus on general principles and standards across borders IAIS Developments

General: Insurance Core Principles and methodology 2003 (28 ICPs) Financial - 11 papers –Asset management (standard) –Derivatives (standard) –Solvency control levels (guidance) –Stress testing (guidance) –Investment risk management (guidance) –Finite reinsurance (guidance)

IAIS Developments Governance - 20 papers –Supervision of reinsurers (standard) –Licensing (standard) –Model memorandum of understanding between supervisors (guidance) Market Conduct - 10 papers –Anti-money laundering (guidance) –Disclosures concerning technical performance for non-life insurers and reinsurers (standard) –Disclosures concerning investment risks (standard)

IAIS Developments

Recent and Current Developments Cornerstones Paper – Oct 2005 Framework Paper – Oct 2005 Road Map Paper – Feb 2006 Structure Paper – out for public discussion

IAIS Developments Other Papers Under Development: –ALM Paper –Enhanced Disclosure for Life Insurance Companies

IAIS Developments IASB currently drafting accounting rules for insurance enterprises – Phase II IAIS working to influence IASB Ideal is to have public financial reporting be the same as regulatory reporting If there are differences, they should be transparent May 2005 first liabilities paper to IASB June 2006 second paper

IAIS Developments Policyholder behaviour recognition Use of a “Fair Value” forward looking model Valuation to Include all future cash flows Use of best estimate assumptions Include prudential risk margins Change assumptions as needed Asset/liability consistency Portfolio level consistent with individual contract level Initial recognition of liabilities Discounting – use risk-free rate Acquisition costs Own credit worthiness not allowed

IAIS Developments –Co-ordination of efforts IAIS Insurance Contracts Subcommittee IAIS Solvency Standards Subcommittee IAA - Is working on 2 papers on Best Estimate and on Risk Margins

CIA Annual Meeting  Assemblée annuelle de l’ICA Session?