European Insurance: General (21 November 2016)

OAC Digest
Accounting standards, EU / European Parliament / EIOPA, Financial crime, Governance, risk & compliance, PRIIPs

21 November 2016

Selected recent European Insurance news items of more general interest: 

The International Accounting Standards Board has published the agenda papers discussed at the IASB meeting on insurance contracts held 14-16 November 2016. IFRS 17 sets out the principles for firms to apply in order to report information about insurance contracts. A revised draft of IFRS 17 will be issued and selected external parties asked to perform a fatal flaw review. IFRS 17 is expected to be issued in the first half of 2017 and it has been recommended that it should apply for annual periods beginning on or after 1 January 2021.

On 16 November, the Joint Committee of the European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) published the final guidelines competent authorities should apply when carrying out risk‐based supervision in respect of the anti-money laundering and countering the financing of terrorism (AML/CFT) regime.  The guidelines will apply by November 2017.

On 15 November, the European Parliament published a report on the proposal for a Council directive amending Directive 2011/16/EU as regards access to anti-money-laundering information by tax authorities.

On 11 November, the European Commission published a letter to the ESAs setting out proposed amendments to the draft RTS for KIDs alongside a draft amended RTS.  They have also asked for guidance to be developed.

David Gray

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David Gray
Consultant Actuary

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