Insurance

The insurance industry is facing an uncertain, unstable and highly complex economic and financial environment compounded by major regulatory changes.

As a leading provider of audit and business advisory services, we have substantial experience in the international insurance market. Our strong business model ensures that we can combine a global scope with the listening skills and service levels of an individual business partner. New challenges for the Insurance Industry:

  • A regulating environment in the Solvency II framework, which implies a new perspective in business management, information systems, financial reporting and particularly in their Corporate Governance system.
  • Continually evolving accounting references: NIIF 4 stage II, NIIF 9, S2 Economic Balance, new regulations for accounting consolidation, etc.
  • Increasingly complex reinforced financial reporting requirements with regards to Embedded Value, Pillar III of S2, etc.
  • Need to identify, measure and manage risks. In particular, financial risks related to market fluctuations, but also operating risks, counterparty, underwriting…

Our response towards expectations:

  • A financial audit team combining financial experts and actuaries, clearly distinguishing us from other large firms of the sector, and allowing us to provide a unified consistent approach to all of our statutory audit works.

Highlights

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Insurance

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NIIF 17: Nueva normativa en contratos de seguros

El Consejo Internacional de Normas Contables ( IASB, por sus siglas en inglés) ha publicado una nueva norma en sustitución de la NIIF 4 sobre los Contratos de Seguros. La NIIF 17 elimina inconsistencias y debilidades actuales a través de un nuevo marco basado en un principio único para la contabilización de todos los contratos de seguros, incluyendo los de reaseguros.

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Enterprise Risk Management in Insurance

Experts from Chartis Research and Mazars have teamed up to explore how insurers are implementing enterprise risk management (ERM), and what’s required for a successful integration.

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Internal Audit Function

In 2016 the Solvency II Directive came into force, until that date the insurance sector had almost two years ahead to continue working on adapting their processes to the new environment, Guided by EIOPA guidelines.

Download pdf 835.13 kB

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ORSA

Approach for carrying out an ORSA (Own Risk and Solvency Assesment) Directive 2009/138 / EC of the European Parliament and of the Council of 25 November 2009 on life assurance, access to and pursuit of the business of insurance and reinsurance (Solvency II) The obligation for insurance and reinsurance undertakings to carry out an internal assessment of the risks and their solvency.

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Compliance Function

Design and implementation of the compliance verification function within the framework of Solvency II Directive 2009/138 / EC of the European Parliament makes it necessary to establish an effective system of internal control within insurance and reinsurance institutions, within which the function of verification of compliance is framed.

Download pdf 363.63 kB