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Insurance Europe aisbl - Rue Montoyer 51 B-1000 Brussels - Belgium
  • Concerns raised on OECD BEPS rules for controlled foreign companies

    Insurance Europe recently highlighted concerns regarding the Organisation for Economic Cooperation and Development’s (OECD) public discussion draft on base erosion and profit shifting (BEPS) action 3 on strengthening controlled foreign company (CFC) rules.

    Insurance Europe stressed that, even though an insurance income could be in a different territory than the risk insured, it does not mean that BEPS activity is taking place. Rather, this is merely a consequence of insurers managing risks on a global basis, including through reinsurance.

    It also said that the discussion draft lacks a clearly articulated policy objective, as it attempts to satisfy multiple competing objectives, resulting in a set of complicated and sometimes conflicting proposals.

    Concerns were also raised about how the CFC proposals could undermine the detailed work already done under other BEPS actions. As such, Insurance Europe suggested that the CFC rules should be developed to deal with BEPS issues, but that they should not go further than that.

    04 May 2015
    Regulation & supervision
  • Just over two weeks left to register

    With just over two weeks left to register, spaces are going fast at the 7th International Insurance Conference.

    The event, which will be held in Luxembourg, this year boasts 27 high ranking speakers from the insurance industry, its regulators and other key stakeholders;  more than previous International Insurance Conferences.  

    In further good news, the event will be held In the presence of His Royal Highness Crown Prince Guillaume of Luxembourg, who plans to join us at the start of the conference.

    Find out more about the speakers and register here.

    23 Apr 2015
  • Comments provided on IFRS 9 endorsement in the EU

    Insurance Europe and the CFO Forum have written to the European Financial Reporting Advisory Group (EFRAG) to express their views on the EFRAG's draft endorsement advice of the International Financial Reporting Standard (IFRS) 9 on financial instruments in the EU. The EFRAG provides technical support to the European Commission on financial reporting issues.

    The letter said that it is important that the accounting requirements for financial instruments and insurance contracts (IFRS 4 Phase II) are considered and applied simultaneously. It is also crucial that there is a global solution to align the effective dates for IFRS 4 Phase II and IFRS 9 for insurers, reflecting how insurers' financial assets and insurance liabilities are managed together.

    The letter also indicated that whilst the full impact of IFRS 9 on the insurance industry is yet to be determined, an initial review of the balance sheets of some of the largest and most affected continental European insurers suggests that between 8% and 20% of the assets currently accounted for at amortised cost or on an available-for-sale basis, with a value of more than €250bn, will be required to be accounted for at fair value through profit and loss. Fair value movements on these assets would be recognised in the income statement.

    With the measurement methodology for insurance liabilities remaining unaltered until the IFRS 4 Phase II standard is implemented, this will give rise to significant volatility in reported net income. For example, based on analysis by some of the larger continental European insurers for the years 2011 to 2014, there would have been volatility of up to 20 per cent from this accounting mismatch.

    The EFRAG Board will decide on the final draft endorsement advice on 22 April. Following the approval, there will be a public comment period during which Insurance Europe and the CFO Forum will submit comments. The final endorsement advice is expected to be decided in early July 2015, after which the EC can make a decision on whether IFRS 9 should be endorsed in the EU.

    Read more
    21 Apr 2015
    Regulation & supervision
  • EU and US insurers call for full inclusion of financial services in TTIP

    Insurance Europe, the American Insurance Association (AIA), and the American Council of Life Insurers (ACLI) have today published a joint statement reiterating their call for the inclusion of financial services in the Transatlantic Trade and Investment Partnership (TTIP) agreement.
     
    TTIP represents not only a unique opportunity to grow bilateral trade relationships, but also an opportunity to set the bar for future trade agreements, and to support regulatory cooperation.
     
    Strengthening this cooperative relationship could open potential markets for EU and US insurers and ensure a healthy global insurance industry.

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    16 Apr 2015
    International affairs & reinsurance
  • Risk of information overload as EU disclosure requirements set to double

    Risk of information overload as EU disclosure requirements set to double

    A number of EU regulations risk overloading consumers with information that provides no benefit to them when choosing insurance products, according to Insurance Europe, the European insurance and reinsurance federation.
     
    Ensuring transparency that effectively helps consumers compare products and make informed decisions is crucial in ensuring better consumer protection. However, the disclosure of too much information is counterproductive, and risks distracting and confusing consumers and, eventually, moving them away from informed decisions.
     
    Michaela Koller, director general of Insurance Europe, said: “The focus of regulation should be on providing a high quality of relevant information to consumers, rather than just a high quantity. Regrettably, this is not the path that the EU is on today. The latest legislative developments at EU level will dramatically increase the amount of information that insurers will be required to provide to consumers. As things stand, the number of information disclosure requirements is set to double.”
     
    Insurance Europe also published an insight briefing on the subject, which is also available here.

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    14 Apr 2015
    Conduct of business
  • Embracing smart technology in insurance

    Insurance Europe’s 7th international insurance conference will see a group of technology and insurance experts discuss the application of smart technology in the home and on the road, discussing how advances in these areas will affect insurers and their customers.

    These experts include:

     - Torbjörn Magnusson, vice-president of Insurance Europe and President & CEO of If P&C Insurance.
     - Aldo Monteforte, co-founder & CEO of smart technology firm, The Floow.
     - Lionel Paillet, general manager of Europe for smart technology company, Nest Labs.

    To register for the conference, please click here.

    13 Apr 2015
  • #InsConf15: Join the conference debate on Twitter

    Why not join in the build up to the 7th international insurance conference on Twitter? Insurance Europe will begin debating the topics to be discussed at the conference ahead of the event on Twitter, with facts and insight from speakers and their organisations.

    New to Twitter? Then take a quick look at @InsuranceEurope. If you like what you see, why not set up a Twitter account to have your say now, and throughout the conference.

    Already on Twitter? Just follow @InsuranceEurope and the conference hashtag #InsConf15 to join the debate.

    Also, registrations for the conference close in early May, so if you aren't one of the over 250 people that have already registered, you should register for the conference as soon as possible.

    08 Apr 2015
  • Over 200 delegates already signed up for international insurance conference

    Places are filling up fast for Insurance Europe’s 7th international insurance conference, with over 200 delegates already signed up.

    The event, which will be held in Luxembourg on 27 May, will tackle issues regarding the opportunities and challenges that the insurance industry faces from globalisation.

    Register now to ensure your place at this year’s event and reserve your accommodation in one of the hotels where we have negotiated a discount conference rate.

    To register for the conference please click here

    30 Mar 2015
  • Speakers and moderator announced for under insurance breakout session

    Insurance Europe has announced Anna Maria D’Hulster, secretary general of the Geneva Association as moderator, and Kai-Uwe Schanz, chairman & partner at Dr. Schanz, Alms & Company, and John Tan, CEO of Asia Capital Reinsurance Group, as speakers for its breakout session on under insurance, and the protection gap it results in.
     

    The session will examine how the protection gap is both defined and measured for non-life and life and health insurance, and the participants then discuss how insurers can address it.
     
    To register for the conference please click here
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    25 Mar 2015
  • Cross-selling guidelines should be consistent with EU legislation

    Insurance Europe has responded to a consultation by the Joint Committee of the European Supervisory Authorities on guidelines for cross-selling practices.

    Insurance Europe stressed among other things the importance of ensuring a coherent approach and avoiding going beyond the scope and requirements of the relevant primary legislation. It also highlighted that the guidelines should not address issues and requirements that are not specific to cross-selling practices, particularly when such issues apply to the sale of all insurance products, eg advice, disclosures, training and remuneration.
     
    Provisions on cross-selling are still being discussed as part of the ongoing review of the Insurance Mediation Directive (IMD 2), and may be subject to further changes in the course of trialogue negotiations. Insurance Europe therefore welcomed the Joint Committee’s acknowledgement of this fact and highlighted the importance of ensuring that the proposed guidelines are fully aligned with the final provisions of IMD 2.
     
    A final report, along with the final guidelines, is expected to be published by the Joint Committee by the end of 2015.
    Read more
    23 Mar 2015