Insights

Irish insurance market update May 2016

Your summary of accounting, actuarial and regulatory developments

Download our report and find out more about the following topics

European News

  • ESA finalise Key Information Documents for retail investors in the EU

EIOPA

  • EIOPA Publishes Preparatory Guidelines on Product Oversight and Governance 
  • EIOPA consults on amendments for the supervisory reporting templates and Guidelines on Reporting and Disclosure under Solvency II
  • EIOPA releases timeline of Insurance Stress Test 2016

Solvency II

  • Amendment to Delegated Acts lowers certain requirements for investing in infrastructure projects

Central Bank of Ireland (“CBI”) activity

  • Legislation published requiring the collection of certain supervisory information via National Specific Templates
  • CBI publishes updated National Specific Templates Taxonomy
  • CBI publishes final “Solvency II Matters” Newsletters
  • Notification of Outsourcing under Solvency II
  • CBI requests Balance Sheet Reconciliation between Solvency I and Solvency II positions

Insurance Ireland

  • Insurance Ireland Annual Report 2015 Published

Other Irish News

  • Department of Jobs, Enterprise and Innovation to update Book of Quantum
  • Court of Appeal Rejects MIBI Appeal on Setanta Liability

Tax

  • Life Assurance Exit Tax
  • VAT – Insurance Claims Handling Services (Aspiro Case)
  • BEPS Update – Addressing BEPS involving interest in the insurance Sector
  • EU Tax Transparency – Public Country by Country Reporting
  • EU Tax Transparency – EU Anti-Tax Avoidance Directive
  • Tax Appeals Commission
  • Real Time Foreign Tax Credit
  • European Commission Action Plan on VAT
  • Other Revenue Pronouncements in Brief

Financial reporting developments

  • IFRS IV Update
  • IASB Votes to Reconfirm Overlay and Deferral Approach
  • FRC Publishes Proposed Changes to Technical Actuarial Standards (TSAs)
  • New Guidance Issued on the Going Concern Basis of Accounting and Reporting on Solvency and Liquidity Risks
  • FRS 102 Updated for Fair Value Disclosures
Irish Insurance Update May 2016
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