Sustaining Reliable Financial reporting framework- regulator perspective By Ramakrishnan.S.

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Presentation transcript:

Sustaining Reliable Financial reporting framework- regulator perspective By Ramakrishnan.S

Topics Keeping up with the times Convergence to IFRS by 2011 Certain major issues raised by Insurance companies

Keeping up with the times Net premium reserve formula -the basis for current standard Insurance valuation law in USA- established more than 150 years ago by Elzur Wright, an actuary and commissioner for the state of Massachusetts! Main Issue- –Times have changed and are changing- one needs to run to be in same place!

Tomorrows business and yesterdays laws New facts of life like: –De-tariff –New products like E&O, Directors liability –etc. etc. Old laws, rules and formats! –Our Insurance Act was drawn in 1938! –Our Companies Act is dated 1956!

The goal –convergence to IFRS by 2011 IFRS 4 on Insurance contracts itself came into effect only in Jan 05 IFRS 4 is itself Phase 1 of IASBs project on insurance contracts. Thus even internationally it is an evolving area Indian standard for Insurance contracts under preparation –Largely expected to follow IFRS 4 in view of proposed convergence by 2011 Time is short but changes are many and are fundamental

AS 30- related issues For AS 30- Financial instruments recognition and measurement- as well as new standard on Insurance contracts, the main issue is fair value approach Which will mean attendant other operating issues and decisions like product design, pricing etc. Are we prepared for fair value? Transitional provisions for AS 30 required -so that solvency is not an issue –Example AS 15 limited revision–after banks took up matter -permission to defer over 5 years given

IFRS convergence road map Major issues: –Amortisation of acquisition costs –Investment valuation and –Premium recognition

Issues for discussion 1. For each LOB, should notional rent allocation be permitted? 2. Disclosures related to Unit linked plans 3. Group funds 4. Consistency in valuation of investments across the industry 5. Changes required in audit regulations 6. Audit methodology differences between auditors

Issues for discussion 7.Review by auditors of actuarial valuations. 8. Impact of Rev AS Treatment of deferred taxation in policy holder a/c 10. Need for guidance on allocation in segment accounting 11. EAC opinion on operating leases when there is escalation clause. 12. Non financial info.

IRDA/ICAI role Guidance to bring in uniformity Amending old / inapplicable rules Better and more transparent disclosures Making forms simpler and more meaningful Ensuring smooth sailing towards IFRS –Do let us have your suggestions Help us to help you!