International Accounting Standards

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32 Solvency II IFRS on Insurance and SII differences: IFRS: SII: IFRS: SII: IFRS: SII: IFRS: SII: applies to insurance contracts applies to "regulated products" (may not be insurance contracts) Risk margin to be based on market consistent principles Risk margin is based on cost of capital approach Takes future cash flows only if certain conditions are met Takes all cash flows in a contract, e.g a 25 year contract Discounting basis is the risk free rate as per the DP Use of swap rate (market rate should be calculated to match the currency, duration and liquidity of the cash flows) 32
33 IFRS ‐ Challenges New challenge for consistency of Fair Value definition under: IFRS, US GAAP, European Solvency II, Economic Capital, Principles Based Reserving!!!! 33
Page 1 and 2: International Accounting Standards
Page 3 and 4: 3 IFRS Who IASB, FASB and SEC What
Page 5 and 6: 5 IFRS ‐ Key Players • IASB Int
Page 7 and 8: 7 IFRS On August 27, 2008, the SEC
Page 9 and 10: 9 Current IFRS Current Relevant Gui
Page 11 and 12: 11 IFRS -Open Items Open Items Spec
Page 13 and 14: 13 IFRS IFRS 1 -First Time Adoption
Page 15 and 16: 15 IFRS Significant differences bet
Page 17 and 18: 17 IFRS 4 ‐Phase I • Interim St
Page 19 and 20: 19 IFRS 4 -Phase II May 2007: IASB
Page 21 and 22: 21 IFRS 4 -Phase II Recent discussi
Page 23 and 24: 23 IFRS 4 ‐ Phase II: Recent Disc
Page 25 and 26: 25 IFRS 4 ‐ Phase II: Current Cha
Page 27 and 28: 27 IFRS ‐ Impact of Changes • R
Page 29 and 30: 29 IFRS ‐ Impact of Changes • A
Page 31: 31 Solvency II Solvency II (cont) F

International Accounting Standards

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