IASB has issued an amendment to the first application of IFRS 17
The International Accounting Standards Board (IASB) issued on December 9, 2021 an amendment to the transition requirements to IFRS 17 (Insurance Contracts), which allows insurers to opt, upon first application of the new standard, for a different way of presenting comparative data on financial assets. The amendment concerns only the transition phase to the new […]
Monitoring of IFRS 9 Implementation by E.U. Banks
On November 24th, 2021 the European Banking Authority (EBA) published a new report in which it presented the picture that emerged from the activity carried out in the continuous monitoring and control of the implementation of IFRS 9 in the European Union. In addition to the qualitative monitoring of implementation, since mid-2019 the EBA has […]
SCR Ratio of the Italian market as at June, 30 2021
On October, 21st 2021 the Statistical Bulletin Year VIII – n. 12 – October 2021 reports the interim survey of Solvency II data (first half 2021) of Insurance Companies operating in Italy. At the close of the first half of 2021, the Solvency Capital Requirement ratio between own funds and SCR at the Italian market […]
The Implementation of the IFRS 9 by Small Banks and Financial Intermediaries
On October, 14th 2021 the Bank of Italy published No. 644 of the series “Questioni di Economia e Finanza” entitled “The implementation of the IFRS 9 accounting standard in Italy by small banks and financial intermediaries” by Andrea Canton, Tommaso Loizzo and Federico Schimperna. The paper provides the results of an analysis carried out on […]
Relations Banks – Insurance Companies
The 18th “Quaderno” dedicated to the analysis of the relationships between Banks and Insurance Companies in Italy has been published on the IVASS website. From reading the document, the following emerges in a nutshell: a) Cooperation between banks and insurance companies has 30 years of history and is a significant phenomenon now: in Italy over […]
Solvency II Regulation: Revision Package
Yesterday September 22, 2021 the European Commission adopted the long-awaited “revision package” of the Solvency II regulations. The overarching objective is to ensure that insurers and reinsurers continue to invest and support EU policy priorities, in particular to finance the post-Covid recovery, complete the Capital Markets Union and channelling the funds to implement the European […]
Published the sixth Report of IPCC
The latest report published by the IPCC, the UN body that evaluates climate change, raises the red alert: if we do not reduce CO2 emissions it will be catastrophe. Many of the changes observed in the climate are unprecedented in thousands, if not hundreds of thousands of years....
European Green Deal
The new implementing measures of the European Green Deal for the insurance sector were published in the Official Journal of the European Union of 2 August 2021. The measures modify the Solvency II, IDD and POG regulations regarding the integration of sustainability factors, sustainability risks and sustainability preferences.
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