Forward Focus - March 2012
Insurance and wealth management
Welcome to the first edition of Forward Focus for the 2012 year.
The last date for securing a provisional license under the Insurance Prudential Supervision Act 2010 has now past and I suspect that all insurers are working on their first solvency report due by the end of this month. Over the coming months many will be working on the conditions to receive full licensing. Deloitte has recently conducted a comprehensive survey on the preparedness for regulation. Our survey explored, among other things:
- What areas is the industry handling comfortably?
- What areas are going to prove more of a stretch?
- What does the industry say about its immediate priorities?
On the whole, the survey has found that in general insurers are confident they will be able to comply with the Insurance Prudential Supervision Act, but there are some areas that stand out as looming issues. For more details on the results of the Deloitte survey please refer here:
Elsewhere in this issue we look at insurance product rationalisation, an issue that has become a necessity for many insurers to help manage costs. We make some interesting comparisons to Ford motor cars! We have also provided an update on the developments in IFRS accounting standards and examined the new draft FATCA regulations recently issued by the US Treasury.
We hope you enjoy the read, and as always we welcome your comments.