Accounts, Taxation and Solvency

The IUA’s Accounts, Taxation and Supervision Sub-Committee monitors developments relating to taxation, accounting and reporting matters that may affect member companies. It tracks and assesses the potential impact of relevant regulation and legislation from the UK government, Financial Services Authority, EU and the International Association of Insurance Supervisors. The group reports to the IUA Legal and Regulatory Committee. Detailed background papers on some of the topics covered by the Accounts, Taxation and Supervision Sub-Committee are included on the Legal and Regulatory Briefings page. For Solvency II information, also visit the IUA's Solvency II Portal.

IUA Contact: Nick Lowe

There are currently four major projects for the committee, each covered by a dedicated working group:

Solvency II

Direct Taxation

Indirect Taxation

International Financial Reporting Standards
News
18.8.10: Market Briefing: SOLVENCY II – “The Big Push”
18 August 2010
Circular 083/10: This IUA Market Briefing will provide an overview of Solvency II current issues and how members can practically approach them.
11.8.10: IAIS draft Insurance Core Principle 13, reinsurance and other forms of risk transfer
11 August 2010
Circular 078/10: The International Association of Insurance Supervisors is seeking comments on draft new Insurance Core Principle 13, Reinsurance and other forms of risk transfer. Attached are a copy of the draft text and a note of IUA comments. Comments are requested by close of business on Friday, 20th August.
29.7.10: IUA draft response to IASB consultation on proposed changes to the accounting for financial liabilities
29 July 2010
Circular 072/10; The IUA secretariat has prepared draft comments on the IASB’s proposals in relation to measurement uncertainty analysis disclosure for fair value measurements Exposure Draft, ED/2010/7, issued in June. Comments are requested by 16th August.
13.7.10: IUA draft response to IASB Exposure Draft ED/2010/4 on proposed changes to the accounting for financial liabilities
12 July 2010
Circular 069/10: Further to IUA circular 065/10, please find below the draft IUA response to IASB’s proposals for changing the way in which financial liabilities are accounted for in Exposure Draft ED/2010/4. Comments are requested by lunchtime on 16th July.
7.7.10: Fundamentals of Actuarial Techniques in General Insurance
7 July 2010
Circular 068/10: A copy of the syllabus and joining instructions for the Autumn 2010, IUA sponsored course Fundamentals of Actuarial Techniques in General Insurance, due to commence in September 2010.
IUA draft response to IASB consultation on proposed changes to the accounting for financial liabilities
30 June 2010
Circular 065/07: The IUA secretariat has prepared draft comments on the IASB’s proposals for changing the way in which financial liabilities are accounted for in an Exposure Draft, Fair value option for financial liabilities, issued in the first half of May. Comments are requested by 12th July.

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Documents
16.11.09: Summary of Indirect Taxation on Insurance Contracts in Europe 2009 - Update
16 November 2009
Circular 114/09: Amendment to IPT Rate in Spain.
26.10.09: IUA European & International Bulletin
26 October 2009
Circular 105/09: Please find attached the latest issue of the IUA European & International Bulletin. It summarises many of the key issues and projects of relevance to the way in which IUA members conduct their business.
20.10.09: Summary of Indirect Taxation on Insurance Contracts in Europe 2009
20 October 2009
Circular 102/09: Announcement of the publication of the IUA’s Summary of Indirect Taxation on Insurance Contracts in Europe 2009.
IUA Tax Mat 2008
23 October 2008
The IUA Tax Mat is now distrbuted freely and electronically to Members. Members are free to use this within their organisation to suit their needs. This 'Tax Mat' is intended as a guide, showing when insurance premium taxes may be applicable. IUA accepts no responsibility or liability for the accuracy of this information. Companies are advised to consult their own tax advisors as necessary. A nominal charge of £50 is made to Non-Members. Non Members should please contact either Patrick Davison or Richard Camp at patrick.davison@iua.co.uk or richard.camp@iua.co.uk. Alternatively they can be contacted via phone on 0207 617 4459 and 0207 617 5446 respectively, to obtain a copy.
IUA Response to IASB Preliminary Views on Phase II for Insurance Contracts
23 November 2007
IUA Response in relation to the IASB's Discussion Paper on Phase II of the Insurance Contracts accounting project.
Australian Requirements for Direct Offshore Foreign Insurers
31 October 2007
Following the Australian Government's announcement on the 3rd May outling the requirement for DOFIs to become regulated, subject to a number of exemptions, the IUA formed an ad-hoc group to discuss concerns and make representations outlining London Company Market's concerns. We have also since responded to the Australian Treasury's consultation on the scope of exemptions, and await to hear the final details in due course.

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