Solvency II is an integral part of the European regulatory landscape and has been for several years. The timing of Solvency II requirements, and in particular the continuing two-week regression in CBI submission dates, ensures that Solvency II deadlines remain a focal part of insurance companies' calendars.
International Financial Reporting Standard 17 (IFRS 17) for insurance contracts has been in the works for over 20 years to standardise accounting practices and help comparability worldwide. As the IFRS 17 start date nears, and work continues to implement the necessary processes, it is essential to keep in mind the key IFRS 17 milestones and developments having implications for insurance companies.
The UK's decision to leave the EU has the potential to have significant implications for the European financial services sector. Being aware of when Brexit could affect us is key to managing risks.
This document highlights the key timelines for insurers for Solvency II and IFRS, as well as other important dates. It suggests key areas for consideration to help companies understand the implications for their organisation.