Insurance Services - Ernst & Young - Luxembourg

IAS/IFRS implementation

The European Commission has confirmed that IAS will become the standard for European listed companies as soon as 2005. The insurance sector will be heavily impacted by IAS, mainly because of the complexity of IFRS 4 on insurance contracts. Beyond pure technical issues, insurance companies should not underestimate the underlying process and information system issues when it comes to identifying, collecting and centralizing data necessary to restate their accounts under IAS. We offer a full range of IFRS-related services including assistance to first time adopters, training, review of contract classification, IAS 32/39 specific expertise, etc.

How to optimize your management captive

Whereas the reinsurance captive should be part of a global risk management strategy, many captives are under-utilized. With the new rules of computation of the equalization provision, it is now time for the group CFO and Risk Manager to ask the rights questions :

• How does reinsurance captive fit into Group risk management strategy?
• Can we/should we increase risk retention?
• Are there credible alternatives to a captive?
• Should we keep our reinsurance captive – or simply sell it?

We have developed a package approach to answer the above questions, and others; the package is called “Captive diagnosis”.

Anti-money Laundering/KYC assesment

To help you understand the complexity of applicable laws and regulations we have created a multi-dimensional framework covering:

• Countries of:
  • insurance contract
  • ultimate supervision
  • distribution 
• Distributors:
  • regulated independent financial advisors (IFAs)
  • non-regulated IFA’s

We have also developed operational scenarios to bring concrete solutions for your day-to-day operational issues.