Responding to new market dynamics
Your industry faces increasingly complex regulatory issues — issues that challenge the way you manage your risk, operations and financial reporting.
Insurance companies come to Ernst & Young because they value our approach to meeting their assurance, tax, transaction and advisory needs. We don’t just know the issues, we’ve analysed what’s behind them to understand the impact they have on you — and the way you do business.
The Global Insurance Center makes this possible by bringing together people and ideas from across the world, to help your business address the issues of today — and tomorrow. We can help you manage risks and make the most of opportunities in emerging markets.
Our network of professionals provides broad experience to deliver seamless, consistent, high-quality services to insurers. So you can operate your business more effectively — and understand what’s ahead for your industry.
The super iceberg: what’s beneath the surface of Choice?
Ernst & Young has researched the cost of administering employee superannuation contributions (pdf, 1.3mb) and projects the cost of Choice take-up could exceed $400 million over the next few years. The research is timely given the Government's agenda to reduce administration cost and red tape as well as the imminent release of the green paper on the proposed national clearing house.
Prudential Standards Update - Life Insurance: Data Collection Changes
On 6 December 2007, APRA finalised its data collection requirements for the life insurance industry, including friendly societies. The changes align APRA’s data collection framework for the life insurance industry with other industry sectors such as banking and general insurance. This Prudential Standards Update is our analysis of some of the key messages for Executives and Boards (pdf, 752kb) as well as the significant challenges for Financial and Actuarial Teams.
Prudential Standards Update - Unauthorised Foreign Insurers
The opportunity to comment on Treasury's proposed approach to unauthorised foreign insurers operating in Australia has closed. This Prudential Standards Update is our analysis of Treasury's proposals (pdf, 868kb) covering the key points, business impacts and some suggestions for next steps.
Library
For more thought leadership relating to Insurance, please visit our library.
APRA / ASIC Unit Pricing Guide updated
APRA and ASIC have released an updated version of the Unit Pricing Guide to Good Practice, which includes a revision to their approach to materiality for small compensation amounts. This is a significant win for the industry, which has been asking for such a change for many years. Our response paper highlights the need for ongoing focus on unit pricing and crediting rate functions (pdf, 605kb), and some of the current risks and issues we see in businesses.
Financial Services Briefing - Issue 2 2008
Financial Services Briefing (pdf, 642kb) brings together Ernst & Young’s collective insights from our global Banking & Capital Markets, Insurance and Asset Management networks. This publication also includes relevant strategic, risk, financial reporting, corporate governance and regulatory updates.
Prudential Standards Update: Capital Treatment of Foreign Reinsurance Recoveries
On 6 September 2007, APRA released a clarification to its proposed capital treatment of reinsurance recoveries from foreign reinsurers. APRA's original proposal was set out in its Discussion Paper of 31 July 2007. 'Prudential Standards Update - Capital Treatment of Foreign Reinsurance Recoveries' (pdf, 489kb) is our analysis covering the highlights, business impacts and some suggestions for next steps.