In this webinar, we were joined by Andrew Candland, Head of Actuarial, Advisory and Major International Insurance Firms at Central Bank of Ireland who gave an update on progress on the 2020 regulatory priorities and his perspective on the key focus areas for the Central Bank in 2021.
To compliment the regulatory update, we considered the key issues impacting insurers and reinsurers including:
- In our regular pre-year end accounting update we focused on relevant changes to accounting standards impacting 2020 year ends across IFRS, Irish GAAP and US GAAP financial reporting frameworks with a particular focus on how COVID-19 related issues are likely to impact financial statements. We covered recent changes in auditing standards in relation to going concern and estimates and the most up to date developments on IFRS 17. We also addressed Board considerations for year end 2020 reserving assumptions amid COVID-19 uncertainties;
- Update on emerging tax issues including BEPS 2.0, domestic transfer pricing provisions, some relevant tax related Brexit implications to be aware of and DAC 6 reporting;
- With increased regulatory focus on customer and conduct related themes, we gave an update on conduct risk developments and what this means for your organisation;
- A discussion of risk management learnings from COVID-19, current regulatory hot topics and expectations on Finance, Risk and Actuarial functions in the current environment.
Presentations were followed by a Q&A session.