More than 220 people took part in the seminar entitled ‘Accounting and reporting by insurance companies’. The event was organised by the Polish Chamber of Insurance in collaboration with KPMG. The participants were representatives of insurance companies, the Ministry of Finance, the Office of the Polish Financial Supervision authority and academic centres.
The first presentation, concerning the planned changes in the Solvency II regime and their planned schedule, was presented by Iwona Szczęsna from the PIU. Other topics were strictly related to accounting, financial and actuarial issues, e.g. draft amendments to IFRS 17, the concept of Risk Adjustment, IFRS 16 in relation to IAS 17, the Look-through method and LAC DT as part of a review of the standard formula.
The discussions also covered issues concerning impairment tests, IFRS 9, standardisation of compensation payments, the impact of changes in regulations concerning the exhaustion of guarantee sums on the valuation of technical provisions, proposed changes within the scope of review of the standard formula and automation of processes in terms of increasingly shorter reporting deadlines.