Difference between revisions of "Odomirok.30-Future"
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| + | Chapter 30 of Odomirok discusses the future of financial reporting & solvency monitoring of insurance companies. | ||
| + | |||
[https://www.battleacts6us.ca/vanillaforum6us/categories/odomirok-30-future<span style="font-size: 12px; background-color: lightgrey; border: solid; border-width: 1px; border-radius: 10px; padding: 2px 10px 2px 10px; margin: 0px;">'''Forum'''</span>] | [https://www.battleacts6us.ca/vanillaforum6us/categories/odomirok-30-future<span style="font-size: 12px; background-color: lightgrey; border: solid; border-width: 1px; border-radius: 10px; padding: 2px 10px 2px 10px; margin: 0px;">'''Forum'''</span>] | ||
==Study Tips== | ==Study Tips== | ||
| + | Spend no more than 10 minutes on this reading. | ||
==BattleTable== | ==BattleTable== | ||
| Line 26: | Line 29: | ||
==In Plain English!== | ==In Plain English!== | ||
| + | |||
| + | The '''Financial Sector Assessment Program''' ''(FSAP)'' is a periodic <u>peer reivew</u> of financial regulation for G20 countries. | ||
| + | * it is benchmarked against IAIS ICPs ''(<u>IAIS</u> = International Association of Insurance Supervisers, <u>ICPs</u> = Insurance Core Principles)'' | ||
| + | * the U.S. did well historically but may <u>not</u> do well going forward because SAP doesn't reflect the time value of money | ||
| + | |||
| + | IAIS is developing '''ComFrame''' ''(Common Framework)'' to supervise international insurance groups. | ||
| + | * needs a standard method for valuing assets & liabilities | ||
| + | * ComFrame proposes '''IFRS''' to meet this need | ||
| + | * the U.S. method is <u>different</u> from IFRS ==> problem! ''(U.S. insurers may need to create 2 sets of financial statements.)'' | ||
| + | |||
| + | The '''Federal Insurance Office''' ''(FIO)'' was created by the ''Dodd-Frank Wall Street Reform & Consumer Protection Act of 2010''. | ||
| + | * studies & collects information on the INSURANCE INDUSTRY & state insurance regulatory systems | ||
| + | * drafts federal regulation for the insurance industry | ||
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Revision as of 01:14, 16 March 2019
Chapter 30 of Odomirok discusses the future of financial reporting & solvency monitoring of insurance companies.
Study Tips
Spend no more than 10 minutes on this reading.
BattleTable
- this reading has not been tested on any exam from the year 2012 and subsequent
reference part (a) part (b) part (c) part (d) no prior questions
Full BattleQuiz You must be logged in or this will not work.
In Plain English!
The Financial Sector Assessment Program (FSAP) is a periodic peer reivew of financial regulation for G20 countries.
- it is benchmarked against IAIS ICPs (IAIS = International Association of Insurance Supervisers, ICPs = Insurance Core Principles)
- the U.S. did well historically but may not do well going forward because SAP doesn't reflect the time value of money
IAIS is developing ComFrame (Common Framework) to supervise international insurance groups.
- needs a standard method for valuing assets & liabilities
- ComFrame proposes IFRS to meet this need
- the U.S. method is different from IFRS ==> problem! (U.S. insurers may need to create 2 sets of financial statements.)
The Federal Insurance Office (FIO) was created by the Dodd-Frank Wall Street Reform & Consumer Protection Act of 2010.
- studies & collects information on the INSURANCE INDUSTRY & state insurance regulatory systems
- drafts federal regulation for the insurance industry
Full BattleQuiz You must be logged in or this will not work.
