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Regulation - Reporting Standards - S&P expects IFRS shortcomings.
(From Reinsurance)
Standard & Poor's Rating Services (S&P) has announced that it is expecting "notable shortcomings" in the forthcoming Phase I of the International Financial Reporting Standards (IFRS) on insurance contracts.
S&P said that with many of the issues affecting insurers deferred to Phase II, which is due in 2007 at the earliest, Phase I has been a compromise.
There has also been some uncertainty cast over Phase II, after the International Accounting Standards Board said it will now consider including non-fair-value approaches. Up until now fair value has been dealt with in the development of IFRS.
Thanks to lobbying by insurers, mainly over the mismatching of life insurance assets and liability values, since the publication of exposure draft 5 (ED5) in July 2003, it is expected that Phase I will allow insurers to adjust certain life insurance liability values to partial fair value.
According to S&P this would permit insurers to discount certain liabilities that are matched with bonds, using current market interest rates, rather than the historic rates now in use.
Rob Jones, credit analyst at S&P, said: "Insurers would have preferred to see the asset valuation rules deferred to ...
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