Current legal developments affecting financial reporting and reserving for insurance companies

Document description

The purpose of the Workshop is to provide delegates at the Convention with an opportunity to update themselves on current legal developments affecting financial reporting and reserving in the general insurance market. This is an area that is moving reasonably quickly on several fronts. Whilst the volume of new legislation coming out of Europe has slowed down considerably, there is still important further legislation on the way, in particular in the draft Directive on Insurance Groups. Very few insurance companies will escape its effects, but many have as yet failed to take any active steps to prepare for its arrival. On the other side, in the Courts, several judgments have recently emerged that will be influential in the manner in which London market companies and Lloyds syndicates, in particular, address their reserving in the future. Delegates will be familiar with many of these; it is impossible to predict which will be the hottest topics by the time of the Convention in October.