In this publication we examine the most important business
implications for executives to consider in response to the most
recent insurance accounting proposals.
Throughout the publication we:
Present a high level guide to the key accounting changes
including, the measurement model, volatility, financial instruments
accounting and asset-liability management.
Consider the potential changes to systems and processes, such
as changes to modeling and administration systems, as well as
systems used to collect and aggregate data for disclosure.
Outline the people and change impacts. Not only will there need
to be increased resources to manage the change, but also the talent
that insurers need after the transition may differ from those
Discuss the broader business impacts and why the changes may
affect the types of products that an insurer sells, the investments
that it holds, executive compensation arrangements, and how
insurers communicate to the market.
Address how an insurer brings everything together through a
coordinated approach to program management.
It is a fundamental principle of insurance law that the utmost good faith must be observed by each party. This rule was stated clearly by Lord Mansfield since 1766, when he said1that: "Insurance is a contract upon speculation..."
We commence our series of articles on the basics of insurance with "Subrogation". Set out below is a very high level overview in the UAE, but the views are widely applicable across the GCC given the similarities in laws.
Subrogation is the insurance law term used to refer to an insurer's right, after having paid a claim and having indemnified the insured, to take the place of the insured to recover the insured's loss from the responsible third party.
Handling disputes in a foreign jurisdiction can prove to be a challenge and more so in a unique jurisdiction like the UAE, which boasts different sets of laws for onshore and offshore (freezone) companies.
The insurance market on the continent of Africa has changed and continues to change significantly – but it still has a long way to go.
Some comments from our readers… “The articles are extremely timely and highly applicable” “I often find critical information not available elsewhere” “As in-house counsel, Mondaq’s service is of great value”
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).