Insurer Update – Summer 2024

Welcome to our latest edition of Insurer Update.

This publication aims to help carriers across the insurance market understand and digest some of the more pertinent financial reporting and tax developments, and highlight the implications for medium sized and smaller insurers.

Are you ready for the upcoming changes for operational resilience? The growing threats of cyber attacks against a complex geopolitical backdrop, are sharpening the focus of regulators. Jessica Wills explores what firms and boards need to pay close attention to and summarises the changes you need to make by the March IBS deadline.

The FRC have recently published periodic changes to FRS 102. So, what do these changes mean to you and when should you adopt them? Satya Beekarry reviews the changes in detail and shares insights on the key elements, how your revenue streams will be impacted and whether you should consider early adoption.

What do the revised thresholds for Solvency II mean for firms? And what are the benefits of becoming a non-directive firm? James Randall examines the PRA’s latest policy statement and summarises the changes coming to small firms under PS2/24 on 31 December 2024.

What does Pillar Two mean for UK intermediate entities of US parented insurance groups? Mimi Chan considers why it is important for multinational entities to understand the interaction of Pillar Two and US tax principles – and how this may affect UK intermediate entities.