Accounting and financial reporting of Insurance Companies

Syllabus

Sylabus: 1. Legislative framework for the regulation of accounting and financial reporting of insurance companies in the Slovak Republic and the EU, legislative and regulatory framework for investment management and the securities market with emphasis on the roles and functions of the actuar in the insurance company. 2. Regulatory requirements and the system of operation of the insurance sector in the EU (Solvency II Directive) and related requirements for the reporting of this information in the financial statements of insurance companies. 3. Principles and principles of accounting, basic assumptions of preparation of financial statements, goal and characteristics of individual components of financial statements of an insurance company prepared in accordance with IFRS. 4. Characteristics and basic requirements imposed on the content structure of financial reports prepared by insurance companies (statements, reports and reports submitted to the NBS, audited financial statements). Annual report of the insurance company from the point of view of both the creator and the user. 5. Basic principles of accounting and taxation of the insurance company, methods of investment and taxation of investment income. Profit or loss of the insurance company. 6. Insurance contract according to the international standard IFRS 4 (IFRS 17) present and future. 7. Settlement relationships with clients, intermediaries and reinsurers arising from insurance and reinsurance activities. Other, settlement relations. 8. Financial instruments issued or procured by an insurance company (investment opportunities and methods of valuing financial instruments, disclosure requirements for risks associated with the investment strategy). Methods and techniques of valuing assets and liabilities. 9. Capital structure (equity) of the insurance company and its dividend policy. Requirements for proving solvency (Solvency II Directive). 10. Structure of financial liabilities, testing the adequacy of provisions created to cover liabilities from insurance and investment contracts. Insurance liabilities in the form of embedded options and guarantees in life insurance, embedded derivative in the insurance contract. 11. Tools and methods used to value, monitor and eliminate the risks to which the insurance undertaking is exposed. Significant risk analysis, risk concentration and risk underwriting strategy. Application of the principles of the ALM system for the needs of ensuring the time consistency of cash flows arising from assets to cover due and expected liabilities from concluded contracts. 12. Costs and revenues arising from insurance, reinsurance and other activities of the insurance company. Structure of profit or loss and presentation of this information in the financial statements. 13. Calculation and use of financial indicators, analysis of the financial situation of the insurance company or group (including intra-group transactions).