Determinants of Compliance With Disclosure Requirements of IFRS 4: Evidence From Quoted Insurance Companies in Nigeria

Purpose To analyze the SEC’s newly adopted Rule 498 A, the variable contract summary prospectus rule, and concurrently adopted prospectus disclosure requirements in order to propose to insurance companies issuing variable contracts a project implementation plan for companies seeking SEC approval for summary prospectuses compliant with the new rules. Design/methodology/approach Discusses the history, requirements, effects, and expected implementation timeline of the new rules, then offers a detailed project plan and timeline for compliance. Findings The Rule does not require insurers to use summary prospectuses, but there are several compelling reasons for doing so. The Rule allows insurers to use a new concise and brief selling document, and by so doing to begin generating very significant cost savings as soon as May 1, 2021. The article provides a detailed implementation plan for insurance companies that want to comply with the new prospectus disclosure requirements and implement policies and procedures to begin using summary prospectuses. Practical implications A coordinated project implementation plan like that outlined in the article might assist insurance companies to make the requisite statutory prospectus revisions and prepare and obtain SEC approval of summary prospectuses by May 1, 2021. Originality/value Analysis from experienced attorneys who frequently advise insurance companies issuing fixed and variable annuities, and assist clients in navigating the complex regulatory requirements governing insurance and securities products.

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Variations in Opinions toward Disclosure Trend of Insurance Companies in Bangladesh: An Empirical Study

American Journal of Trade and Policy ◽

10.18034/ajtp.v1i1.360 ◽

2014 ◽

Vol 1 (1) ◽

pp. 42-50 ◽

Cited By ~ 2

Author(s):

Md. Abu Bokar Siddique ◽

Taposh Kumar Neogy ◽

Md. Rabiul Islam

Keyword(s):

Decision Making ◽

Empirical Study ◽

Annual Report ◽

Accounting Information ◽

Accounting Standards ◽

International Standards ◽

Annual Reports ◽

Insurance Companies ◽

Disclosure Policy ◽

Disclosure Requirements

The study is an attempt to examine empirically the perceptions of a sample of users of reported information regarding the use of annual reports for decision making, adequacy, reliability, consistency, comparability, relevance, satisfaction and compliance of BASs (IASs) in preparing annual report. Results of the study demonstrated that there is a lack of disclosure in the annual reports of insurance companies. The study also found insigniﬁ cant variations in opinions towards adequacy, consistency, relevance, satisfaction and compliance of provisions of Bangladesh Accounting Standards in disclosure policy of the companies while there are signiﬁ cant variations in responses regarding reliability and comparability of accounting information disclosed in the annual reports. Insurance companies should develop their reporting policy to satisfy their users through compliance the disclosure requirements of international standards.

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Impacts of Reinsurance Operations on Significant Items of the Financial Statements of Commercial Insurance Companies According to Czech Accounting Legislation and International Accounting Standards

Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis ◽

10.11118/actaun201563061867 ◽

2015 ◽

Vol 63 (6) ◽

pp. 1867-1877

Author(s):

Jana Gláserová ◽

Eva Vávrová

Keyword(s):

Phase Ii ◽

Accounting Standards ◽

Financial Statements ◽

Insurance Companies ◽

International Accounting Standards ◽

Insurance Company ◽

Commercial Insurance ◽

Actual Fact ◽

Ifrs 4 ◽

The Impact

The principal aim of the paper is to determine the impact of reinsurance operations in commercial insurance companies, in accordance with the relevant accounting legislation, for certain significant items of the financial statements. In actual fact, the reinsurance operations affect the profit of a commercial insurance company, following the financial statements. The prerequisite for fulfilling the objective of the paper is to analyse the accounting legislation for reinsurance operations in commercial insurance companies. Attention will be devoted also to the method of accounting for reinsurance operations and their specific reporting in various parts of the financial statements of commercial insurance companies. The partial aim of this paper is to identify significant differences in the area of accounting of commercial insurance companies, based on the comparison of accounting practices of the issues examined in accordance with IAS/IFRS. In the conclusion, the authors will address the latest development of necessary steps in adopting the concept of IFRS 4 Phase II and accomplishing the process of the application of IFRS 4 Phase II to the accounts of commercial insurance companies.

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Some aspects of the adoption of IFRS-4 (insurance contract) by insurance companies in Bahrain: an exploratory study

International Journal of Managerial and Financial Accounting ◽

10.1504/ijmfa.2012.046422 ◽

2012 ◽

Vol 4 (2) ◽

pp. 125 ◽

Cited By ~ 1

Author(s):

P.L. Joshi ◽

Kousay Said

Keyword(s):

Exploratory Study ◽

Insurance Contract ◽

Insurance Companies ◽

Ifrs 4

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IFRS 4 Disclosure and Firm Performance of Insurance Companies in Nigeria

Asian Journal of Economics Business and Accounting ◽

10.9734/ajeba/2021/v21i630388 ◽

2021 ◽

pp. 27-38

Author(s):

Hadiza Ahmed Suleiman ◽

Abdulraham Bala Sani

Keyword(s):

Firm Size ◽

Significant Relationship ◽

Insurance Companies ◽

Accounting Standard ◽

Ifrs 4 ◽

Monitoring And Enforcement ◽

Enforcement Mechanisms ◽

And Performance ◽

The Relationship ◽

International Accounting Standard

IFRS 4 is an International Accounting Standard Board providing guideline for the accounting of insurance contract. This paper therefore, examined the compliance of IFRS 4 and performance of quoted Insurance Companies in Nigeria. The study further investigate the extent of compliance with disclosure requirements of IFRS 4 and determined the relationship between ROA, liquidity, ROE, leverage and firm size with compliance of IFRS4 disclosure. Quantitative grading system was used to investigate the extent of compliance. Multiple regression analysis was further used to find out the relationship between ROA, liquidity, ROE, leverage and firm size with compliance of IFRS 4 disclosures. The study found that the sampled companies complied at 90% which suggest a strong compliance. ROA, ROE, and Liquidity have a positive significant relationship with compliance with a p-values of 0.0324<0.05, 0.01<0.05, and 0.0247<0.05 respectively. The study also found that leverage is negative but has a significant relationship with compliance. Therefore, the study recommends that, the Inspectorate unit which is the monitoring and enforcement mechanisms need to be improved upon. Although, the level of compliance is good, but mandatory disclosures are meant to be fully complied with 100%.

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Risk profile disclosure requirements for Italian insurance companies: Differences in the financial statement preparation

FINANCIAL REPORTING ◽

10.3280/fr2013-001004 ◽

2013 ◽

pp. 43-79

Author(s):

Francesca Buzzichelli ◽

Roberto Di Pietra

Keyword(s):

Content Analysis ◽

Annual Report ◽

Solvency Ii ◽

Risk Profile ◽

Civil Code ◽

Financial Statement ◽

Annual Reports ◽

Insurance Companies ◽

Disclosure Requirements

The content of the annual report of insurance undertakings is regulated by art. 2428 of Italian Civil Code, as well as by the Insurance Code and specific Italian Insurance Supervisor's regulations. The paper compare the existing legislations, providing an overview of the different requirements, with particular attention to the risk profile disclosure. Moreover, the paper analyzes a significant sample of Italian insurance groups annual reports (from 2007 to 2009 financial year), using content analysis, in order to highlight the level of compliance with the existing rules and the level of preparedness for the upcoming Directive 2009/138/EC requirements (Solvency II Directive), which will come into force starting from 2012 financial year.

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New disclosure requirements help students compare psychology programs

PsycEXTRA Dataset ◽

10.1037/e599702007-005 ◽

2007 ◽

Author(s):

C. Munsey

Keyword(s):

Psychology Programs ◽

Disclosure Requirements

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Online Patient Consultation

Zeitschrift für Orthopädie und Unfallchirurgie ◽

10.1055/a-1192-7800 ◽

2020 ◽

Vol 158 (04) ◽

pp. 345-350

Author(s):

Christian Juhra ◽

Jörg Ansorg ◽

David Alexander Back ◽

Dominik John ◽

Andrea Kuckuck-Winkelmann ◽

...

Keyword(s):

New Technologies ◽

Communication Technologies ◽

Phone Call ◽

Insurance Companies ◽

Personal Contact ◽

Software Products ◽

Patient Consent ◽

Health Insurance Companies ◽

Patient Consultation ◽

Certified Software

AbstractNew communication technologies allow patients to communicate with their physicians from anywhere using computer or smartphone. Adding video to the mere phone call optimizes the personal contact between patient and physicians regardless of distance. Legal and reimbursements requirements must be taken into account, especially only certified software products must be used. In addition, patient consent is needed and confidentiality must be assured. The video patient consultation can be reimbursed by the health insurance companies. As with all new technologies, the introduction of these video consultations faced some challenges. Although patients and physicians have expressed great interest in this technology, it has been rarely used so far. The current COVID crisis increased the need for video consultations resulting in an increasing use of video patient consultation. It can be expected that this demand will still exists after the COVID crisis.

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