Deferred taxes and the new investment tax law

Deferred taxes under Solvency II are calculated on the basis of Art. 15 i. V. m. Art. 9 Delegated Regulation. The recognition and measurement of deferred taxes is governed by International Financial Reporting Standards (IFRS).According to IAS 12, deferred taxes are to be accrued using the balance sheet method, the so-called temporary concept. According to this method, deferred taxes are to be deferred to temporary differences between the solvency balance sheet and the taxable value, which at the time of realization results in a taxable profit or a tax deductible difference.

Spotlight

RSUI Group, Inc

RSUI is a leading underwriter of wholesale specialty insurance. We work with insurance wholesalers to provide a wide range of insurance products, including: property, casualty, professional liability, and management liability coverage. In addition, our Binding Authority unit provides coverage through appointed Managing General Agents and our Alternative Structures unit considers unique risks that are outside of our core product lines. RSUI provides insurance to thousands of companies nationwide.

OTHER ARTICLES
Automobile Insurance, Insurance Technology

Emergency Prevention: 3 Ways Insurtech is Leading the Way

Article | December 19, 2022

The COVID-19 pandemic demonstrated the pressures on emergency medical services and healthcare professionals as well as insurance platforms. Insurtech has proved to be a robust area of technology that needs further investments to ensure that we are able to leverage it even in times when there’s little global turmoil. The Efma-Accenture Innovations in Insurance award winners have validated the exponential expansion of insurtech. Here are three insurtech innovations driving emergency prevention in healthcare. 1 bAIby – Interpreting Baby Cries bAIby is a next-gen baby monitoring device powered by AI. Labelled as a “cry translator,” the BabyT device uses AI to interpret what a baby’s cries mean. The bAIby solution is based on the understanding that the first six months of a baby’s cries universally communicate the following: sleepiness hunger discomfort stomach issues The developer of the BabyT AI, Zoundream, collaborated with insurance company Generali to enroll young parents and test BabyT. This allowed Zoundream to collect the massive amounts of data sets required to train the AI. The AI is able to detect pathologies like hyperthyroidism, autism and even hearing impairment. Furthermore, it will enable Generali to provide new parents with assistance, prevention, and insurance services, thus providing the peace of mind that insurance services should provide. This innovation won the gold in the Efma-Accenture Innovations in Insurance award. 2 Air Doctor – Finding a Doctor Overseas Silver winner Air Doctor is a cutting edge solution to help individuals find general practitioners in unfamiliar places. The solution is aimed at travellers and expatriates whose first instinct when sick overseas may be to visit a hospital, leading to high medical costs and burdening the local healthcare system. The Air Doctor platform provides access to a network of physicians in six continents and 70 countries. The information includes the doctor’s location, specialization, as well as online appointment booking and virtual care options. Insurance providers can integrate with the platform to connect with their customers by offering a digital link for quick verification and approval. The platform has made managing basic medical attention easier for both consumers and insurance providers. 3 bolttech – Boosting Insurance Penetration Bronze winner bolttech was recognized for its smart insurance exchange ecosystem that enables non-insurers to integrate insurance solutions into their purchase journey. For instance, smartphone vendors can use bolttech to provide insurance as an option during the purchase of a new phone, leveraging the most effective purchase touchpoints to provide coverage. This is especially crucial in markets that have a low penetration of insurance. bolttech’s platform has medical plans with self-declared underwriting, delivering instant cover and reducing the onboarding time to just 90 seconds. 4 The Way Forward Digitalization of insurance is the future of the industry. The above solutions have proven use cases that enable both consumers and providers to leverage digital network to create secure and stress-free access to insurance.

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Core Insurance, Risk Management

Builders Risk Insurance Vs. Liability Coverage: How Each Benefit Works

Article | August 4, 2022

For construction contractors, there is nothing more important than safeguarding your works in progress. After all, if something were to damage the property and interrupt your progress, then you might face a huge financial setback. At this point, it’s critical that you have builder’s risk insurance ready and waiting. Your policy will be there to assist you following property damage at construction sites. However, your builder’s risk policy will not offer the same coverage to injuries or property damage that you cause to other parties. In this case, separate liability insurance benefits will provide the necessary benefits. Though separate from your builder’s risk policy, liability coverage is equally important. Let’s take a closer look at how these benefits work.

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Insurance Technology

Unlocking the potential of deeper customer-agent-insurer relationships

Article | July 20, 2022

Mr. and Mrs. Garcia purchased their first life insurance policies from their agent more than a decade ago, when their eldest son was born. They soon bundled their home and auto policies for a discount. A few years later, when the Garcias started a small business, they worked with their agent to establish commercial insurance. As the business thrived, the family set up fixed indexed annuities and mutual funds to put their growing savings to work. All of their policies and accounts are easily accessible via an online platform, and when a new need arises, they simply message their agent to discuss a new policy. The agent also reaches out regularly to make sure the Garcias’ evolving needs are always met. The experience of the hypothetical Garcia family shows how simple it would be for insurers to build deeper customer relationships. But many insurers continue to struggle to develop relationships with their customers that span multiple products. In fact, limited successes in this area have convinced some insurance executives that there is limited value in cross-sales initiatives. In our experience, however, a more coordinated approach can unlock huge opportunities to meet customers’ comprehensive needs through a principal adviser.

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How Will COVID-19 Affect Insurtech

Article | April 13, 2020

It is common knowledge that there is virtually no industry that has been immune to the effects of COVID-19. The global pandemic has caused massive shifts in individual and industrial behavior and will continue to do so in the months, if not years, to come. The P&C industry, like many others, is reeling from the effects of the virus. Amidst all these events, it is important to assess how the insurtech industry is going to be affected by COVID-19.

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Spotlight

RSUI Group, Inc

RSUI is a leading underwriter of wholesale specialty insurance. We work with insurance wholesalers to provide a wide range of insurance products, including: property, casualty, professional liability, and management liability coverage. In addition, our Binding Authority unit provides coverage through appointed Managing General Agents and our Alternative Structures unit considers unique risks that are outside of our core product lines. RSUI provides insurance to thousands of companies nationwide.

Related News

Valued Policy Law and Total Loss

inredisputesblog | May 21, 2019

Typically, a fire insurance policy pays a policyholder for the actual cash value or the replacement value of the property destroyed. But in 20 states, if there is a total loss, the amount the insurer must pay is equal to the value of the property at the time the insurance policy was issued. What happens if the policy covers a multi-building complex and one of the buildings is destroyed? The Eighth Circuit Court of Appeals recently addressed this issue. In Norwood-Redfield Apartments Limited Partnership v. American Family Mutual Ins. Co., No. 18-2618 (8th Cir. May 16, 2019)(Unpublished), the appeals court affirmed a judgment in favour of the insurance company denying the policyholder’s claim to recover the full value listed on the policy of an entire complex of buildings when only one of the buildings was destroyed. The policyholder sued its insurance carrier after a fire destroyed one of the buildings out of 32 in the complex. The insurance carrier paid nearly $3 million for the loss, but the policyholder wanted the policy limits of over $31 million.

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Valued Policy Law and Total Loss

inredisputesblog | May 21, 2019

Typically, a fire insurance policy pays a policyholder for the actual cash value or the replacement value of the property destroyed. But in 20 states, if there is a total loss, the amount the insurer must pay is equal to the value of the property at the time the insurance policy was issued. What happens if the policy covers a multi-building complex and one of the buildings is destroyed? The Eighth Circuit Court of Appeals recently addressed this issue. In Norwood-Redfield Apartments Limited Partnership v. American Family Mutual Ins. Co., No. 18-2618 (8th Cir. May 16, 2019)(Unpublished), the appeals court affirmed a judgment in favour of the insurance company denying the policyholder’s claim to recover the full value listed on the policy of an entire complex of buildings when only one of the buildings was destroyed. The policyholder sued its insurance carrier after a fire destroyed one of the buildings out of 32 in the complex. The insurance carrier paid nearly $3 million for the loss, but the policyholder wanted the policy limits of over $31 million.

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