| CODE | INS3200 | ||||||
| TITLE | Insurance Accountancy | ||||||
| UM LEVEL | 03 - Years 2, 3, 4 in Modular Undergraduate Course | ||||||
| MQF LEVEL | Not Applicable | ||||||
| ECTS CREDITS | 2 | ||||||
| DEPARTMENT | Insurance | ||||||
| DESCRIPTION | The study-unit will be delving mainly into Accounting rules and Accounting regulations for insurance companies, agents and brokers including a detailed look at the components of these accounts and of their measurement and disclosure. It will also be delving into the determination of liabilities and a presentation of the major components of an insurers’ technical provisions and on commonly used techniques in their determination - IFRS. A look at the specific requirements of IFRS when accounting for insurance contracts. Will include in particular a detailed presentation of IFRS 4 – Insurance Contracts. Other financial reporting standards which have an impact on insurance accounting (e.g. IAS 39, IAS 40 and IFRS 7) will also be examined. Solvency and regulation - Including such aspects as valuation of assets rules, determination of liabilities, determination of guarantee fund, and an introduction to Solvency II. Moreover, the study-unit will be delving into the Business of Insurance Statements and the Protection and Compensation Fund. Other aspects that the study-unit will be looking at is the Insurance Processes and Controls. Insurance Company Financial Statements. Study-unit Aims: To enable participants to gain an insight into the preparation and understanding of accounts of insurance companies, agents and brokers including: - Gaining an understanding of terminology used in insurance accounting; - Understanding the relative accounting standard dealing with insurance accounting; - An overview of solvency requirements and of related regulatory issues including an introduction to Solvency II; - Other aspects including controls that one would expect to find within the accounting function of an insurance company and an overview of the financial statements of an insurance company. Learning Outcomes: 1. Knowledge & Understanding: By the end of the study-unit the student will be able to gain an insight into the preparation and understanding of accounts of insurance companies, agents and brokers including: - Gaining an understanding of terminology used in insurance accounting; - Understanding the relative accounting standard dealing with insurance accounting; - An overview of solvency requirements and of related regulatory issues including an introduction to Solvency II; - Other aspects including controls that one would expect to find within the accounting function of an insurance company and an overview of the financial statements of an insurance company. 2. Skills: By the end of the study-unit the student will: - Gain an understanding of terminology used in insurance accounting; - Be able to understand the relative accounting standard dealing with insurance accounting; - Gain an overview of solvency requirements and of related regulatory issues including an introduction to Solvency II; - Gain skills in other aspects including controls that one would expect to find within the accounting function of an insurance company and an overview of the financial statements of an insurance company; Main Text/s and any supplementary readings: Main text: - A Law Based Financial Services Architecture, by John A. Consiglio and Simon Grima, Pearson Education Limited 2012 ISBN 9781781343166. Other supplementary readings: 1. Legislation: - Main Legislation - Insurers. - Insurance Business Act, 1998 (Cap. 403). - Subsidiary Legislation. - Insurance Business (Companies Accounts) Regulations, 2000 – LN 103 of 2000 Amended / Repealed By: LN 322 of 2004, LN 126 of 2005, LN 240 of 2006, LN 290 of 2007. - Insurance Business (Approved Auditor) Regulations, 2000 – LN 105 of 2000. - Protection and Compensation Fund Regulations, 2003 – LN 435 of 2003. - Insurance Business (Assets and Liabilities) Regulations, 2007 – LN 286 of 2007. - Insurance Directives / Rules issued in terms of the Insurance Business Act and the Regulations. - Main Legislation – Insurance Intermediaries Act. - Insurance Intermediaries Act, 2006 (Cap. 487). - Subsidiary Legislation. - Insurance Intermediaries Directives / Rules issued in terms of the Insurance Intermediaries Act, 2006. 2. International Financial Reporting Standards, in particular: - IFRS 4 - IFRS 7 - IAS 39 - IAS 40 |
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| STUDY-UNIT TYPE | Lecture and Tutorial | ||||||
| METHOD OF ASSESSMENT |
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| LECTURER/S | Joanne Aquilina Simon Grima (Co-ord.) |
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The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
The availability of optional units may be subject to timetabling constraints. Units not attracting a sufficient number of registrations may be withdrawn without notice. It should be noted that all the information in the description above applies to study-units available during the academic year 2024/5. It may be subject to change in subsequent years. |
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