The insurance commissioner told everyone at some summit that the new capital requirement checks are getting handled by Big 4 audit firms because they need outside verification to keep things legit. Olusegun Ayo Omosehin compared the whole process to airport security scanners that every company has to pass through, and he said insurance operators are actually being cooperative about it. Boards already approved plans for raising fresh cash or merging with other companies, and the commission finished reviewing those plans.
After wrapping up the minimum capital stuff and giving licenses to companies that qualify, regulators will immediately roll out their Risk-Based Capital framework that matches requirements to each firm's actual risk profile. The commissioner said getting enough capital is just the starting point rather than the end goal, and companies need strong underwriting skills plus solid risk management systems to actually succeed. He mentioned that IFRS 17 accounting rules are making things complicated, which means actuaries will need to step up for pricing and liability calculations.
After wrapping up the minimum capital stuff and giving licenses to companies that qualify, regulators will immediately roll out their Risk-Based Capital framework that matches requirements to each firm's actual risk profile. The commissioner said getting enough capital is just the starting point rather than the end goal, and companies need strong underwriting skills plus solid risk management systems to actually succeed. He mentioned that IFRS 17 accounting rules are making things complicated, which means actuaries will need to step up for pricing and liability calculations.
