These changes – which have only just begun – have had a significant impact, notably on the reporting of unit-linked products. Phase 2 of these changes will involve even more radical changes, including the elimination of key balance sheet items such as unearned premium reserves.
Two key features of the new insurance rulebook the CBB introduced in 2005 are rules for Islamic insurers, as well as rules specifically catering to captive insurers. The results of these initiatives – regional firsts, and probably a world first with respect to rules for takaful firms – are now beginning to bear fruit.