Accounting rules for revenues arising from insurance products offered in banks
DOI:
https://doi.org/10.29015/cerem.299Keywords:
bancassurance, insurance commission, effective interest rateAbstract
Aim: The paper follows up and builds on the author’s considerations pertaining to the market of bancassurance products and the accounting treatment for remuneration banks receive for offering this kind of products. The article aims at presenting the new rules of accounting for and recognition of insurance commission in the bank accounting books, as they have been recommended by the Polish Supervision Authority (PSA) since 2013, and the assessment of impact of those new rules on the bank financial results.
Design / research method: This paper seeks to verify the hypothesis stating that the bank’s financial performance may deteriorate significantly after the implementation of the new accounting rules for commission received for selling insurance products, recommended by the Polish Supervision Authority in 2013. The study was conducted on the basis of the reports of the Polish Chamber of Insurance, using the comparative analysis method. Moreover, the paper employs a critical analysis of academic literature and the PSA recommendation (guidelines) for bancassurance.
Conclusion/findings: The studies have confirmed the assumption made as to the financial performance of the banks in Poland offering bancassurance-type products over the early years of the PSA’s new recommendation being in force.
Originality /value of the paper: The set of issues this paper is dedicated to is very much up-to-date in Poland. In 2013, the new “U” recommendation of the PSA was implemented in banks, specifying, among other things, the rules for the recognition of revenue from offering insurance products.
Implications of the research (if applicable): The paper shows the practical implications of the implementation of the new accounting rules for insurance commission for the valuation of credit portfolios in the banks linked to insurance products. It represents a valuable source for bankers dealing with the issues of recognition of insurance commissions in the bank accounting books.
Limitations of the research (if applicable): The paper may inspire others to conduct further research on the methods of valuation of bancassurance-type products.
References
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