On 7 November 2016, Insurance Europe published response to the European Commission's consultation of Regulation 1606/2002 (the IAS Regulation). The IAS Regulation requires application of International Financial Reporting Standards (IFRS) to consolidated financial statements of EU companies whose securities are traded on a regulated EU market. In short, while Insurance Europe acknowledges that the IAS Regulation is still valid and adequate, and has given a credibility and momentum to the global use of IFRS; the replacement of the current interim requirements (IFRS 4) is of key importance for the insurance industry.