KPMG has selected Phil Smart to head up its insurance technical advisory group.

Smart, a veteran of the firm's financial services practice with more than twelve years experience in the insurance market, has been given a remit to lead KPMG’s services on the accounting and regulatory changes that are currently impacting the industry such as the European Directive on Solvency II, and the release of the Phase II accounting model for insurance contracts, which will replace IFRS 4 insurance contracts, issued in 2004.

Smart, who has been with KPMG for sixteen years said: 'Between now and the end of the year will be a crucial consultation period in the insurance world, as we approach the implementation of these important changes to reporting.'

'We’ll be talking to the industry and standard setters on all of these developments, not only from an insurance perspective, but also as part of the wider global debate that the accountancy industry is engaged with on the future of financial reporting, and the dialogue between rules and principles-based regulation.'