FSC Proposes Changes to Regulations on Insurance Supervision

By Regulatory News

August 10, 2017

The Financial Services Commission (FSC) of Korea proposed amendments to regulations on supervision of insurance business, in preparation for the implementation of IFRS 17 in 2021. The proposed amendments seek to improve Liability Adequacy Test (LAT) and phase in higher policy reserves standards beginning at the end of 2017. The public comment period for the proposed rule changes ends on September 20, 2017.

The proposed amendments specify reserves to be subject to LAT and methods to be used to evaluate the adequacy of policy reserves. The proposed amendment also provides for agreement between the Financial Supervisory Service and insurers whose solvency ratio is less than 100% to achieve prudential soundness with additional policy reserves. Insurance companies setting aside additional policy reserves under the enhanced LAT are to be permitted to partially calculate the reserves as capital resource in the solvency ratio calculation.

Comment Due Date: September 20, 2017

Keywords: Asia Pacific, Korea, Insurance, IFRS 17, LAT, FSS, FSC

IMF Report on the Second Review Under the EFF with Sri Lanka

ESMA Publishes Responses to Proposal on Trading Obligation Under MiFIR


News HKMA Revises Implementation Schedule for Initial Margin Rules HKMA intends to adopt a revised implementation schedule for the margin requirements for non-centrally cleared derivatives. August 16, 2019 WebPage Regulatory News
News HKMA Revises Guideline on Application of Banking Disclosure Rules HKMA issued a revised version of the Supervisory Policy Manual module CA-D-1 on guideline on the application of the Banking (Disclosure) Rules (BDR). August 16, 2019 WebPage Regulatory News
News ECB Decision on Recognizing Reporting Member States Under AnaCredit ECB has finalized the Decision 2019/1348 (ECB/2019/20) that establishes procedure for recognizing non-euro area member states as reporting member states under the AnaCredit Regulation (EU 2016/867). August 16, 2019 WebPage Regulatory News
News FASB Proposes to Extend CECL Standard Deadline for Certain Entities FASB proposed an Accounting Standards Update that would grant private companies, not-for-profit organizations, and certain small public companies additional time to implement FASB standards on current expected credit losses (CECL), leases, and hedging. August 15, 2019 WebPage Regulatory News
News IASB Adds Phase Two of IBOR Reform to Its Work Plan IASB (or the Board) has added the second phase of its project focused on potential financial reporting implications linked to the interest rate benchmark reform—interbank offer rate (IBOR) reform—to its work plan. August 15, 2019 WebPage Regulatory News
News FED Updates Draft Instructions for Proposed FR Y-14 Reporting Forms FED updated draft instructions for the monthly, quarterly, and annual capital assessments and stress testing reports, also known as forms FR Y-14M, FR Y-14Q, FR Y-14A, respectively. August 15, 2019 WebPage Regulatory News
News FASB Proposes Taxonomy Changes Related to Topics 326, 815, and 842 FASB is proposing taxonomy improvements for the proposed Accounting Standards Update on clarifying the interactions among topic 321 on investments in equity securities), topic 323 on investments under equity method and joint ventures), and topic 815 on derivatives and hedging. August 15, 2019 WebPage Regulatory News
News OCC Updates Bank Accounting Advisory Series in August 2019 OCC released an update to the Bank Accounting Advisory Series (BAAS), which reflects accounting standards issued by FASB, through March 31, 2019, on topics such as hedging and credit losses. August 15, 2019 WebPage Regulatory News
News APRA Consults on Final Phase Margin Rules for Uncleared Derivatives APRA is consulting on amendments to the prudential standard CPS 226 on margin and risk mitigation requirements for non-centrally cleared derivatives. August 14, 2019 WebPage Regulatory News
News APRA Applies Additional Capital Requirement for an Australian Insurer APRA decided to apply an additional $250 million capital requirement to Allianz Australia Limited to reflect the issues identified in the risk governance self-assessment by the insurer. August 14, 2019 WebPage Regulatory News

RESULTS 1 - 10 OF 3646