February 07, 2018

IASB has created the Transition Resource Group (TRG) on Insurance Contracts, which held its first meeting and technical discussion in London. The TRG was set up to support the implementation of IFRS 17, the new standard on insurance contracts. A recording of the morning and afternoon sessions of the meeting is available on the IASB website, while the summary of the meeting will be available shortly. The next TRG meeting is scheduled for May 02, 2018.

TRG received more than 20 submissions for this first meeting. The technical staff requested further information on four of those submissions and all the other submissions were considered at the meeting. Topics included questions on coverage units, reinsurance contracts held, contract boundaries, and whether insurance components should be separated. TRG members shared their experiences and views, providing helpful input on the topics on the agenda.

TRG is made up of people involved in implementing IFRS 17, including major insurance companies, audit firms, and regulatory and actuarial bodies. TRG aims to provide a public forum for stakeholders for discussion of questions raised, as companies ready themselves for the 2021 effective date of IFRS 17.

 

Keywords: International, Insurance, Insurance Contracts, IFRS 17, Transition Resource Group, Meeting, IASB

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