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
Previous ArticlePRA Issues Policy Statement on Optimizations to the SIMR
MAS and Temasek jointly released a report to mark the successful conclusion of the fifth and final phase of Project Ubin, which focused on building a blockchain-based multi-currency payments network prototype.
EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.
APRA updated the lists of the Direct to APRA (D2A) validation rules for authorized deposit-taking institutions, insurers, and superannuation entities.
PRA updated the statement that provides guidance to regulated firms on implementation of the EBA guidelines on reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis.
EBA updated the 2019 list of closely correlated currencies that was originally published in December 2013.
FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).
APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.
BCBS and FSB published a report on supervisory issues associated with benchmark transition.
IAIS published a report on supervisory issues associated with benchmark transition from an insurance perspective.
ESMA updated the reporting manual on the European Single Electronic Format (ESEF).