IA of Hong Kong launched the second readiness assessment survey to understand the implementation activities of authorized insurers with respect to Hong Kong Financial Reporting Standard (HKFRS) 17 on insurance contracts. The survey collects information on status of readiness of an insurer, how an entity is going about the implementation of HKFRS 17, and the related technical implications. Completed surveys are requested to be submitted by August 30, 2019.
Earlier, in September 2018, IA had conducted a readiness assessment survey to understand the preparation status of authorized insurers and the challenges in implementing the standard. IA has received positive feedback on the initiative and observed progressive move of the industry in implementing HKFRS 17. Additionally, IASB, in June 2019, had published the exposure draft of proposed amendments to IFRS 17 to respond to concerns and challenges raised by stakeholders. The Hong Kong Institute of Certified Public Accountants (HKICPA) also conducted public consultation on these IASB proposals for comments by August 19, 2019.
Keywords: Asia Pacific, Hong Kong, Insurance, Readiness Assessment Survey, HKFRS 17, Insurance Contracts, IFRS 17, IASB, IA
HM Treasury announced that the new Financial Services Bill has been introduced in the Parliament.
PRA published the consultation paper CP17/20 to propose changes to certain rules, supervisory statements, and statements of policy to implement elements of the Capital Requirements Directive (CRD5).
US Agencies adopted a final rule that applies to advanced approaches banking organizations and aims to reduce interconnectedness in the financial system as well as to reduce contagion risks associated with the failure of a global systemically important bank (G-SIB).
US Agencies (FDIC, FED, and OCC) adopted a final rule that implements the net stable funding ratio (NSFR) for certain large banking organizations.
FSB finalized the toolkit of effective practices to assist financial institutions in their cyber incident response and recovery activities.
ECB published eleventh issue of the Macroprudential Bulletin, which provides insight into the ongoing work of ECB in the field of macro-prudential policy.
HM Treasury issued a call for evidence seeking views to reform the prudential regulatory regime—also known as Solvency II—of the insurance sector in UK.
ESRB responded to the EC consultation on review of Solvency II regime.
HM Treasury launched a consultation on Phase II of the Future Regulatory Framework Review, with the comment period ending on January 19, 2021.
EC adopted the work program for 2021.