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
PRA, via the consultation paper CP12/20, proposed changes to its rules, supervisory statements, and statements of policy to implement certain elements of the Capital Requirements Directive (CRD5).
EIOPA published the financial stability report that provides detailed quantitative and qualitative assessment of the key risks identified for the insurance and occupational pensions sectors in the European Economic Area.
EBA published its risk dashboard for the first quarter of 2020 together with the results of the risk assessment questionnaire.
EBA announced that the next stress testing exercise is expected to be launched at the end of January 2021 and its results are to be published at the end of July 2021.
PRA published the consultation paper CP11/20 that sets out its expectations and guidance related to auditors’ work on the matching adjustment under Solvency II.
MAS published a statement guidance on dividend distribution by banks.
APRA updated its capital management guidance for banks, particularly easing restrictions around paying dividends as institutions continue to manage the disruption caused by COVID-19 pandemic.
FSB published a report that reviews the progress on data collection for macro-prudential analysis and the availability and use of macro-prudential tools in Germany.
EBA issued a statement reminding financial institutions that the transition period between EU and UK will expire on December 31, 2020; this will end the possibility for the UK-based financial institutions to offer financial services to EU customers on a cross-border basis via passporting.
SRB published guidance on operational continuity in resolution and financial market infrastructure (FMI) contingency plans.