AMF Delays Work on IFRS 17 to Ease Impact of COVID Crisis on Insurers
AMF announced a series of measures for Québec-chartered insurers concerning IFRS 17, capital standards, and various other supervisory activities. These measures are a part of the package announced to minimize the impact of COVID-19 on Québec’s financial system. Among others, the published notice summarizes the decisions to cancel, postpone until further notice, or maintain ongoing and upcoming consultations and studies, in connection with the activities related to IFRS 17 or capital requirements.
For life and health as well as property and casualty insurers, the requirement to submit semi-annual progress report on the implementation of IFRS 17 as at March 31, 2020 was cancelled while the March 31, 2020 deadline for submitting comments on the draft IFRS 17 financial returns has been deferred until further notice. The quantitative impact studies and consultations scheduled for June 2020 on the draft Capital Adequacy Requirements guideline and the Minimum Capital Test 2023 guidelines, with the aim to update the insurer capital framework in accordance with IFRS 17, have been also deferred until further notice. Insurers and other stakeholders will be notified if AMF decides to further modify its supervisory, regulatory, or capital expectations.
Keywords: Americas, Canada, Insurance, Quebec, COVID-19, IFRS 17, Insurance Contracts, QIS, Regulatory Capital, Reporting, AMF
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Patrycja Oleksza
Applies proficiency and knowledge to regulatory capital and reporting analysis and coordinates business and product strategies in the banking technology area
Previous Article
AMF Announces Measures to Minimize Impact of COVID-19 CrisisRelated Articles
EBA Analyzes Impact of Unwind Mechanism of Liquidity Coverage Ratio
EBA published a report analyzing the impact of the unwind mechanism of the liquidity coverage ratio (LCR) for a sample of European banks over a three-year period, from the end of 2016 to the first quarter of 2020.
ECB Outlines Views on Possible Changes to AnaCredit Rule and TLTROs
In response to questions from a member of the European Parliament, the ECB President Christine Lagarde issued a letter clarifying the possibility of amending the AnaCredit Regulation and making targeted longer-term refinancing operations (TLTROs) dependent on the climate-related impact of bank loans.
IASB Begins First Phase of Post-Implementation Review of IFRS 9
IASB started the post-implementation review of the classification and measurement requirements in IFRS 9 on financial instruments and added the review as a project to its work plan.
FSB Report Examines Progress in Resolvability of Systemic Institutions
FSB published a report that examines progress in implementing policy measures to enhance the resolvability of systemically important financial institutions.
EBA Benchmarks National Insolvency Frameworks Across EU
EBA published a report on the benchmarking of national loan enforcement frameworks across 27 EU member states, in response to the call for advice from EC.
FSB Reports Assess Impact of Pandemic on Financial Stability
FSB published a letter from its Chair Randal K. Quarles, along with two reports exploring various aspects of the market turmoil resulting from the COVID-19 event.
RBNZ Consults on Implementation of Capital Review Changes
RBNZ launched a consultation on the details for implementing the final Capital Review decisions announced in December 2019.
IASB Announces Andreas Barckow as the New Chair from July 2021
The Trustees of the IFRS Foundation, which are responsible for the governance and oversight of IASB, have announced the appointment of Dr. Andreas Barckow as the IASB Chair, effective July 2021.
HKMA Consults on Capital Rules for Bank Equity Investments in Funds
HKMA issued a letter to consult the banking industry on a full set of proposed draft amendments to the Banking (Capital) Rules for implementing the Basel standard on capital requirements for banks’ equity investments in funds in Hong Kong.
ESRB Supports Extension of Macro-Prudential Measure by Swedish FSA
ESRB published an opinion assessing the decision of Swedish Financial Supervisory Authority (FSA) to extend the application period of a stricter measure for residential mortgage lending, in accordance with Article 458 of the Capital Requirements Regulation (CRR).
