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
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