Featured Product

    AMF Delays Work on IFRS 17 to Ease Impact of COVID Crisis on Insurers

    March 31, 2020

    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
    Related Articles
    News

    EBA Updates List of Validation Rules for Reporting by Banks

    EBA issued a revised list of validation rules with respect to the implementing technical standards on supervisory reporting.

    September 10, 2020 WebPage Regulatory News
    News

    EBA Responds to EC Call for Advice to Strengthen AML/CFT Framework

    EBA published its response to the call for advice of EC on ways to strengthen the EU legal framework on anti-money laundering and countering the financing of terrorism (AML/CFT).

    September 10, 2020 WebPage Regulatory News
    News

    NGFS Advocates Environmental Risk Analysis for Financial Sector

    NGFS published a paper on the overview of environmental risk analysis by financial institutions and an occasional paper on the case studies on environmental risk analysis methodologies.

    September 10, 2020 WebPage Regulatory News
    News

    MAS Issues Guidelines to Promote Senior Management Accountability

    MAS published the guidelines on individual accountability and conduct at financial institutions.

    September 10, 2020 WebPage Regulatory News
    News

    APRA Formalizes Capital Treatment and Reporting of COVID-19 Loans

    APRA published final versions of the prudential standard APS 220 on credit quality and the reporting standard ARS 923.2 on repayment deferrals.

    September 09, 2020 WebPage Regulatory News
    News

    SRB Chair Discusses Path to Harmonized Liquidation Regime for Banks

    SRB published two articles, with one article discussing the framework in place to safeguard financial stability amid crisis and the other article outlining the path to a harmonized and predictable liquidation regime.

    September 09, 2020 WebPage Regulatory News
    News

    FSB Workshop Discusses Preliminary Findings of Too-Big-To-Fail Reforms

    FSB hosted a virtual workshop as part of the consultation process for its evaluation of the too-big-to-fail reforms.

    September 09, 2020 WebPage Regulatory News
    News

    ECB Updates List of Supervised Entities in EU in September 2020

    ECB updated the list of supervised entities in EU, with the number of significant supervised entities being 115.

    September 08, 2020 WebPage Regulatory News
    News

    OSFI Identifies Focus Areas to Strengthen Third-Party Risk Management

    OSFI published the key findings of a study on third-party risk management.

    September 08, 2020 WebPage Regulatory News
    News

    FSB Extends Implementation Timeline for Framework on SFTs

    FSB is extending the implementation timeline, by one year, for the minimum haircut standards for non-centrally cleared securities financing transactions or SFTs.

    September 07, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5796