IA released a readiness assessment survey to better understand the implementation status of authorized insurers with respect to the Hong Kong Financial Reporting Standard (HKFRS) 17 on insurance contracts. HKFRS 17 will be effective for the financial periods beginning on or after January 01, 2021. The objective of this survey is to understand the readiness of the industry and the challenges that the industry faces in implementing HKFRS 17. Completed surveys are requested to be submitted by October 12, 2018.
Keywords: Asia Pacific, Hong Kong, Insurance, Readiness Assessment Survey, HKFRS 17, Insurance Contracts, IFRS 17, IA
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RBNZ published the financial stability report for May 2020. This review of the financial system in the country highlights that the economic disruption associated with COVID-19 will present challenges to the financial system.
Financial policymakers and international standard-setters met virtually with private-sector executives to discuss international policy responses to COVID-19 pandemic.
HKMA is consulting on revisions to the Supervisory Policy Manual module CR-G-14 on margin and other risk mitigation standards for non-centrally cleared over-the-counter (OTC) derivatives transactions.
EBA published thematic note presenting a preliminary assessment of the impact of COVID-19 outbreak on the banking sector in EU.
HKMA published a circular, addressed to authorized institutions, on the application of the Basel Committee guidance on certain COVID-related measures.
PRA provided further information on the application of regulatory capital and IFRS 9 requirements to payment holidays granted or extended to address the challenges arising from COVID-19 outbreak.
PRA published final policy (in PS13/20) setting out the approach and expectations for authorization and supervision of insurance special purpose vehicles (ISPVs or insurance SPVs).
BoE published version 2.0.1 of the Capital+ XBRL Utility, along with the related release notes.
HKMA announced the publication of a report on fintech adoption and innovation in the banking industry in Hong Kong.
BIS published a working paper that examines the drivers of cyber risk, especially in context of the cloud services.