August 10, 2017

The Financial Services Commission (FSC) of Korea proposed amendments to regulations on supervision of insurance business, in preparation for the implementation of IFRS 17 in 2021. The proposed amendments seek to improve Liability Adequacy Test (LAT) and phase in higher policy reserves standards beginning at the end of 2017. The public comment period for the proposed rule changes ends on September 20, 2017.

The proposed amendments specify reserves to be subject to LAT and methods to be used to evaluate the adequacy of policy reserves. The proposed amendment also provides for agreement between the Financial Supervisory Service and insurers whose solvency ratio is less than 100% to achieve prudential soundness with additional policy reserves. Insurance companies setting aside additional policy reserves under the enhanced LAT are to be permitted to partially calculate the reserves as capital resource in the solvency ratio calculation. 

Comment Due Date: September 20, 2017

Keywords: Asia Pacific, Korea, Insurance, IFRS 17, LAT, FSS, FSC

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