IASB has created the Transition Resource Group (TRG) on Insurance Contracts, which held its first meeting and technical discussion in London. The TRG was set up to support the implementation of IFRS 17, the new standard on insurance contracts. A recording of the morning and afternoon sessions of the meeting is available on the IASB website, while the summary of the meeting will be available shortly. The next TRG meeting is scheduled for May 02, 2018.
TRG received more than 20 submissions for this first meeting. The technical staff requested further information on four of those submissions and all the other submissions were considered at the meeting. Topics included questions on coverage units, reinsurance contracts held, contract boundaries, and whether insurance components should be separated. TRG members shared their experiences and views, providing helpful input on the topics on the agenda.
TRG is made up of people involved in implementing IFRS 17, including major insurance companies, audit firms, and regulatory and actuarial bodies. TRG aims to provide a public forum for stakeholders for discussion of questions raised, as companies ready themselves for the 2021 effective date of IFRS 17.
Keywords: International, Insurance, Insurance Contracts, IFRS 17, Transition Resource Group, Meeting, IASB
Previous ArticlePRA Issues Policy Statement on Optimizations to the SIMR
PRA published a "Dear CEO" letter from Sam Woods, its Deputy Governor and CEO, to update the March guidance on treatment of COVID-19-related payment deferrals under IFRS 9 and the Capital Requirements Regulation (CRR).
MAS, along with the Ministry of Finance (MOF), the Inland Revenue Authority of Singapore (IRAS), and the Enterprise Singapore (ESG), announced a package of measures to support those that may face cash-flow constraints.
ESMA published a consultation paper on guidelines on outsourcing to cloud service providers.
EBA announced that it will release the bank-by-bank data of the Spring 2020 EU-wide transparency exercise on Monday, June 8.
PRA issued a statement confirming that firms may use electronic signatures for submission of forms and other regulatory documents, although in specific instances PRA may request a "wet signature" where it is appropriate to do so.
EBA published the guidelines and templates for reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis.
FCA updated its guidance confirming the support firms should give to mortgage customers that are either coming to the end of a payment holiday or are yet to request one.
US Agencies (FDIC, FED, and OCC) published an interim final rule that temporarily revises the supplementary leverage ratio calculation for depository institutions.
APRA published a frequently asked question (FAQ) providing guidance to all APRA-regulated entities in determining their requirements under the prudential standard CPS 226 on margins and risk mitigation for non-centrally cleared derivatives.
EBA published a consultation paper on the draft amended regulatory technical standards on own funds and eligible liabilities.