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
APRA issued a letter to authorized deposit-taking institutions announcing its intent to formalize the capital measures and reporting requirements for COVID-19 loans through temporary legislative instruments.
EBA is inviting relevant stakeholders, such as financial institutions and information and communication technology (ICT) third-party providers, to share their views and experience on the use of regtech solutions through its regtech industry survey.
BoE published a statistical notice (Notice 2020/9) explaining the approach for treatment of payment holidays on the profit and loss return or Form PL.
FASB announced the launch of its new Post-Implementation Review (PIR) web portal.
EBA revised the draft implementing technical standards on supervisory reporting as part of the reporting framework 3.0.
ECB published report that presents a summary of the analysis conducted on the internal capital adequacy assessment process (ICAAP) practices of a sample of 37 "significant" banks.
BoE updated the known issues document for the statistical reporting Forms AS and FV.
FED announced individual capital requirements for 34 large banks and these requirements go into effect on October 01, 2020.
SRB published a set of documents to give operational guidance to banks on implementation of the bail-in tool.
BIS published an update on the G20 TechSprint Initiative, which was launched in April 2020 and aims to highlight the potential for technologies to resolve regulatory compliance (regtech) and supervisory (suptech) challenges.