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

    FSB Sets Out Effective Practices for Cyber Incident Recovery

    FSB finalized the toolkit of effective practices to assist financial institutions in their cyber incident response and recovery activities.

    October 19, 2020 WebPage Regulatory News
    News

    HKMA Urges Early Action for Adherence to IBOR Fallbacks Protocol

    HKMA urged authorized institutions to take early action to adhere to the IBOR Fallbacks Protocol, which ISDA is expected to publish soon.

    October 16, 2020 WebPage Regulatory News
    News

    FSB Sets Out Roadmap for Transition to Alternative Reference Rates

    FSB published a global transition roadmap for London Inter-bank Offered Rate (LIBOR).

    October 16, 2020 WebPage Regulatory News
    News

    HM Treasury Publishes Response to Proposal on BRRD2 Transposition

    HM Treasury published a document that summarizes the responses received from a consultation on the approach of UK to transposition of the revised Bank Resolution and Recovery Directive (BRRD2).

    October 15, 2020 WebPage Regulatory News
    News

    HM Treasury Publishes Response to Proposal on CRD5 Transposition

    HM Treasury published the government response to the feedback received on the consultation for updating the prudential regime of UK before the end of the Brexit transition period.

    October 15, 2020 WebPage Regulatory News
    News

    BoE Publishes Reporting Schedule for Statistical Returns

    In a recent statistical notice, BoE announced publication of the reporting schedule for statistical returns for 2021.

    October 15, 2020 WebPage Regulatory News
    News

    EC Welcomes Declaration by Member States on EU Cloud Federation

    EC welcomed the joint declaration by 25 EU member states on building the next generation of cloud in Europe.

    October 15, 2020 WebPage Regulatory News
    News

    MAS Amends Notice on Issuance of Covered Bonds by Banks in Singapore

    MAS published amendments to Notice 648 on the issuance of covered bonds by banks incorporated in Singapore.

    October 15, 2020 WebPage Regulatory News
    News

    FDIC Selects Technology Companies for Rapid Prototyping Competition

    FDIC has selected 14 technology companies—including Accenture Federal Services, LLC, Fed Reporter, Inc, and S&P Global Market Intelligence, LLC—for inclusion in the next phase of the rapid prototyping competition.

    October 15, 2020 WebPage Regulatory News
    News

    GLEIF Defines New Validation Agent Role for Financial Institutions

    GLEIF announced that financial institutions worldwide can realize a variety of cost, efficiency, and customer experience benefits by assuming a new “validation agent” role within the Global Legal Entity Identifier (LEI) System.

    October 15, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5979