Regulatory Alerts2021-10-03
Added · Updated
Guidance to implement the requirements of the International Financial Reporting Standard 17
The Central Bank issues guidance requiring insurance companies to implement International Financial Reporting Standard 17 by establishing board-approved policies for contract definition, aggregation, and measurement. The document mandates specific operational changes, including the use of discount rates reflecting time value of money, the calculation of contractual service margins, and the segregation of non-financial risk adjustments. It further requires insurance entities to manage IT system operations, ensure data security through third-party agreements, and submit annual audit summaries to the regulator.
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