Regulatory Alerts2017-08-10
Added · Updated
Proposed Amendments to Regulations on Supervision of Insurance Business
The Financial Services Commission proposes amendments to the Regulations on Supervision of Insurance Business to prepare for the implementation of IFRS17 in 2021. The changes specify reserves subject to the Liability Adequacy Test (LAT) and phase in higher policy reserves standards beginning at the end of 2017. Insurers with a solvency ratio below 100% must agree with the FSS to achieve prudential soundness through additional policy reserves, while those setting aside such reserves may partially calculate them as capital resources in solvency ratio calculations. The public comment period for these proposed changes ends on September 20, 2017.
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