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Peter Windsor, Jeffery Yong, and Michelle Chong-Tai Bell

Executive Summary The International Financial Reporting Standard (IFRS) 17 Insurance Contracts was published in May 2017 and is expected to come into force on January 1, 2023 . Also, on January 1, 2023, IFRS 9 Financial Instruments will be implemented for insurers. This change to IFRS is one of the most significant developments in the insurance industry in recent years. Overall, IFRS 17 is a welcome development . It aims at improving global comparability with respect to the structure of liability valuation and transparency in insurer balance sheets, thus

Peter Windsor, Jeffery Yong, and Michelle Chong-Tai Bell
The paper explores the use of accounting standards for insurer solvency assessment in the context of the implementation of IFRS 17. The paper is based on the results of a survey of 20 insurance supervisors. Overall, IFRS 17 is a welcome development but there will be challenges of implementation. Not many insurance supervisors currently intend to use IFRS 17 as a basis for solvency assessment of insurers. Perceived shortcomings can be overcome by supervisors providing clear specifications where the principles-based standard allows a range of approaches. Accounting standards can provide a ready-made valuation framework for supervisors developing new solvency frameworks.
Peter Windsor, Jeffery Yong, and Michelle Chong-Tai Bell

Front Matter Page Monetary Capital Markets Department Contents Abstract Glossary Executive Summary I. Introduction II. IFRS 17 Development and Changes Compared to IFRS 4 III. Overview of Accounting Approaches and Intersections with Prudential Frameworks IV. Potential Impact on Insurers V. Implementation Challenges VI. Use of IFRS 17 for Prudential Frameworks VII. Regulatory and Supervisory Implications VIII. Concluding Remarks IX. References Tables 1. Key Enhancements of IFRS 17 compared to IFRS 4 2. Key Differences

Mr. Rudy Wytenburg, Mr. Robin V Darbyshire, and Ms. Anjeza Beja

. Disclosure – Standards That are not Yet Effective A new standard is going to be applicable for periods beginning on or after January 01, 2023. The Bank has not applied the following new standard in preparing these financial statements. IFRS 17 – Insurance contracts In May 2017, the IASB issued IFRS 17, which establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of the standard. The mandatory effective date for the adoption of IFRS 17 is January 01, 2023, as determined by the IASB, although

International Monetary Fund. Monetary and Capital Markets Department

SUPERVISION A. Supervisory Approach B. Cooperation and Coordination C. Macroprudential Oversight of the Insurance Sector D. Life-and-Health Insurance E. Property-and-Casualty Insurance F. Mortgage Insurance G. Market Conduct Supervision H. Own Risk and Solvency Assessment (ORSA) BOXES 1. Auto Insurance—Market and Regulatory Landscape 2. On IFRS 17 FIGURES 1. Assets of Federally Regulated Life-and-Health and Property-and-Casualty Insurers 2. Selected Statistics About the Federally Regulated Life-and-Health Insurers 3. Selected Statistics

International Monetary Fund. Monetary and Capital Markets Department

and Approach B. 2014 FSAP Recommendations and Implementation C. Market Structure and Insurance Products D. Key Risks of the Industry MAIN FINDINGS A. Powers, Independence, and Resources B. Solvency Requirements C. Governance and Risk Management D. Group Supervision, Interconnectedness, and Conglomerate E. Winding-Up and Exit From the Market F. Market Conduct BOXES 1. Recognition of Future Profit in Solvency Regimes in Other Jurisdictions and Upcoming IFRS 17 2. Insurance Stress Tests 3. COVID-19 Impact on the Insurance Sector and

International Monetary Fund. Monetary and Capital Markets Department
This chapter on Financial Safety Net and Crisis Management for the Canada reviews the insurance sector’s regulation and supervision. The paper highlights that Canada has a highly developed insurance market that is important to Canada’s economy. Regulation and supervision of the insurance sector in Canada is conducted by the federal and provincial authorities. Insurers can be incorporated under the federal or provincial regime. At the federal level, the Office of the Superintendent of Financial Institutions (OSFI) is responsible for prudential regulation and supervision of federally regulated insurers. The provincial supervisors oversee prudential oversight of provincially regulated insurers and conduct oversight of all insurers operating in their jurisdictions. Federal-provincial cooperation and coordination should be further improved. Group-wide supervision needs improvement in legal foundation and consistency of application. With no legal powers over unregulated holding companies, both OSFI and Autorité des marchés financiers rely on voluntary agreements with the companies to be able to obtain information and apply prudential requirements for the insurance groups.
International Monetary Fund. Monetary and Capital Markets Department

statistics about the whole insurance sector. A federal-provincial forum should also be established to discuss risks to the insurance sector and market-wide trends. There are some noteworthy sector-specific issues related to insurance regulation and supervision . For the L&H insurance : OSFI and AMF in preparation for the new accounting standards (IFRS 17) should carefully consider how risk margins interact wth the regulatory solvency framework for life insurers. For P&C insurance : risk of earthquake is a signficant natural catastrophe scenario in Canada

International Monetary Fund. Monetary and Capital Markets Department
The South African insurance sector is large, complex, internationally active, and competitive. Supported by high penetration and density of insurance products, the insurance sector has grown to account for 18 percent of the financial sector in South Africa. The industry hosts an unusually diverse range of business models, including traditional participation focused models, bank-led conglomerates, asset management focused groups, and technology driven new entrants. Even among large insurers, risk profiles vary significantly, which is unique relative to other major insurance markets. Most large insurance groups are actively expanding their business both regionally and globally.