Accounting Standards and Insurer Solvency Assessment
Accounting Standards and Insurer Solvency Assessment
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Volume/Issue:
Volume 2020
Issue 146
Publication date: July 2020
ISBN: 9781513551807
$18.00
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Topics covered in this book
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Finance , WP , insurance contract , insurance supervisor , impact study , insurance liability , measurement approach , solvency position , Insurers , Supervisors , IFRS , IFRS 17 , Solvency , Capital , Supervision , accounting practice , International Financial Reporting Standards , Insurance companies , Accounting standards , Insurance , Global , Africa
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Summary
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.
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