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
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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