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Exposure Draft of the amendments to IFRS 17 Insurance Contracts

Amendments to IFRS 17 Insurance Contracts

Shorter-than-usual comment period for exposure draft of the amendments to IFRS 17.


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Brian Morrissey

Head of Insurance & Actuarial

KPMG in Ireland


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Transition to IFRS 17 - May 2019 update

The forthcoming exposure draft (ED) of the amendments to IFRS 17 Insurance Contracts, due in late June, will have a comment period of 90 days – this is shorter than the usual 120-day comment period for an ED. The International Accounting Standards Board (the Board) made this decision at its May 2019 meeting and also proposed three amendments and clarifications addressing sweep issues.

The Board tentatively decided to:

  • revise its tentative decision about when an investment return service exists in an insurance contract;
  • clarify that an insurer does not need to disclose refunds of premiums separately; and
  • clarify that a reduction in the liability for remaining coverage relating to loans to policy holders is excluded from revenue.

    The Board also discussed considerations for mutual entities issuing insurance contracts – no amendments were proposed in that area.

    Further detail on the above is included here.

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