Accounting Standards and Insurer Solvency Assessment
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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.
Series:
Working Paper No. 2020/146
Subject:
Accounting standards Financial institutions Financial regulation and supervision Financial sector policy and analysis Insurance Insurance companies International Financial Reporting Standards Public financial management (PFM) Solvency
Frequency:
regular
English
Publication Date:
July 31, 2020
ISBN/ISSN:
9781513551807/1018-5941
Stock No:
WPIEA2020146
Pages:
47
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