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IFRS 17: Global insurance associations call for delay so improvements can be made to standard

A wide group of international insurance associations — including Insurance Europe — has called on the International Accounting Standards Board (IASB) to make further improvements to International Financial Reporting Standards (IFRS) 17 – insurance contracts and to change the effective date to 1 January 2023.

While recognising that the IASB has made improvements in a number of areas, the associations warned that a number of significant issues have not been addressed and added that additional changes are still required to obtain a high-quality standard that can be implemented at a reasonable cost.

The associations called on the IASB to take the time necessary to make the changes needed to ensure a strong global commitment to the new standard. In addition, the significant implementation concerns that have been raised by the industry remain and must be taken into account. Therefore, they called for a delay to the global effective date of IFRS17 (and IFRS 9) for insurers until 1 January 2023 in order to ensure a successful implementation.

The other associations are:

  • Canadian Life & Health Insurance Association
  • Financial Service Council of New Zealand
  • Insurance Bureau of Canada
  • Insurance Council of New Zealand
  • Insurance Council of Australia
  • Korea Life Insurance Association
  • National Association of Mutual Insurance Companies
Published 25 September 2019