Accounting Standards and Insurer Solvency Assessment

Peter Windsor, Jeffery Yong and Michelle Chong-Tai Bell

No 2020/146, IMF Working Papers from International Monetary Fund

Abstract: 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.

Keywords: 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 (search for similar items in EconPapers)
Pages: 47
Date: 2020-07-31
New Economics Papers: this item is included in nep-acc and nep-ias
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