IMF Working Papers Volume 2020 Issue 146: Accounting Standards and Insurer Solvency Assessment (2020)

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Accounting Standards and Insurer Solvency Assessment

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Peter Windsor

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Jeffery Yong

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Michelle Chong-Tai Bell

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Series:: IMF Working Papers

Volume/Issue:: Volume 2020: Issue 146

Language:: English

Publication Date:: 31 Jul 2020

DOI:: https://doi.org/10.5089/9781513551807.001

ISBN:: 9781513551807

ISSN:: 1018-5941

Pages:: 47

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

Legal-disclaimer:: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Series:: IMF Working Papers

Volume/Issue:: Volume 2020: Issue 146

Language:: English

Publication Date:: 31 Jul 2020

DOI:: https://doi.org/10.5089/9781513551807.001

ISBN:: 9781513551807

ISSN:: 1018-5941

Pages:: 47

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

Legal-disclaimer:: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

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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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IMF Working Papers

ISSN:: 1018-5941

Publisher:: International Monetary Fund

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