Insurance contracts

Field Tests � Round I

The first round of field test involved 16 companiesand was conducted between September and December 2009. This first round was designed to assess whether the proposals under Phase II of the project could be applied consistently in practice and to provide an understanding of how the proposed approach will change current practice.

The testing was targeted on specific issues identified and prioritised by the project team.

The Board considered the results from the field test when it developed the Exposure Draft (ED) Insurance Contracts.

Participants in the field test were provided with the following materials:

27 November 2009

Questionnaire on Policyholder Behaviour

17 November 2009

Questionnaire on Unearned Premium

26 October 2009

Questionnaire on Margins[zip file]

19 October 2009

Questionnaire on Presentation of Financial Statements[zip file]

Questionnaire on Embedded Derivatives