The Transition Resource Group (TRG) for Insurance Contracts, set up to support implementation of the new insurance contracts Standard, IFRS 17 Insurance Contracts, had its first face-to-face meeting in London yesterday.
The TRG was set up to support implementation of the new insurance contracts Standard, IFRS 17 Insurance Contracts. It is a group made up of people involved in implementing IFRS 17 from major insurance companies, audit firms, and regulatory and actuarial bodies. The purpose of the TRG is to provide a public forum for stakeholders to follow the discussion of questions raised as companies ready themselves for the 2021 effective date of the Standard.
The TRG received more than 20 submissions for this first meeting. The technical staff requested further information on four of those submissions, and all the other submissions were considered at the meeting. Topics included questions on coverage units, reinsurance contracts held, contract boundaries and whether insurance components should be separated. TRG members shared their experiences and views, providing helpful input on the topics on the agenda. All the TRG papers for this meeting can be found here.
The Board recognises that implementing a new Standard like IFRS 17 will be challenging for companies and will require considerable investments in systems and processes. The Board considered these practical challenges during the development of the Standard and the Board is confident the TRG will provide helpful implementation support.
The next TRG meeting is scheduled for 2 May.
To follow the TRG discussions, you can sign up to receive news alerts here.