act21, the CIA annual conference, wrapped up on June 18 following a four-day program filled with eventful opportunities to engage, learn, and exchange. With leveraging change as our guiding theme, attendees enjoyed content focused on the importance of both personal and professional growth.
At a meeting on March 17, 2020, the International Accounting Standards Board (the Board) recommended delaying the effective date of the IFRS 17 Insurance Contracts to January 1, 2023.
IFRS 17 – Insurance Contracts, the new accounting standard currently expected to become effective for Canadian insurers in 2022, presents fundamentally new approaches to methodology, assumptions, and reporting and disclosure requirements.
The implementation of IFRS 17 will have a significant impact on the valuation of insurance contracts. Coordination among CIA entities is paramount to ensure proper management and implementation of the necessary changes related to IFRS 17 in Canada.
This article reprints a January 2019 blog post that answered two questions on actuarial analysis of liability for incurred claims (LIC).
Canadian Institute of Actuaries
360 Albert Street, Suite 1740
Ottawa, Ontario K1R 7X7
SeeingBeyondRisk@cia-ica.ca