For 'IFRS17 soft landing "financial authorities, the insurance industry united

[Korea gimmingyeong financial newspaper reporter] 2021 ahead of the introduction of new international accounting standards (IFRS17) financial authorities and the insurance industry officials were appointed by the introduction of the Preparatory Committee Tuesday.

The financial authorities reportedly plan to arrange a soft landing pursue a step-by-step plan to mitigate the impact of the insurance industry due to the accounting change.

Introduction of the Preparatory Committee was composed of five members, including Finance Committee Standing Committee gimhakgyun won yisuchang Life Insurance Association, General Insurance Association jangnamsik three members, including chairman and co-gwonsunchan FSS buwonjangbo, gimuihyeong accounting ledgers, seongdaegyu Insurance Development Director.

Here the insurance company CEO Advisory Council and academic center industry expert advisory panel consisting of 38 people should also consider improving the institutional direction. 38 insurers Chief Risk Officer (CRO) working party will examine the configuration, system improvement and the Working Group will solicit industry feedback.

Standing gimhakgyun sources predicted that in this day kick-off meeting 'insurance rights issue in the future will be the financial soundness and ready to respond and strengthen enforcement IFRS17'.

IFRS17 is the insurer of liability (insurance payable) When introducing a market assessment. Therefore, to calculate the debt to reflect the time of subscription rates and increase the burden that much insurance as insurers. Eventually losing the accounting capital is bound to increase in the debt significantly.

The financial authorities also reportedly scheduled to be reorganized to meet the new front-GAAP financial soundness of supervised institutions, such as insurance solvency system (RBC). When the IFRS17 GAAP accounting standards and supervision to restructuring at the same time is expected to be significant shock in the insurance industry.

Financial Services Commission said it would announce details arrange a full-fledged plan to meet on May IFRS17 final standards announced final time coming.



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