Global Regulator Plans To Soften Insurance Accounting Rules

Law360, London (January 24, 2019, 1:07 PM GMT) -- An international standards board has said it plans to dilute some of the toughest demands it imposes on insurers under new accounting rules that enter into force in 2022, after complaints from the industry that it will struggle to be ready for the sweeping changes.

The International Accounting Standards Board proposed on Wednesday to amend key parts of the unpopular reforms, known as IFRS 17, which was drafted to simplify the notoriously complex reports that insurers provide to investors.

The board said it will consider changing the rules to reflect that insurers hold reinsurance policies to lessen the impact of onerous...

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