Accounting Body Sets Out Updated Insurance Rules

Law360, London (June 26, 2020, 1:27 PM BST) -- Tough new accounting rules for insurers, due to come into force in less than three years, have been revised to make them loss costly to implement, the International Accounting Standards Board has said.

The global independent standards body said on Thursday that the amendments to the rules, known as the Financial Reporting Standard 17 regime, or IFRS 17, will cut costs by simplifying some requirements.

The rules, drawn up in 2017 and described as the biggest shakeup in insurance reporting for 20 years, will require insurers to pool similar insurance contracts — creating so-called annual cohorts — when they work out...

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