Reported 8 months ago
The Insurance Bureau aims for the life insurance industry to be in line with the IFRS17 debt accounting and new generation solvency abilities by 2026. The Financial Supervisory Commission emphasizes that this alignment is not about overturning anyone but helping the industry adapt to future risks, with a 15-year transition period provided. The focus is on enhancing capital adequacy ratios to prepare for market fluctuations and addressing issues such as foreign exchange hedging costs, IFRS17 alignment, and new generation solvency abilities to ensure smooth implementation by 2026.
Source: YAHOO