Actuarial Notes

Application of IFRS 17 Insurance Contracts

By International Actuarial Association · 2021 · IAN 100

Study guide: Exam ILA-201I

An International Actuarial Note, an educational document dated August 2021, written to assist actuaries in complying with IFRS 17 and ISAP 4 by offering practical examples of ways in which they might implement the ISAP and IFRS 17 in the course of their work. It is organised into five sections and 17 self-standing chapters discussing the main topics of IFRS 17, written as a series of questions and answers, and is based on the Standard issued in May 2017 and the amendments published in June 2020.

On the syllabus

  • Exam ILA-201I — International Financial Reporting Requirements, outcomes 1a and 1b; ILA201-600-25: International Actuarial Note 100: Application of IFRS 17 (Ch. 1, section A – Introduction to GMM only, Ch. 5, 7-9 & 16).

Introduction

Chapter 1 Classification of Contracts

Section A Introduction to the General Measurement Approach

Chapter 2 Estimates of Future Cash Flows

Chapter 3 Discount Rates

Chapter 4 Risk Adjustments for Non-Financial Risks

Chapter 5 Level of Aggregation

Chapter 6 Contractual Service Margin and Loss Component

Section B Variations to the General Measurement Approach

Chapter 7 Premium Allocation Approach

Chapter 8 Contracts with Participation Features and Other Variable Cash Flows

Chapter 9 Reinsurance

Section C Uses of Fair Value

Chapter 10 Fair Value

Chapter 11 Business Combinations and Portfolio Transfers

Chapter 12 Transition

Section D Other IFRS 17 Topics

Chapter 13 Embedded Derivatives

Chapter 14 Contract Modifications and Derecognition

Section E Presentation and Disclosure

Chapter 15 Introduction and Explanation of Key Terms Relevant to the Financial Reporting of (Re)insurance Contracts Issued and Reinsurance Contracts Held

Chapter 16 Presentation Requirements Outlined in IFRS 17 Insurance Contracts

Chapter 17 Disclosure Requirements Under IFRS 17 - Insurance Contracts

Sources