Actuarial Notes

International Standard of Actuarial Practice 4: IFRS 17 Insurance Contracts

By International Actuarial Association · 2019 · ISAP 4

Study guide: Exam GI-201

A model standard of actuarial practice from the International Actuarial Association, adopted by the IAA Council on 21 November 2019. It provides guidance to actuaries performing actuarial services in connection with International Financial Reporting Standard 17 Insurance Contracts (IFRS 17), to increase intended users' confidence that the services are carried out professionally and with due care, that the results are relevant, clear and complete, and that the assumptions and methodology used are disclosed appropriately.

On the syllabus

  • Exam GI-201 — Outcomes 7c; pp. 1-9, excluding sections 2.8 and 2.10.

Preface

Introduction

Section 1. General

  • 1.1 Purpose
  • 1.2 Scope
  • 1.3 Relationship to ISAP 1
  • 1.4 Relationship to IFRSs
  • 1.5 Defined Terms
  • 1.6 Cross References
  • 1.7 Effective Date

Section 2. Appropriate Practices

  • 2.1 Relevant Knowledge Requirements
  • 2.2 Materiality
  • 2.3 Proportionality
  • 2.4 Identification, Combination, Aggregation, Separation, Recognition, Derecognition and Modification
  • 2.5 Measurement Approach
  • 2.6 The General Measurement Approach
  • 2.7 The Premium Allocation Approach
  • 2.8 The Variable Fee Approach
  • 2.9 Financial Statement Presentation and Disclosure
  • 2.10 Transition

Section 3. Communication

  • 3.1 Disclosures

Sources