The commercial insurance law reflecting IFRS17 comes out … The Finance Commission begins review of the law

Establishment of the “statutory audit promotion group”. 4 working groups are formed to discuss
Verification by expert advisory group. Presented to the National Assembly in the first half of next year

In News Reporter Jeon Geon-wook ㅣ Financial authorities are preparing to amend the bill reflecting the new international accounting standards (IFRS17), which is expected to be implemented in 2023. To this end, the “Group was formed and managed. for the promotion of the statutory audit IFRS17 (hereinafter referred to as the promotion group) “composed of the authorities, the insurance sector and related experts.

On the 30th, the Financial Services Commission held a meeting of the “ 6th Insurance Capital Advancement Team ” chaired by Vice President Gyu-sang Doh to discuss the direction of the restructuring of the insurance industry regulations in preparation implementation of IFRS17, and has taken this decision.

First of all, the Financial Services Commission sets up a promotion group to prepare amendments to the Insurance Sector Act. The promotion team includes the Financial Services Commission, the Financial Oversight Service, the Life and Non-Life Insurance Association, the Insurance Development Institute and the Insurance Research Institute.

The promotion group is made up of four working groups: ▲ Accounting system group ▲ Accounting system group ▲ Prudential system group ▲ Production system group. They prepare the basis for the issuance of conditional equity securities and review measures to strengthen the system of verification of responsible reserves.

In addition, the introduction of the Insurance Supervisory Accounting Standard and the New Payment System (K-ICS) will be finalized, and the risk-based management status assessment system and management disclosure system will be discussed.

Here an advisory group of experts is managed to verify the results discussed in the promotion group. After that, the Financial Services Commission said it intends to propose an amendment to the Insurance Business Act and submit it to the National Assembly in the first half of next year.

A Financial Services Commission official said: “After the revision of the Insurance Activities Act has been prepared, we will sequentially review amendments to subordinate laws and regulations.” I’ll go out. “