Educational Note: Role of the Appointed Actuary Under IFRS 17

Publication date: 14-12-2022

Version: Current

Language available: Bilingual

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Over the past few years, two designated groups of the Actuarial Standards Board (ASB) reviewed the impact on the CIA Standards of Practice (SOP) of replacing IFRS 4 with IFRS 17, recommending a number of changes. This educational note supplements the SOP, explains some of the rationale for the changes that were made to the SOP, and addresses questions Appointed Actuaries (AAs) may ask when fulfilling their duties and responsibilities under the new Standards.

Following an introduction, this educational note is structured as follows:
• Section 1 – The responsibilities of the AA that have not changed, namely the duty and responsibilities of the AA under the Insurance Companies Act or other applicable regulations and the CIA SOP
• Section 2 – How to approach “use and take responsibility for the work of others” and reporting with and without reservation
• Section 3 – How the opinion is affected, and how the broader presentation and disclosures in the IFRS financial statements affect the AA’s work to support the opinion
• Section 4 – Additional considerations for valuation work that is not subject to IFRS 17
• Appendix – Case studies

Categories: Practice

Types: Educational notes

Topics: Life insurance, Property and casualty insurance

Pages: 20

Format: PDF

Accession no.: 222174