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Accession #: 220157

 

Publication Date:
November 13, 2020
Title:
Draft Educational Note: Application of IFRS 17 Insurance Contracts for Public Personal Injury Compensation Plans
Other Details:
24 pages.
Author:
Actuarial Guidance Council
Description:
This draft educational note refers to the subjects covered by IFRS 17 with specific application to PPICP insurance contracts issued in Canada.

The draft educational note is structured into seven (7) sections plus one (1) appendix in addition to an introduction and a background. The introduction covers guiding principles and some formatting rules. The background documents for PPICP practitioners and other users relevant variations among PPICP entities which may influence the implementation of IFRS 17 standards. The first three sections consider (1) insurance contracts, (2) identification, aggregation and recognition, and (3) measurement approaches. Section four (4) introduces contract boundary, a complex concept for actuaries in the PPICP area which is reflected in separate guidance for short contract boundary (Section five (5)) or long contract boundary (section six (6)). Section seven (7) ends with the role of the actuary. The appendix provides a glossary of terms.

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