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Insurers' accounting norms should better reflect economic reality, FRC says

( August 16, 2019, 14:00 GMT | Official Statement) -- MLex Summary: Global accounting norms for insurers should better reflect economic reality to avoid a mismatch between reinsurance contracts and onerous underlying insurance policies, the UK regulatory body has said in a proposed draft response to the International Accounting Standards Board. This applies in cases where high levels of commission are charged for an inital contract in the expectation that it will be renewed in future. The Financial Reporting Council is seeking views on its draft response to the IASB's proposed amendments to IFRS 17 before Sept. 5.Statement follows. Document attached. ...

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