Standard of Practice(IFRS17 Actuarial Assumption)
- Enactment Date
- 2021-10-22
- Latest Amendment Date
- 2022-12-16
■ Enactment Date : October 22, 2021 (Approved by the Board of Directors)
■ Committee in charge : Assumption Management Committee(Chairman : Ham Seungwoo)
○ (Committee members) Byeon Incheol, Cho Eunyoung, Jang Sung-gon, Kim Jihyeon, Kim Jinhwan, Park Seongho, Son Junik
○ (Advisory) Supervisory authorities, Korea Insurance Development Institute, Life and General insurance associations, Accounting firms, etc.
■ Purpose : We intend to establish this practice standard for the purpose of presenting appropriate practice standards for determining actuarial assumptions that comply with the purpose and principles of IFRS17 introduction.
○ The goal is to present practical standards to be applied by actuaries who perform the work of determining actuarial assumptions.
○ Furthermore, reasonable control procedures, interpretations, and application cases for the determination of actuarial assumptions are also presented.
■ Main content : The main contents of IFRS17 actuarial assumption practice standards are as follows. For detailed practice standards, please refer to the final practice standards in the appendix.
❶ IFRS17 Actuarial Assumption Standards: Applicable to the Korean Actuarial Standards (KSAP) assumptions section.
❷ Interpretation and application examples: Presentation of cases reflecting the characteristics of the domestic insurance industry (products: life, long-term, non-life, health, etc. / systems: policyholder dividends, tax laws, capital soundness, etc. / regulations: supervisory accounting, soundness accounting, etc.)
❸ Control procedure-related report: Utilizes the internal assumption management committee of the working group participating company, actuarial assumption policy and reports, etc.
■ Amendment Date : December 16, 2022 (Actuarial Symposium)
○ [Appendix A] Interpretation and application cases of actuarial assumption practice standards, ‘2022 Actuarial assumption practice standard application cases’ updated.
※ Refer to the ‘Review Results’ in the appendix as a result of reviewing the opinions of the Board of Directors and members on the final draft.
■ Committee in charge : Assumption Management Committee(Chairman : Ham Seungwoo)
○ (Committee members) Byeon Incheol, Cho Eunyoung, Jang Sung-gon, Kim Jihyeon, Kim Jinhwan, Park Seongho, Son Junik
○ (Advisory) Supervisory authorities, Korea Insurance Development Institute, Life and General insurance associations, Accounting firms, etc.
■ Purpose : We intend to establish this practice standard for the purpose of presenting appropriate practice standards for determining actuarial assumptions that comply with the purpose and principles of IFRS17 introduction.
○ The goal is to present practical standards to be applied by actuaries who perform the work of determining actuarial assumptions.
○ Furthermore, reasonable control procedures, interpretations, and application cases for the determination of actuarial assumptions are also presented.
■ Main content : The main contents of IFRS17 actuarial assumption practice standards are as follows. For detailed practice standards, please refer to the final practice standards in the appendix.
❶ IFRS17 Actuarial Assumption Standards: Applicable to the Korean Actuarial Standards (KSAP) assumptions section.
❷ Interpretation and application examples: Presentation of cases reflecting the characteristics of the domestic insurance industry (products: life, long-term, non-life, health, etc. / systems: policyholder dividends, tax laws, capital soundness, etc. / regulations: supervisory accounting, soundness accounting, etc.)
❸ Control procedure-related report: Utilizes the internal assumption management committee of the working group participating company, actuarial assumption policy and reports, etc.
■ Amendment Date : December 16, 2022 (Actuarial Symposium)
○ [Appendix A] Interpretation and application cases of actuarial assumption practice standards, ‘2022 Actuarial assumption practice standard application cases’ updated.
※ Refer to the ‘Review Results’ in the appendix as a result of reviewing the opinions of the Board of Directors and members on the final draft.