Syariah Spin-off Readiness Survey: Responses & Inferences
Insurers recognise opportunities in the Syariah market in Indonesia, but a majority still need to decide whether to spin-off or transfer portfolios.
Since the publication of IFRS 17 in May 2017, the insurance industry has begun the implementation process in advance of the original effective date of 1 January 2021. However, following the tentative decision of the IASB in late 2018, the effective date is likely to be postponed to at least 1 January 2022.
During the implementation process, a number of issues with IFRS 17 have been identified by the industry and during the January, February and March IASB meetings, the Board discussed potential amendments to IFRS 17 to address these issues.
At the April IASB meeting, the Board discussed the next steps for the process of producing an exposure draft in light of the tentative decisions made as well as discussing a number of less material sweep issues and annual improvements.
Milliman consultants have produced a summary of the April meeting in a brief paper.