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Does federal budget create new tax liability for P&C industry?

April 12, 2022 Greg Meckbach

A federal budget proposal to forbid insurers from using a contractual service margin as a deductible reserve for tax purposes could impose a one-time tax liability on the industry. International Financial Reporting Standard 17 (IFRS 17) will “substantially change the

News Insurance

Challenges remain as IFRS 17 implementation approaches

December 6, 2021 Jason Contant

Project management, system implementation, and accessing resources are the biggest challenges, as the start date of the new insurance accounting standard IFRS 17 nears, Chris Cornell, partner, audit, and national sector leader, insurance, with KPMG in Canada told Canadian Underwriter

News Insurance

Are you ready for the changes in IFRS 17?

September 22, 2021 by Jason Contant

Learning how to “speak IFRS 17” will be an essential skill for insurers for both ongoing effective governance and communicating business performance to stakeholders, a partner at PwC Canada said. The changes in the upcoming insurance accounting standard can significantly

News Earnings / RatingsInsuranceLegislation / Regulation

How the feds propose to tax insurers’ deferred profits under IFRS 17

June 10, 2021 by David Gambrill

Canada’s finance department is looking to avoid a situation in which the new IFRS 17 accounting standards may give Canadian P&C insurers a tax advantage over other Canadian business sectors. Canadian P&C insurers are working hard to update to new

News Insurance

What insurers are paying to deliver IFRS 17: Is there any bang for the buck?

June 9, 2021 by Jason Contant

The majority of insurers across the globe will spend US$20 million to implement the IFRS 17 insurance accounting standard into their operations, according to a new worldwide survey by Willis Towers Watson. The cost of implementation for Canadian P&C insurers

News Insurance

How insurers are faring as IFRS 17 transition looms

April 29, 2021 by Jason Contant

As the transition date for the new insurance accounting standard IFRS 17 approaches in January 2022, insurers are split on whether or not to use dedicated staff for implementation. A recent study of about 25 insurance clients of PwC found

News Insurance

Where insurers stand on OSFI’s reinsurance rules

April 28, 2021 by Jason Contant

Although proposed draft reinsurance rules from the federal solvency regulator have not been finalized, the president and CEO of Insurance Bureau of Canada (IBC) is indicating that the regulator and Canadian P&C insurers may be bridging the gap. “I take

News InsuranceLegalLegislation / Regulation

With the pandemic abated, OSFI restarts work on IFRS 17

August 17, 2020 by David Gambrill

Three things in life are inevitable — death, taxes, and the transition to IFRS 17. With the country now over what appears to be the worst of the COVID-19 pandemic thus far, Canada’s solvency regulator, the Office of the Superintendent

News InsuranceLegislation / Regulation

Accounting body proposes extension for IFRS 17

November 15, 2018 by David Gambrill

The International Accounting Standards Board (IASB) has voted to propose a one-year deferral of the effective date for IFRS 17 to 2022. Insurance companies globally have lobbied for the extension as they prepare their transition to the International Financial Reporting