International GAAP 2021

Chapter 56Insurance contracts (IFRS 17)

• 1 INTRODUCTION
• 2 THE OBJECTIVE, DEFINITIONS AND SCOPE OF IFRS 17
  • 2.1 The objective of IFRS 17
  • 2.2 Definitions
  • 2.3 Scope
    • 2.3.1 Transactions not within the scope of IFRS 17
      • 2.3.1.A Product warranties
      • 2.3.1.B Assets and liabilities arising from employment benefit plans
      • 2.3.1.C Contingent contractual rights and obligations related to non-financial items
      • 2.3.1.D Residual value guarantees
      • 2.3.1.E Financial guarantee contracts
      • 2.3.1.F Contingent consideration payable or receivable in a business combination
      • 2.3.1.G Direct insurance contracts in which the entity is the policyholder
      • 2.3.1.H Credit card contracts (or similar contracts) that provide insurance coverage
    • 2.3.2 Fixed fee service contracts
    • 2.3.3 Loan contracts that transfer significant insurance risk only on settlement of the policyholder's obligation created by the contract
    • 2.3.4 Other accounting standards which affect insurers
• 3 THE DEFINITION OF AN INSURANCE CONTRACT
  • 3.1 The definition
  • 3.2 Uncertain future events
  • 3.3 Payments in kind
  • 3.4 The distinction between insurance risk and financial risk
    • 3.4.1 Insurable interest
    • 3.4.2 Lapse, persistency and expense risk
    • 3.4.3 Insurance of non-insurance risks
  • 3.5 Significant insurance risk
    • 3.5.1 Quantity of insurance risk
    • 3.5.2 The level at which significant insurance risk is assessed
      • 3.5.2.A Self insurance
      • 3.5.2.B Insurance mutuals
      • 3.5.2.C Intragroup insurance contracts
    • 3.5.3 Significant additional amounts
  • 3.6 Changes in ...