IFRS 17 and solvency II: Basic considerations

In an effort to address basic considerations regarding IFRS 17 insurance contracts and solvency II, answer questions and provide guidance, especially to professionals in the insurance sector, KPMG Academy offers this highly recommended training.

It is expected that the new standard will introduce a comprehensive new accounting model that will give users of financial information a whole new perspective on the financial statements of the insurers. Furthermore, it will herald an end to the lack of comparability in the insurance sector. It will also increase transparency about the profitability of new and in-force businesses and will provide users additional insights into the financial health of an insurer.

It is certain that all insurers will see impact on their reported numbers, whilst it is projected that the implementation of the standard will require substantial effort.

By the end of the training, participants will be able to:

• Identify the requirements of the new standard and the relevant regulatory issues
• Apply in practice the IFRS 17 and Solvency II requirements.
• Demonstrate the impact of the new standard on their profession by being informed of the following
  

                o IFRS 17: Overview

                o IFRS 17: scope and the basic principles of the general measurement model

                o IFRS 17: Measurement modifications

                o IFRS 17 Insurance Contracts: Disclosures, acquisitions and transition

                o Solvency II: Overview and latest updates

                o Solvency II: Differences and Similarities with IFRS 17

• Adopt and implement transparency strategies.

This seminar is essential for the insurance sector’s CEOs, financial controllers, finance managers, finance directors, actuarial professionals, risk managers, accountants and auditors who wish to be informed about this new IFRS standard and legislation. It is also beneficial for professionals in the insurance sector who are involved in the financial statements preparation process and / or the provision of compliance services as well as any professional who wants to have a basic awareness of the subject.

*The number of participants is restricted to 28.

Join the webinar (8:30 a.m. - 9:00 a.m.) *

Sessions (9:00 a.m. – 13:00 p.m. including a 15-min break between sessions)

1. IFRS 17 insurance contracts: overview (1 hr)

• Overview of the new standard on insurance
• Introduction on the scope of the new standard
• Measurement requirements of the new standard and its effective date

2. IFRS 17 insurance contracts: scope and general measurement model (1hr)

• Scope
• General measurement model – basic principles
• Separating components
• Contract boundaries
• Coverage units
• De-recognition and contract modification

3. IFRS 17 insurance contracts: measurement modifications and presentation (1 hr)

• Premium allocation approach (PAA)
• Variable fee approach (VFA)
• Reinsurance contracts held
• Presentation – basic considerations

                > Onerous contracts

• Other issues

4. IFRS 17 insurance contracts: disclosures, acquisitions and transition (1 hr)

• Disclosures
• Insurance contracts acquired
• Transition

                1. Full retrospective application

                2. Modified retrospective approach

                3. Fair value approach

• Interim reporting
• IFRS 9 vs IFRS 17 interaction
• Other considerations
• Effective date
• Next steps

5. Solvency II (1 hr & 45 min)

• Solvency II in summary
• Solvency II updates
• Solvency II and IFRS 17 differences and similarities.

6. Questions and answers (30 min).

*Note: Please join the meeting 30 minutes prior to the webinar’s start time (join at 8:30 a.m.), in order to make sure that you do not face any connection or other technical issues.

If you wish to register for the webinar, please complete the registration form.

Once your registration is submitted, you will receive an email stating the participation fee, including any discounts, if applicable. Kindly note that the payment should be settled at least two days prior to the webinar’s date for your registration to be confirmed.

The programme has been approved by the HRDA. Enterprises participating with their employees who satisfy HRDA’s criteria, are entitled to subsidy. Please note that there are limited seats available, therefore enrol in this webinar as soon as possible.

If you do not receive our confirmation e-mail regarding your registration, your participation cannot be guaranteed.

Cost

€250 + VAT. Net investment after subsidy from the HRDA of €106,25: €191,25 (including VAT) for all eligible participants*

*Last Date for 10% Early Bird Discount: 25/04/2022

Discounts available:

• For more than two (3+) participants from the same company a 10% discount is available on the total cost, before the VAT and HRDA subsidy. This discount only applies for participants who enrol in the same webinar, on the same day. This discount can only be combined with the early bird discount and the HRDA subsidy, when applicable.
• For individuals/legal entities who/which register in more than two (3+) webinars during the same semester (January-June & July-December), a 10% discount is available on the total cost, before the VAT and HRDA subsidy. This discount only applies for individuals/legal entities who/which enrol in more than two (3+) webinars during the same semester, on the same day. This discount can only be combined with the early bird discount and the HRDA subsidy, when applicable.
• There is a 10% discount for alumni members. This discount should be applied before the VAT and HRDA subsidy and can only be combined with the early bird discount and the HRDA subsidy, when applicable. For more information on our alumni scheme, click here.
• There is a 10% Early bird discount on selected webinars for participants who enrol in a training course until a specific date which is stated above. This discount should be applied before the VAT and HRDA subsidy and can only be combined with the HRDA subsidy, when applicable.
• HRDA subsidy for all HRDA approved webinars. 

For any queries, please contact Irini Avraam on +357 22 207 460 or at academy@kpmg.com.cy.

CPD: This webinar may contribute to Continuing Professional Development requirements. Shortly after the webinar’s date, participants will receive electronically a certificate of attendance confirming the total number of training hours (6,15 CPD).

Vanezis Pangratios
Board Member, IFRS 9 and IFRS 17 implementation leader, Audit, KPMG in Cyprus

Pangratios joined KPMG in Cyprus in 2003 and became a Board Member in 2017. He holds a BA in Accounting & Finance from Lancaster University and is an Associate member of the Institute of Chartered Accountants in England and Wales.

Pangratios possesses versatile industry experience deriving from sectors such as the financial services, consumer products, airline transport industry, agriculture and food and beverages. In 2014, he was pivotal in the creation of the KPMG Enterprise and Startups team of KPMG in Cyprus, for which he acts as the team leader.

He is actively involved in the group which offers training and support within KPMG in Cyprus, as well as in the DPP (Accounting) of KPMG in Cyprus, which provides insights, consultation and training on financial reporting issues both internally and externally. Pangratios is the implementation leader and contact person on IFRS 17 and IFRS 9 matters of KPMG Cyprus IFRS Helpdesk team. In addition, he is currently the Chairman of the Accounting Committee of the Institute of Certified Public Accountants of Cyprus.

Lazarou Xanthia
Assistant Manager, Risk Consulting, KPMG in Cyprus

Xanthia graduated from Bayes Business School in London with a bachelor’s degree in Actuarial Science. She is a member of the Institute and Faculty of Actuaries (IFoa) UK and an Assistant Manager in the Risk Consulting Department of KPMG in Cyprus. She joined KPMG in Cyprus at the beginning of 2020 to support the department’s insurance team, after working for 3 years in the UK London insurance industry. Her previous working experience includes stress scenario testing projects.

Xanthia has gained significant experience in the insurance sector of Cyprus by working in Solvency II projects, performing and reviewing actuarial reserves for Life and Non-Life Companies and getting involved in IFRS 17 projects.

Xanthia has delivered several training workshops on Risk Management, Solvency II, Reserving and IFRS 17. She is a member of the KPMG in Cyprus IFRS 17 team and among her duties is the support of clients with gap analysis and implementations.