On 1 June, the European Parliament published a draft motion for resolution on IFRS 17 ‘Insurance Contracts’ (http://www.europarl.europa.eu/cmsdata/148201/IFRS%2017_draft%20MfR.pdf).
The resolution calls on the European Commission and the European Financial Reporting Advisory Group (EFRAG) to consider the specific aspects and impact of IFRS 17 on the insurance sector and potenial effects on financial stability and competitiveness. The resolution is expected to feed into the EFRAG’s endorsement advice on IFRS 17 to the European Commission expected in December 2018.
12/06/2018 the EP published amendments to the ECON draft Motion for a Resolution on IFRS 17.
Amendments to ECON IFRS 17 MfR 12062018.pdf
Insurance Europe comments on proposed amendments
IFRS 17 Draft Motion for a Resolution – Insurance Europe comments on proposed amendments.pdf
On 19 June, the European Parliament’s ECON committee adopted the draft Motion for a Resolution on IFRS 17 ‘Insurance Contracts’. The text adopted reflects the main industry concerns and the vote is very much aligned with Insurance Europe’s key messages and comments of the proposed amendments. The motion for a resolution as adopted will be available on the Parliament’s website in due time (http://www.europarl.europa.eu/committees/en/econ/reports.html)
Next steps
2-5 July (tbc): Vote in EP plenary on MfR