Asia Insurance Review | December 07, 2020
The Financial Services Commission (FSC) has announced that it will conduct a task force to submit amendments to insurance law to the National Assembly in the first half of next year to implement the new international accounting standard FRS 17 in 2023 .
The FSC said there would be no more amendments for the implementation date of 2023, although some in the insurance industry have called for another moratorium, reported Business Korea. Earlier, IFRS 17 was to be introduced in 2021.
The FSC stated, “The Task Force comprising the Financial Supervisory Service, Korea Insurance Development Institute, Korea Life Insurance Association, Korea’s General Insurance Association and insurance companies will prepare for the implementation of IFRS 17 in 2023.”
The task force will also work on new supervision standards, business evaluation method and public disclosure system etc.