The Insurance Control Commission organized the first internal workshop on IFRS 17, to which local and international experts were conveyed. In the introductory presentation, the Acting Head of the ICC, Mrs. Nadine El Habbal, confirmed that the Commission intends to stage a frontline involvement in the implementation process of the new reporting standard. Mrs. El Habbal confirmed throughout the day that the ICC will propose a largely prescriptive approach with minimum requirements, and issue clear implementation guidelines to help clarify the way forward.
Respective experts from EY, Milliman, and PwC, were invited to contribute to the reflection. The presentations of EY and Milliman provided thorough details on the founding principles of IFRS 17, and the building blocks of their approach. They discussed relevant practical experience from the current implementation streamlines in the Gulf from the respective perspectives of the supervisors and insurance firms. Milliman and PwC experts drew parallels with the approach adopted for the implementation of Solvency II in Europe, and discussed the complementarities and differences between the two standards. PwC focused on the importance of incorporating a risk-based-capital model to complement the implementation of IFRS 17, and expressed the urgency felt to assess the financial condition of insurance companies through modern regulatory approaches.
The ICC plans to continue the reflection in the coming weeks, and to initiate large consultation with the market stakeholders.