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FBK Grant Thornton on New Requirements for Insurance Companies

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The Department of Assurance and Advisory to Financial Institutions has arranged a webinar titled “Results of the Year 2020: Q&A for Insurance Companies”.

Maksim Chikishev, the Head of Advisory to Insurance Companies, spoke about provisions that were added last year to Russian laws and international standards relevant for insurance companies. He explained which financial reporting changes are expected in 2021 and answered to questions from attendees of this previous webinars.

“It is extremely important to proceed with the implementation of IFRS 17 and new industry-specific standards this year. It is now necessary to assess the impact of new provisions on company operations, prepare a roadmap and begin to use it.

Actuary Igor Borodaev paid special attention to practical aspects of actuarial valuation under IFRS 17 and showed how to measure components of insurance liabilities.