A comprehensive, phased approach for generating regulation-compliant accounting entries and reporting
To meet IFRS 17 requirements, decisions regarding the best approach will be needed for each insurers’ product. Because detailed, accurate data will be required, improved quality rules and processes will need to be introduced. Various new models will have to be implemented. New validation and reconciliation rules will have to be defined, and new reports will have to be prepared and explained to all interested parties. Finally, all this will have to be implemented as a clearly structured process.
A comprehensive platform SAS Regulatory Content for IFRS 17 enables you to meet all requirements of IFRS 17 – not only the key elements concerning the accounting of insurance contracts but also the workflow process, which needs to be structured. SAS provides a comprehensive approach that includes:
It provides business content for the three methods for calculations – the building block approach (BBA)/general measurement model (GMM), the premium allocation approach (PAA) and the variable fee approach (VFA) – plus allocation methods and disclosure reports.