Major reorganization of insurance regulations “could cost the sector $ 20 billion”

Law360, London (June 7, 2021, 12:51 p.m. BST) – The global insurance industry is faced with a bill of up to $ 20 billion to implement accounting changes scheduled to take effect in early 2023, according to one Poll by Willis Towers Watson released on Monday.

The broker said the largest multinational insurers could spend up to $ 200 million each if they implemented International Financial Reporting Standard 17.

The standard known as IFRS 17, described as the biggest breakthrough in insurance reporting in 20 years, was developed by the International Accounting Standards Board. It offers insurers a new way of calculating profit and loss …

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