The Proposal of Insurance Supervisory System with the Introduction of IFRS4

OUH, CHANGSU

Journal of Insurance and Finance

2015, 26(3), pp.173-220
Publisher : Korea Insurance Research Institute
Research Area : Business Management

OUH, CHANGSU ¹

¹ 한양대학교

ABSTRACT

There will be great change in the valuation of insurance liability with the introduction of IFRS4. IFRS4 used in GAAP will lead the fundamental change of valuation of liability in SAP and solvency margin system. In Korea, GAAP and SAP in insurance field are currently substantively same. However, introduction of IFRS4 may cause hardship to continue current unification of accounting system. It will be necessary to set up the relationship between GAAP and SAP. While the valuation method of liability is changing, the change of solvency margin system should be consistent with the liability system because current RBC is not consistent with IFRS4 liability system. As most of the actuarial provisions are influenced by the valuation method of liability, calculation of surrender cash value and profit and loss are also expected to change. In this paper, the international standards of valuation of liability and solvency margin are introduced. Based on these standards, this paper proposes the reasonable setup of the accounting system of GAAP and SAP, valuation methods of insurance liability, consistent solvency margin system, and related actuarial supervisory provisions.
KEYWORDS

IFRS4 , Valuation of Liability , Solvency Margin
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