SGV conducts briefing on Revised Exposure Draft on Insurance Contracts

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SGV conducted a briefing on the Revised Exposure Draft on Insurance Contracts at the Insurance Commission (IC) building last 23 July. Over 100 participants from the insurance industry attended the briefing – comprised of the chief financial officers, controllers and accounting heads of life and non-life insurance companies, and representatives from the IC. Deputy Professional Practice Director Lucy Lim-Chan (LLC) presented the relevant proposals in the measurement of insurance contracts focusing on the building block model. The briefing also emphasized the changes in the 2013 Revised Exposure Draft as compared to the 2010 Exposure Draft. Assurance partners Michael Sabado (MCS) and Djole Garcia (DSG), manager Jesus Santiago Jr and senior associate Catherine Laigo, members of the SGV Insurance Core Team, were also present during the briefing. Lively discussions ensued on the implications of the 2013 Revised Exposure Draft on the financials of the insurance companies. The event was organized in coordination with the Office of the IC, the Philippine Life Insurance Association and the Philippine Insurers and Reinsurers Association. LLC, MCS and DSG are partners of the SGV Insurance Core Team that also include Arnel de Jesus, Bernalette Ramos, Ana Lea Bergado and Christian Lauron.

The International Accounting Standards Board (IASB) is seeking inputs for the key changes in the Revised Exposure Draft. Comments are due on or before 25 October. The briefing aimed to create awareness amongst the insurance industry of the Revised Exposure Draft and its potential impact and to encourage the industry players to provide inputs to the IASB within the comment period.