OSFI updates IFRS 17 implementation timelines

Today the Office of the Superintendent of Financial Institutions (OSFI) released three documents that update the timelines for Canadian insurer’s implementation of International Financial Reporting Standards - Insurance Contracts (IFRS 17). These changes provide institutions with a clear picture of OSFI’s expectations for the implementation of this important project.

Quote

“The move to IFRS 17 is a significant undertaking for the insurance industry. We remain focused on ensuring that our regulatory and supervisory frameworks continue to be effective and remain up to date with the new standard.”

Ben Gully, Assistant Superintendent, Regulation Sector

Associated links