The Financial Services Commission (FSC) has announced that it would operate a task force to submit an amendment to the insurance law to the National Assembly in the first half of next year so that the new international accounting standard FRS 17 can be implemented in 2023.
The FSC said that there would be no more revision to the 2023 implementation date although some in the insurance industry have called for another postponement, reported Business Korea. Previously, IFRS 17 had been scheduled to be introduced in 2021.
The FSC said, “The task force including the Financial Supervisory Service, the Korea Insurance Development Institute, the Korea Life Insurance Association, the General Insurance Association of Korea and insurance companies will make preparations for IFRS 17 implementation in 2023.”
The task force will also work on new supervision standards, business assessment methodology, and the public disclosure system, etc.