IFRS 17 Insurance Contracts, the new international accounting standard for insurance contracts – and the Australian equivalent, accounting standard AASB 17 – comes into effect for accounting periods starting on or after 1 January 2023.
The Actuaries Institute are hosting weekly Education Sessions to deliver IFRS 17 training for interested professionals. The sessions have been designed to provide information about the new accounting standards, its implications, and prepare you to implement the new standard and insightfully communicate its impact to stakeholders. There will be both technical and management focused sessions covering general insurance, life insurance and private health insurance.
WHO SHOULD ENROL?
The Institute Education Sessions will be for both senior management and technical professionals working in life insurance, general insurance, and health insurance. Other professionals in the insurance industry, such as those working in product development, may also find these sessions useful.
EDUCATION SESSIONS OUTLINE
Registering in the Education Sessions includes access to session recordings and support materials relating to AASB 17 and IFRS 17.
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Session
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Category
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Sector
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Session Title
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1
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Introductory
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All
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Introduction to Institute IFRS 17 Insight Sessions
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2
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Technical
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All
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Technical introduction to the components IFRS 17 Standard
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3
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Management
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Life
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Comparison of the AASB 1038 vs AASB 17 financial statements
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4
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Management
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GI/PHI
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Comparison of the AASB 1023 vs AASB 17
Financial statements
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5
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Technical
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All
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Introduction to Contract Boundaries and recognition
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6
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Management
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All
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Understanding AASB 17 Disclosure requirements
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7
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Technical
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All
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Introduction to the General Measurement Model (GMM)
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8
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Technical
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All
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Introduction of the Premium Allocation Approach (PAA)
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9
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Technical
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All
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Introduction to Risk Adjustment
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10
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Technical
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All
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Introduction to Reinsurance Contracts Held
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11
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Technical
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All
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Transition approaches
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12
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Management
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All
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Understanding transition impacts and observations from the market
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13
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Technical
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All
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Deep Dive: PAA and GMM worked examples
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14
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Management
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Life
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Profit profile considerations AASB 1038 vs AASB 17
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15
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Management
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GI/Health
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Profit profile considerations AASB 1023 vs AASB 17
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16
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Management
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Life
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Capital considerations due to AASB 17 (Life)
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17
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Technical
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All
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Deep dive into Discounting
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18
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Management
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All
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Tax considerations due to AASB 17
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|
19
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Technical
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All
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Introduction to Insurance Acquisition Cash Flows
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| 20 |
Management |
All |
Capital Consideration due to AASB 17 |
| 21 |
Technical
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All |
Introduction to the Variable Fee Approach (VFA) |
COST
- The Education sessions are free for Institute members and provide continuing access.
- For non-members, the registration fee is $100 for yearly access until November.
ENROLMENT
The course utilises the Institute's Learning Management System, making the course highly accessible. Participants can enrol in the course at any time. Please enrol online here.