Applying IFRS 17 - the story so far

Multiple-choice questions: In order to be awarded CPD units you must answer the following five random questions correctly. If you fail the test, please re-read the article before attempting the questions again

  1. What was the core objective of IFRS 17?

  2. Which of the following was the hypothesis about IFRS 17 that turned out to be true?

  3. What will the extent of the changes for insurers depend on?

  4. Why was the hypothesis that fundamental changes to data capture and analysis in upstream systems false?

  5. Which of the following does contract data not have to be segmented by under IFRS 17?

  6. Why has the hypothesis that there would not be an impact on general insurers due to the simplified premium allocation approach been proved false?

  7. Why was the hypothesis that processes within finance would have to be re-engineered false?

  8. What becomes far more integrated under IFRS 17?

  9. Which of the following is not a component that has to be recorded at contract inception and subsequently?

  10. Why are middleware packages an attractive solution for larger insurers?