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IFRS 17 Contractual Service Margin (CSM) Working Party Update

The IFRS 17 Contractual Service Margin (CSM) Working Party was formed in the summer of 2018 with the aim of researching the CSM within the new IFRS 17 Accounting Standard. The Working Party consists of 13 members from across the industry, with members from the UK, Europe and Asia.  To date, the focus has been on creating short high-level articles on LinkedIn setting out various features and challenges of the CSM, including issues relating to transition, coverage units and “locked-in” rates.  Articles can be found within the IFoA Group on LinkedIn or via the working party web page. Please do take the time to read through some of these articles and get in touch either via the comments section on LinkedIn or directly with the Chair, Wijdan Yousuf.

Our focus will now move towards more detailed analysis with the ultimate aim of delivering a sessional paper on the CSM, taking into account the latest wording in the Standard as well as emerging industry practice. This is due to be delivered in the first half of 2020.  We will also be delivering a workshop as part of the Life Conference this year in Dublin so please do come and say hello if you will also be attending.