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Insurance Accounting Alert September 2023
IFRS Interpretations Committee agrees to finalise agenda decision on premiums receivable from an intermediary (IFRS 17 and IFRS 9).
On 12 September, the IFRS Interpretations Committee (the Committee) discussed comments received on its tentative agenda decision (TAD) on Premiums Receivable from an Intermediary IFRS 17 Insurance Contracts (IFRS 17) and IFRS 9 Financial instruments (IFRS 9).
The TAD addresses submissions on the treatment of premiums receivable from an intermediary in a fact pattern where the policyholder has paid in cash the premiums that are due under an insurance contract to an intermediary, and thereby discharged its obligations under the contract. The insurer has not yet received in cash the premiums from the intermediary but is legally obliged to provide insurance contract services from this point.
The Committee did not change its overall technical analysis and conclusions, as laid out in the TAD, that the requirements could accommodate two views in relation to this fact pattern.
The Committee agreed to finalise the agenda decision, subject to some additional changes to the wording mentioned during the meeting and subject to the IASB’s agreement.