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FRC issues amendments to FRS 103 to update it for changes in the regulatory framework for insurers
The Financial Reporting Council (FRC) has yesterday issued Amendments to FRS 103 – Solvency II. These limited amendments to FRS 103 Insurance Contracts update it for changes in the regulatory framework, following the introduction of Solvency II.
Paul George, Executive Director, Corporate Governance and Reporting said:
“These amendments to FRS 103 principally update a number of definitions following the introduction of Solvency II. They do not require insurers to change their accounting policies. However, we recognise that some insurers may wish to do so to make them more consistent with Solvency II, and these amendments clarify that.”
The amendments are effective for accounting periods ending on or after 1 January 2016.
Related Resources
Amendments to FRS 103: Insurance Contracts - Solvency II
Impact Assessment and Feedback Statement - Amendments to FRS 103 Insurance Contracts - Solvency II
