The Asia-Pacific Financial Forum (APFF) held its second Conference on Insurance Regulations and Accounting hosted by Deloitte in collaboration with Hong Kong University of Science and Technology, AIA and Nippon Life, inviting speakers/panelists from IASB, insurance supervisory authorities, accounting firms and industry experts in the APEC region.

To better understand key issues and recent developments, the conference will bring together key stakeholders in the public and private sectors to exchange viewpoints on IFRS 17 Insurance Contracts, the Insurance Capital Standard (ICS) and new solvency regimes in Asia-Pacific.
Given the complexity of IFRS 17 and the wide-ranging implications for insurers with international operations, the event will focus on key issues and opportunities surrounding implementation, as well as the impact the new standard may have on many of the regulatory regimes that are being revised across the region.

Material
Invitation letter and Agenda
APFF Conference Speakers’ Bios
APFF IFRS 17 Conference 2018 Consolidated presentations

Mack welcomed the participants on behalf of APFF. The following speakers also delivered opening remarks.

• Mr. Francesco Nagari, Global IFRS Insurance Leader and Partner, Deloitte China
• Mr. Clement Cheung Wan-ching, GBS, JS, Chief Executive Officer, Hong Kong Insurance Authority
• Mr. Sai-CHeong Foong, Group Chief Actuary, AIA Group, IASB17 TRG Member
• Makoto Okubo, Sherpa, APFF Insurance and Retirement Income Work Stream; and General Manager, Nippon Life Insurance Company

Keynote address

Mr Darrel Scott, Board Member, International Accounting Standards Board (IASB) delivered a keynote speech to summarize IFRS17 and implications for insurance companies, focusing on the differences between IFRS4 and IFRS17.

SESSION 1 IFRS17 and key issues in the Asia-Pacific region

Mack delivered an overview presentation to summarize APFF activities, regulatory and accounting issues, as well as comparison of different implementation stage in the Asia Pacific region.

The panel was moderated by Mr James d’Haussonville, Partner, Deloitte China, and discussed IFRS17 open issues and implementation challenges.
The following panelists joined the panel:

• Mr. Francesco Nagari, Global IFRS Insurance Leader, Deloitte; IFRS17 TRG Member
• Mr. Sai-Cheong Foong, Group Chief Actuary, AIA Group; IFRS17 TRG Member
• Mr. Christina Ng, Director, Hong Kong Institute of Certified Public Accountants

SESSION 2 Impact of and preparation for IFRS17

Mr Francesco Nagari, Global IFRS Insurance Leader, Deloitte, IFRS17 TRG Member, delivered an overview presentation to highlight IFRS17 implementation issues and key points.

The panel was moderated by Prof. Veronique J A Lafon-Vinais, Associate Professor of Business Education, Department of Finance, The Hong Kong University of Science and Technology and implementation challenges and preparation for the FRS17.
The following panelists joined the panel.

• Mr. Bob Owel, Technical Lead IFRS17 and 9 Implementation, AIA Group
• Mr. Matt Lawrence, Strategic Finance Director, Prudential Singapore

SESSION 3 Solvency regime and key issues in Asia-Pacific

Mr. Simon Dai, Partner, Deloitte China and Mr. Henry Cheung, Director, Deloitte China, jointly delivered an overview presentation on solvency reforms and key implications.

The panel was moderated by Makoto Okubo, Nippon Life, and discussed solvency reforms, ICS and use of IFRS17 for solvency purpose.
The following panelists joined the panel.

• Dr. Peter Duran, Group Senior Actuary, AIA Group
• Ms. Tetsuya Taniguchi, General Manager, Daiichi Life Holding Inc.
• Mr. Raymond Tam Wai-man, Executive Director, Policy and Development, Hong Kong Insurance Authority

Lastly, the following speakers delivered closing remarks.

• Mr. Darrel Scott, Board Member
• Mr. Francesco Nagari, Global IFRS Insurance Leader and Partner, Deloitte China
• Prof. Veronique J A Lafon-Vinais, Associate Professor of Business Education, Department of Finance, The Hong Kong University of Science and Technology
• Dr. Peter Duran, Group Senior Actuary, AIA Group
• Makoto Okubo, Sherpa, APFF Insurance and Retirement Income Work Stream; and General Manager, Nippon Life Insurance Company