In July, the bank ran a consultation process for an interim Solvency Standard for insurers, which determines the minimum amounts of capital that insurers must hold.
In a statement released today, the bank says during consultation it became aware that many insurers might find it difficult to be ready by the implementation date of January 1, 2022.
"This date was chosen to permit use by early adopters of IFRS 17, the new accounting standard for insurance contracts," the statement reads.
"However, there do not seem to be any insurers planning early adoption of the standard, and a later start date was widely preferred by industry.
"As such, we have decided to change the date of implementation of the Interim Solvency Standard to January 1, 2023."
This aligns with the date on which insurers must adopt IFRS 17 and will allow the bank time to address some of the more significant points raised in the consultation and offer insurers more time to prepare their systems and processes.
For details, click here.
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