The Committee on Workers Compensation (CWC) has prepared this educational note to provide guidance to all Public Personal Injury Compensation Plans (PPICP) practitioners in implementing IFRS 17 Insurance Contracts (IFRS 17) for PPICPs in Canada.
The educational note is structured into seven (7) sections plus one (1) appendix in addition to an introduction and a background:
(a) The introduction covers guiding principles and some formatting rules.
(b) The background documents for PPICP practitioners and other users relevant variations among PPICP entities which may influence the implementation of IFRS 17 standards.
(c) The first three sections consider (1) insurance contracts, (2) identification, aggregation and recognition, and (3) measurement approaches.
(d) Section four (4) introduces contract boundary, a complex concept for actuaries in the PPICP area which is reflected in separate guidance for short contract boundary (Section five (5)) or long contract boundary (section six