The purpose of this educational note supplement is to provide a summary of the changes to the reference curves’ URFR development approach that are expected to be reflected later this year in the IFRS 17 educational notes related to discount rates. CLIFR is releasing this summary of changes ahead of publishing an update to the affected educational notes. Educational notes that will be impacted by this change are as follows:
• IFRS 17 Discount Rates for Life and Health Insurance Contracts published by CLIFR in June 2022. Section 2 within Chapter 2 of this educational note outlines the approach used to define the reference curves. This educational note will be updated to reflect the changes described herein.
• IFRS 17 Discount Rates and Cash Flow Considerations for Property and Casualty Insurance Contracts published by the PCFRC in November 2022. Section 4 discusses discount rates and Section 5 discusses the reference curves. Both sections refer to CLIFR’s educational note for guidance on this topic which will be updated, as referenced above.
• Application of IFRS 17 Insurance Contracts to Public Personal Injury Compensation Plans published by the Committee on Workers’ Compensation (CWC), in June 2022. Section 5.2.2 “Discount Rates” refers to CLIFR’s educational note.