With only a few weeks remaining before the implementation of IFRS 17 on January 1, 2023, we revisited the topic with FCIAs and Co-Chairs of the IFRS 17 Steering Committee, Sati MacLean and Les Rehbeli.
New research by the Canadian Institute of Actuaries reveals that low reserve fund contributions will likely lead to overwhelming annual increases and require lump-sum payments from owners to cover shortfalls, and could potentially lead to the loss of homes, especially in the context of rising interest rates.
Actuaries are experts in financial risk management, a constantly changing field that must be well regulated to protect the Canadian public. We have a duty to share our knowledge with decision makers. By taking a frequent stand on relevant topics, we also make our voices heard and engage in essential discussions for society.