Update from our experts in the field:
With S2, the key thing is the date the insurer is obliged to accept the contract. But with IFRS 17, it's the earliest of a) contract inception, b) premium becomes due, c) legal obligation and contract is onerous.
An example would be a 31/12 valuation date. With S2, most contracts that are due to incept on 1/1 will be accounted for. But IFRS 17 would include them only if the premium was due by 31/12 or it was onerous and legally bound.
With the above differences, it doesn't sound to me like a massive difference in the majority of 'normal' cases, as business will be often sold throughout the year.
Last edited: May 16, 2019
Sonam Gosai and Uroš like this.