...Solutions for Developing Nations

https://www.ifrs.org/issued-standards/list-of-standards/ifrs-4-insurance-contracts/

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IFRS 4 exempts an insurer temporarily (ie until it adopts IFRS 17) from some requirements of other Standards, including the requirement to consider the Conceptual Framework in selecting accounting policies for insurance contracts. However, IFRS 4:

• prohibits provisions for possible claims under contracts that are not in existence at the end of the reporting period (such as catastrophe and equalisation provisions);

• requires a test for the adequacy of recognised insurance liabilities and an impairment test for reinsurance assets; and

• requires an insurer to keep insurance liabilities in its statement of financial position until they are discharged or cancelled, or expire, and to present insurance liabilities without offsetting them against related reinsurance assets.

A 2016 amendment to IFRS 4 addresses some consequences of applying IFRS 4 before an entity adopts IFRS 17.