Discrepancy Regarding BOP/EOP Representation Against Liability Or Asset In Disclosure Report (Doc ID 2857442.1)

Last updated on MARCH 28, 2022

Applies to:

Symptoms

There is a discrepancy regarding the BOP and EOP Balances being presented against the ‘Asset/Liability’ Line items in disclosure reports.

For example:

Transition date = 1/1/2022

Year 1: This is executed for Run Date = 31/12/2021
The closing balance figures are reported as Liability although the Total Liability is negative.
Expectation: The Closing Balance values should be reported against ‘Closing Reinsurance Contract Assets’.

Year 2: This is executed for Run Date = 31/12/2022
The opening balance figures (=closing balance of previous period i.e. 31/12/2021) are now correctly reflected against ‘Opening Reinsurance Contract Assets’ as expected.
However, closing balance figures are reported as Assets although the Total Liability is positive.
Expectation: The Closing Balance values should be reported against ‘Closing Reinsurance Contract Liabilities’

Cause

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