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26/01/2018 - EFRAG Open Call for Tenders related to IFRS 17 Insurance Contracts

​EFRAG has issued today an open call for tenders to assist EFRAG in its impact analysis of IFRS 17 Insurance Contracts. EFRAG is specifically looking for economic and behavioural expertise as input to EFRAG's endorsement advice on IFRS 17.

​EFRAG is looking for economic and behavioural expertise to assist in its ex ante impact analysis of IFRS 17 Insurance Contracts. This will serve as an input to EFRAG’s endorsement advice to the European Commission ('EC') on whether IFRS 17 would be conducive to the European public good.

The maximum value of the contract is 150.000 euro (including VAT and expenses).

The changes brought about by IFRS 17 might affect the economic and business decisions (‘behaviour’) of European​ insurers as well as lenders and investors. EFRAG will gather evidence to help assess the expected nature and extent of relevant behavioural changes. The contractor should investigate existing trends in the insurance industry and their main drivers, including the role of financial reporting, in order to assist EFRAG assess the anticipated effects of IFRS 17 in specific areas. 

The contractor should also investigate the competitive landscape and investor perception of the insurance sector, in order to assist EFRAG in its evaluation of whether IFRS 17 could have positive or negative effects on investability and competiveness. 

EFRAG is also conducting its own activities supporting the development of the endorsement advice, including case studies, surveys and outreach events. The contractor is expected to cooperate with EFRAG to coordinate activities in areas where they might overlap or involve addressing the same audience. The EC letter with the endorsement advice request to EFRAG can be found here.

The call for tenders can be downloaded here. The Information Form and Draft Contract form part of the call for tenders. The Updated Information Form can be downloaded here. The Draft Contract can be downloaded here.

09/02/2018 - Information Form updated to reflect revised Declaration on Conflicts of Interest.

Tenders, which should include a completed and signed Information Form and all information specifically requested in the call for tenders, should be sent to EFRAG at call.for.tender@EFRAG.ORG no later than 16 February 2018, 18.00 hrs Brussels time.