Regulatory Alerts2024-12-10 | CD-SIBOIF-1482-1-DIC10-2024Norm Reforming Article 5 of the Standard for Implementing the Accounting Framework for Insurance, Reinsurance, and Surety Companies
The Board of Directors of the Superintendence of Banks and Other Financial Institutions issued Resolution No. CD-SIBOIF-1482-1-DIC10-2024 to further postpone the mandatory adoption of IFRS 17 for insurance, reinsurance, and surety companies. This reform modifies Article 5 of the existing accounting framework standard, granting the Superintendent authority to define transition periods and convergence dates based on the entities' technical and operational readiness. The regulation entered into force upon notification to allow insurers additional time to develop necessary technological and operational capabilities for effective implementation.
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