Regulatory Alerts2022-11-22 | CD-SIBOIF-1346-4-NOV22-2022Norm Reforming Article 5 of the Standard for the Implementation of the Accounting Framework for Insurance, Reinsurance, and Surety Companies
The Superintendence of Banks and Other Financial Institutions (SIBOIF) issued Resolution No. CD-SIBOIF-1346-4-NOV22-2022 to postpone the mandatory adoption of IFRS 17 for insurance, reinsurance, and surety companies in Nicaragua from January 1, 2023, to January 1, 2025. This regulatory change allows entities to generate parallel financial reports during 2024 to identify and correct issues arising from new software and technological platforms before full implementation. The resolution mandates that companies continue uninterrupted development of their adoption plans and report progress to the Superintendent as required.
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