Regulatory Alerts2021-09-27
Added · Updated
Guidelines for Implementing IFRS 17 Insurance Contracts Requirements
The Central Bank mandates insurance companies operating in the sector to implement International Financial Reporting Standard No. 17 (IFRS 17) by establishing Board-approved policies for contract definition, aggregation, measurement, and disclosure. The guidelines require specific operational changes, including the use of the Premium Allocation Approach, General Measurement Model, or Variable Fee Approach, alongside rigorous IT system capabilities for data storage, actuarial calculations, and cybersecurity. Companies must also adhere to strict rules for sharing and storing information with third parties, ensuring data encryption, access control, and compliance with service level agreements. These requirements apply to all insurance companies to ensure optimal implementation and transparency of financial data.