Regulatory Alerts2024-07-02 | 29762Added · Updated
Implementing International Financial Reporting Standard 17 – Insurance Contracts (IFRS 17) for regulatory purposes
The Central Bank of Trinidad and Tobago grants eligible insurance companies an extension to submit audited regulatory returns by July 31, 2024, provided they notify the Bank by July 5, 2024, and submit specific letters detailing implementation challenges and high-risk audit areas. The Bank mandates that the valuation of insurance contract liabilities for general insurance business under section 212 of the Insurance Act, 2018, must be prepared in accordance with IFRS 17. Insurers may continue filing current reporting forms with corrected values while revised versions are finalized.
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