Regulatory Alerts2017-11-21 | CD-SIBOIF-1028-1-NOV21-2017Added · Updated
Norm for the Implementation of the Accounting Framework for Insurance, Reinsurance, and Surety Companies
The Superintendence of Banks and Other Financial Institutions issued Resolution No. CD-SIBOIF-1028-1-NOV21-2017 to approve the Accounting Framework for Insurance, Reinsurance, and Surety Companies based on International Financial Reporting Standards. Insurance, reinsurance, and surety companies must implement this framework during a transition period from January 1 to December 31, 2018, with mandatory adoption starting January 1, 2019. The resolution repeals the previous Single Chart of Accounts Manual effective January 1, 2019, and requires companies to report implementation progress upon request and restricts securities lending operations without express authorization.
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