The Turks and Caicos Islands Financial Services Commission said its insurance supervision team has completed a four-module virtual training programme on International Financial Reporting Standard 17, delivered by TELUS Health, to strengthen oversight of insurers during the accounting transition. The programme was designed to give supervisors a practical understanding of the new insurance contracts standard so they can review insurer financial statements more effectively and interpret changes in reported performance and financial position. Delivered between 4 June and 2 July, the training covered accounting, measurement, presentation, disclosure and the regulatory implications of IFRS 17. Core measurement topics included best estimate liabilities, risk adjustment, discounting and the contractual service margin. Attendance also extended beyond insurance supervision to staff from the Anti-Money Laundering Supervision Department, Banking, Information Technology, Finance, Policy, Legal and Virtual Assets, giving the Commission a broader cross-departmental understanding of the standard's operational and regulatory effects.
Turks & Caicos Financial Services Commission2026-07-09
Turks and Caicos Islands Financial Services Commission strengthens IFRS 17 supervisory capacity through TELUS Health training
The Turks and Caicos Islands Financial Services Commission said its insurance supervision team completed TELUS Health training on IFRS 17 to improve oversight of insurers during the accounting transition. The programme covered measurement, reporting and regulatory implications, including best estimate liabilities, risk adjustment, discounting and the contractual service margin. Staff from several other departments also took part to build wider organisational understanding of the standard.