The Bermuda Monetary Authority has amended Rule 14 of the Insurance Account Rules to accommodate insurers reporting under International Financial Reporting Standards (IFRS) following adoption of IFRS 17. Updated Condensed General Purpose Financial Statements and corresponding notes have been made available on the Authority’s website. From 26 February 2025, eligible commercial insurers that prepare Condensed General Purpose Financial Statements under IFRS and have implemented IFRS 17 can use the amended schedules for 2024 year-end reporting and beyond without requesting approval from the Authority. The amendment does not affect insurers filing condensed statements under Generally Accepted Accounting Principles (GAAP) or those submitting complete financial statements.
Bermuda Monetary Authority 2025-03-07
Bermuda Monetary Authority amends Insurance Account Rules to allow IFRS 17 commercial insurers to file condensed statements without prior approval
The Bermuda Monetary Authority has amended Rule 14 of the Insurance Account Rules to align with IFRS 17, allowing eligible commercial insurers to use updated schedules for 2024 year-end reporting. This change applies to insurers reporting under IFRS, while those using GAAP or submitting complete financial statements remain unaffected.