Notice - Insurance Account Rules Amendment 2025 - Condensed General Purpose Financial Statements - IFRS (2025-03-07)

Summary

This notice from the Bermuda Monetary Authority announces an amendment to Rule 14 of the Insurance Account Rules to accommodate IFRS filers following the adoption of IFRS 17 - Insurance Contracts. It updates the Condensed General Purpose Financial Statements and accompanying Notes, now published on the Authority's website.

• Who is affected: Commercial insurers eligible to prepare Condensed General Purpose Financial Statements that report under IFRS accounting principles and have implemented IFRS 17.
• What changes: Eligible insurers may submit using the amended Schedules for 2024 year end reporting and beyond without needing prior approval from the Authority.
• Who is not affected: Insurers submitting Condensed General Purpose Financial Statements under GAAP, or those filing complete financial statements, are unaffected by this amendment.

The change is effective from 26 February 2025. Insurers with questions can contact the Authority's risk analytics team.

Key obligations

• Eligible IFRS-reporting commercial insurers that use the amended Condensed General Purpose Financial Statements Schedules do so without needing to request prior Authority approval, effective from the 2024 year-end reporting period onward.

Applies to

commercial insurers (IFRS filers preparing Condensed General Purpose Financial Statements under IFRS 17)

Deadlines

• 26 February 2025: Effective date from which eligible IFRS-reporting commercial insurers can submit using the amended Condensed General Purpose Financial Statements Schedules without prior Authority approval, applicable for 2024 year-end reporting and beyond.