Announcement of changes in SEDDK’s financial reporting regulation

The regulation amending the regulation on the financial information of insurance and reinsurance companies and pension companies was published in the Official Gazette.

In the informative note sent from the Secretary of Regulation and Supervision of Insurance and Private Pensions (SEDDK) on the subject, in the second paragraph of article 4 of the Regulation on Financial Information of Insurance, Reinsurance and Pension Companies published in the Diario Official dated 7/14/2007 and numbered 26582. It was indicated that with the planned modification the companies were able to comply with the TFRS 17 Insurance Contract Standard (TFRS 17), and this is an indication that the SEDDK attaches importance to compliance with international regulations.

In the informative note, it was indicated that the necessary changes were made to ensure that the scope of the financial statements, which must be changed with IFRS 17, is compatible with the statements published by the Public Audit, Accounting and Supervisory Standards Authority. :

SOME ITEMS WILL BE DONE IN 2024

“In addition, in addition to the financial reports to be published by the companies, authorization is obtained for the disclosure of other information that the Board deems necessary. In this sense, additional tables can be determined to make financial reports more explanatory within the scope of IFRS 17.

On the other hand, with this standard, it is mandatory that the financial reports are signed by the chairman of the board and the members of the audit committee in accordance with banking legislation. Since such changes require a systemic transformation, the effective date of some articles is set as January 1, 2024.

Additionally, studies will be conducted to enable early implementation for companies that can complete this transformation quickly.” (AA)