Natskomfinuslug recalls the change from January 10 order of the compilation of insurers reporting data

The insurance company until June 1 of the year following the reporting year, should provide the financial service Commission audit report on the confirmation of the annual financial statements and consolidated financial statements .

This rate is fixed which came into effect on 10 January 2017 disposal Natskomfinuslug from 24 Nov 2016 No. 2924 “On approval of amendments to the procedure for compiling the accounting data of the insurers,” according to the website of the regulator.

Additionally, a specified act excludes the necessity of submission to the regulator copies of the published annual financial statements and consolidated financial statements.

In this case, now the insurers with the annual accounts will need to provide information on the key risks and the results of stress testing, information about corporate governance (for insurers formed as joint-stock societies in accordance with article 121 of the law of Ukraine “On financial services and state regulation of financial services markets”). To disclose information about the order of formation of insurance reserves reinsurers ‘ share in insurance reserves, the insurer applied the methods of forming insurance reserves, the insurer belonging to the financial groups, and compliance with capital adequacy and solvency, liquidity, quality of assets and riskiness of transactions, etc.

Natskomfinuslug draws the attention of the insurance companies in presenting accounting data in 2016 in time, it is necessary to consider the requirements of the Procedure for compiling financial data of insurers, approved by the order of financial services Commission dated February 3, 2004 No. 39 and regulations of the financial services Commission of 24 November 2016 No. 2924.

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