The National Insurance Commission (NAICOM) on Monday commenced the implementation of Insurance Industry Financial Reporting Standard (IFRS) 17 by inaugurating the Sub-Working Groups (SWGs).
Commissioner for Insurance, Mr. Sunday Thomas during the inauguration said that the SWG was expected to provide guidance to the IIFRWG for the seamless adoption of the International Financial Reporting Standard (IFRS) 17, which is expected to take effect from January 2023 by the Nigerian insurance companies.
The commissioner who said that the commission had equally issued a ‘roadmap’ on the adoption of the IFRS 17 insurance contract for insurance industry in Nigeria since January 2020 also said the SWG will foster the country’s adoption of the standards.
“The activities and timelines in the roadmap are intended to set the tone and facilitate a coordinated process and action steps.
“The roadmap was issued for general adoption by all insurance, reinsurance, takaful and micro insurance companies in Nigeria,” he said.
According to the commissioner of Insurance, members of the various SWGs comprise of selected members of the IIFRWG and the co-opted members selected from the relevant organisations.
Thomas noted that the aim of constituting the group was to ensure that the views from Nigerian stakeholders interested in insurance financial reporting issues were properly considered in discussions at the SWG.
He assured that the commission would continue to give its full support to the SWGs to achieved the set goals.
Recall that in May 2017, the International Accounting Standard Board issued the IFRS 17 insurance contract, which would replace the present IFRS 4 on accounting for insurance contracts effective January 2023.