On Oct. 1, RUS CB issued guide on accounting for insurance contracts.
RUS CB issued methodological recommendations on the reflection in the accounts of accounting by insurers of insurance contracts other than life insurance, reinsurance contracts other than life insurance, compulsory medical insurance contracts, life insurance contracts and life reinsurance contracts.
Recommendations ensure uniformity of approaches to reflection in the accounting accounts by insurers of insurance contracts other than life insurance, reinsurance contracts other than life insurance, and compulsory medical insurance contracts.
The recommendations are aligned with reg 775-P on procedure for reflecting insurance contracts other than life insurance, reinsurance contracts other than life insurance, and compulsory health insurance contracts in the accounting accounts of insurers
And regulation 774-Pon procedure for reflecting on accounting accounts by insurers of life insurance contracts and re-insurance of life-insurance contracts.
Effectiveness
The recommendations are effective from Jan. 1, 2025.
