On Feb. 21, RUS CB proposed insurance accounting regulation update.
RUS CB proposed ordinance amending regulation 775-Pon the 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.
Consultation documents are only available on RUS CB website until comment deadline.
The ordinance updates references to reg 713-P on chart of accounts for non-credit financial organizations and the procedure for its application due to its invalidation.
The ord updates references to chart of accounts for non-credit financial organizations and procedure for its application, in force from Jan. 1, 2025 and supplements accounting entries to reflect certain business life events under insurance contracts.
Effectiveness
Comments and feedback are expected by Mar. 5, 2024 and the ordinance is expected to enter into force on Jan. 1, 2025.
Aug. 2024 Ord Issued
On Aug. 5, 2024, RUS CB issued ord 6767-U on the 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.
The approved ordinance enters into force starting from Jan. 1, 2024.
Regulators
RUS CB
Entity Types
Auditor; Corp; Ins
Reference
PR 8/5/2024; Ord 6767-U, 6/25/2024; CP, 2/21/2024; Reg 775-P, 9/23/2021
