On Feb. 21, RUS CB amended accounting of life insurance contacts.
RUS CB proposed ord amending reg 774-P on procedure for reflecting on accounting accounts by insurers of life insurance contracts and re-insurance of life-insurance contracts.
Follows, RUS CB Nov. 2021 rules to take into account IFRS changes, see #120961,
Consultation documents are only available on RUS CB website until comment deadline.
Summary
The ord was developed to remove references to reg 713-p the chart of accounts for non-credit financial organizations and its application which has been invalidated.
The ordinance introduces the following changes: updated references to the chart of accounts for non-credit financial organizations and the procedure for its application.
It supplements accounting entries to reflect aspects of economic life under fractional life insurance contracts and insurance contracts evaluated using a simplified model.
Effectiveness
Comments and feedback is expected by Mar. 5, 2024 and is expected to enter into force on Jan. 1, 2025.
Aug. 2024 Ord Issued
On Aug. 5, 2024, RUS CB issued ord 6766-U updating reg 774-P in force Jan. 1, 2025.
Regulators
RUS CB
Entity Types
Auditor; Ins
Reference
PR 8/5/2024; Ord 6766-U, 6/5/202; CP, 2/21/2024; Reg 774-P, 10/28/2021;
