Effective 26 February 2025, eligible commercial insurers can use the amended schedules for their 2024 year-end reporting and beyond. This applies to those filing Condensed General Purpose Financial Statements and adhering to IFRS accounting principles, including the implementation of IFRS 17. Importantly, insurers no longer need prior approval from the BMA to submit under this updated framework.

However, insurers reporting full financial statements or using Generally Accepted Accounting Principles (GAAP) are not impacted by this change.

This amendment underscores the BMA’s commitment to modernising regulatory standards and supporting the insurance industry’s transition to IFRS 17 compliance.

To support this transition, the Reporting Forms and Guidelines for:

• Notes to Condensed Consolidated General Purpose Financial Statements (IFRS BASIS)
• Condensed General Purpose Financial Statements

are available on the BMA's website at BMA Reporting Forms and Guidelines.

BMA’s Notice can be accessed here.