Delivered in cooperation with the Central Bank of Kosovo (CBK), the comprehensive training supported participants to deepen their knowledge of International Financial Reporting Standard (IFRS) 17: Insurance Contracts. Those taking part included staff of the Insurance Supervision Department of the CBK, relevant staff from local insurance companies, and trainers delegated by professional accounting associations. Four representatives from the Albanian Financial Supervision Agency also joined the training.

The event opened with remarks from the Governor of CBK, Mr. Ahmet Ismaili, and Mr. Besart Myderrizi, Senior Private Sector Specialist at the World Bank office in Kosovo, who emphasized the importance of institutional partnership in advancing the regulatory framework for insurance sector.

The training focused on understanding and applying:

• IFRS 17 general model requirements
• Eligibility criteria for the IFRS 17 premium allocation approach (the simplified approach)
• Requirements to apply the general model and the premium allocation approach measurement model
• Requirements to apply the measurement model to reinsurance contracts
• Requirements to apply IFRS 9: Financial Instruments and IFRS 18: Presentation and Disclosure in Financial Statements in an insurance environment.

The training was well attended by 35 participants, who actively engaged in the interactive sessions. They confirmed it had provided them with valuable insights into the complexities of IFRS 17, fostering a collaborative learning environment. Participants appreciated the opportunity to deepen their understanding and apply their knowledge through practical exercises and discussions.

Following the workshop, the CBK would be working to improve and strengthen regulatory reporting reform to accommodate IFRS 17 provisions and requirements.