Regulators

On June 26, 2024, the 3rd online workshop on IFRS 17 – Insurance Contracts implementation challenges, grouped 27 participants representing insurance regulators in the Western Balkans and the Caucasus to participate in a discussion with the World Bank Centre for Financial Reporting Reform.  Two countries from the Caucasus, Georgia and Ukraine, experienced the implementation of IFRS 17 – in 2023. All Western Balkan countries under the program, have delayed the implementation of IFRS 17.

The Financial Stability Board coordinates the work of international regulators to support integrating sustainability policies at the request of the G20, including though climate and environment monitoring, under four key policy areas: firm-level disclosures, data, vulnerabilities analysis, and regulatory and supervisory practices and tools.

The world is seeing growing challenges that are affecting the real – and the financial economy, including banking and insurance companies. In the last two years, countries in Europe and Central Asia (ECA) are seeing the gains of ten years of reform and investment for inclusive growth and shared property drastically diminished by the Covid-19 pandemic, adverse climate events, and the war in Ukraine; these events have been disrupting supply chains and led more recently to rapid changes in prices of energy, food, and commodities, leading to inflation and rising interest rates.

Five-day workshop was delivered by the CFRR on May 16-20, 2022, in Yerevan, Armenia on the IFRS 17 “Insurance Contracts” Implementation for Armenian Regulators and Insurance Industry. The event was organized in cooperation with the Central Bank of Armenia (CBA).

Supervisory staff of the National Bank of the Kyrgyz Republic (NBKR) are better equipped with the knowledge and tools on International Financial Reporting Standards (IFRS) requirements. A four-day training program focused on IFRSs specifically used in banking sector was delivered with KAREP support between February 01 and 08, 2022.

A two-day virtual forum for banking and insurance regulators was delivered by the CFRR on December 13 and 14, 2021 under two flagship regional programs: Strengthening Auditing and Reporting in the Eastern Partnership (STAREP) and the Road to Europe Program of Accounting Reform and Strengthening Institutions for Small and Medium Enterprises (REPARIS for SMEs). Representatives of regulators from Kazakhstan and the Kyrgyz Republic also joined the event.