The NCFM plans to introduce a mandatory supervisory audit of the financial and consolidated statements of insurance companies.
The relevant amendments to the Regulation on the audit of insurers (reinsurers) were considered by the administrative council of the National Commission for the Financial Market at a meeting on Tuesday. The draft provides for the clarification of a number of aspects related to the procedures for inclusion/suspension/exclusion of audit companies in/from the list of companies that meet the criteria for auditing in the field of insurance. At the same time, a mandatory audit of financial and consolidated statements will be introduced, carried out for supervisory purposes in insurance/reinsurance companies. It is also proposed to unify the concepts used in the Regulation on requirements for officials of insurers/reinsurers and insurance intermediaries with the concepts used in the special law on the audit of financial statements. The draft NCFM has been submitted for public consultations. It is worth noting that last week consultations were held with the participation of the NCFM on the issues of changing legislation to prevent fraud with the participation of insurance companies and reinsurance companies. As a result of the meeting, a whole package of changes was announced in the regulatory framework in the field of insurance, which the Parliament and the NCFM will have to undertake in the near future.// 08.11.2022 — InfoMarket
