UPDATES
Insurance Commission Supports Industry Transition to PFRS 17
The Insurance Commission (IC) continues to demonstrate its strong support for the insurance industry’s transition to Philippine Financial Reporting Standard (PFRS) 17 – Insurance Contracts through ongoing capacity-building initiatives.
Its latest initiative is the comprehensive 4-day PFRS 17 Seminar to be conducted for non-life insurance companies and HMOs on 17–20 March 2026 in Makati, aimed at strengthening technical understanding and practical implementation of the new reporting standard.
The program covers key areas including measurement models, presentation and disclosure requirements, transition approaches, reinsurance considerations, operational implications, and case studies, helping industry practitioners prepare for the effective adoption of PFRS 17.
Through initiatives like this, the Insurance Commission continues to work closely with industry stakeholders to promote transparency, strengthen financial reporting, and support a smooth and well-coordinated transition to PFRS 17.
IC Regulatory Forum on Enhancing Prudential Reporting and Compliance Practice
The Insurance Commission held its Regulatory Forum entitled "Enhancing Prudential Reporting and Compliance Practice" on 25 February 2026 from 1:00 PM to 5:00 PM at the Insurance Institute for Asia and the Pacific (IIAP) building.
The forum provided participants with updated guidance on prudential reporting requirements, including proposed revisions to the Annual Statements (AS) template, common errors noted in AS submissions, clarification of reporting requirements for Takaful operations, and the industry's preparedness for the implementation of PFRS 17.
The forum was attended by over a hundred representatives from the non-life industry.
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