The Malta Financial Services Authority (MFSA) has issued feedback following its assessment of how insurance undertakings approached the implementation of IFRS 17. Drawing on observations from supervisory engagement, the Authority outlined examples of good practice and identified areas where improvements are still expected.
The communication serves as a reference point for insurers to fine-tune their processes, reporting, and internal governance now that the new standard is in effect.
Implementation Observations
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Governance and Oversight
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Methodology and Data
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System Changes and Integration
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Disclosure and Communication
MFSA’s Expectations Going Forward
The MFSA has encouraged insurance undertakings to:
- Review and refine their internal documentation, particularly in relation to model selection and accounting estimates
- Ensure that governance structures provide for ongoing oversight of IFRS 17 compliance and reporting quality
- Continue investing in systems that support the end-to-end reporting process
- Strengthen internal training and board awareness, especially around interpretation and use of IFRS 17 information
- Enhance the clarity and quality of disclosures in financial statements
The introduction of IFRS 17 has required substantial effort across the insurance sector. While the transition is now complete, supervisory expectations remain high. Firms are encouraged to review their implementation outcomes in light of the MFSA’s feedback and take steps to address any remaining gaps.
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