An important part of the annual report of insurers consists of the financial accountability: the balance sheet and the income statement. Strict rules apply to the valuation of balance sheet items and the calculation of financial results. For insurers, these rules are often more complex than for companies in other sectors.
In addition, the Association's Reporting Committee monitors all developments regarding sustainability reporting and determines positions on behalf of the insurance sector.
Directives
Dutch insurers are mainly affected by Dutch directives (specific guideline RJ 605) and the international reporting standards (IFRS 17 insurance contracts). Another important guideline is the Corporate Sustainability Reporting Directive (CSRD).
CSRD
These new European regulations require the financial sector, including insurers, to be more transparent about the sustainability risks they run. But also about their influence on the planet and society. Insurers must account for this in their sustainability reporting. To help insurers with this, the Association offers members a guide on the technical screening criteria in the Taxonomy Delegated Regulation. In addition, advice from law firm Stibbe on the question of which insurers do and do not have to comply with the CSRD.
IFRS 17
The IASB published the IFRS 17 accounting standard in May 2017. IFRS 17 aims to ensure that insurers provide more comparable, consistent and transparent financial information. The industry supports this objective, but time is limited as it is a complex standard that is expected to have a material impact on the valuation of liabilities and the determination of insurers' profits. The Dutch IFRS insurers have implemented IFRS-17 as of 1 January 2023. The IASB is working on the post-implementation review.