On December 4, the University of Finance and Insurance (UZF) hosted a specialized discussion on IFRS 17, organized by the Financial Supervision Commission (FSC) in partnership with Association of Bulgarian Insurers (ABZ) and the Institute of Certified Public Accountants. The forum drew strong professional interest and brought together experts from the insurance sector, the regulator, and academia.
The event was opened by Plamen Danailov, Deputy Chair of the FSC, and Nikolay Stanchev, Chair of ABZ. In his opening remarks, Stanchev emphasized: “Today’s meeting is a great example of how essential partnership and open dialogue are between business, the regulator, and the professional community. The implementation of IFRS 17 is among the most complex and resource-intensive undertakings for the sector, yet the benefits are significant, as it brings financial reporting closer to the real economic picture.”
The program featured four panels with speakers from the FSC, ABZ, and academia:
Panel 1 focused on accumulated experience and the sustainability of IFRS 17 implementation processes, including policy and procedure adaptation, initial challenges, methodological efficiency, and the link with ESG and climate-related considerations.
Panel 2 examined the impact of IFRS 17 on strategic management and decision-making — from performance presentation to the role of new measurement approaches for internal management and corporate governance.
Panel 3 addressed the integration of IFRS 17 with IFRS 9 and regulatory requirements, including alignment of reporting frameworks, implications for capital and liquidity management, and synergies between IFRS reporting and Solvency II.
Panel 4 looked ahead to automation, efficiency, and future process improvements under IFRS 17, as well as the use of new indicators for strategic planning and greater transparency.
Participants shared their practical experience and insights and discussed directions for further development. The lively discussions highlighted the need for such forums, which facilitate the practical application of the standard and foster better coordination between institutions and the insurance sector.
-370x270-3.png "News image")
 (002)-370x270-2.jpg "News image")
