Week of
Taiwan's Central Bank and Nigeria's National Pension Commission issued circulars on insurance and pension reporting. Taiwan's Foreign Exchange Department published three circulars on 22 January amending monthly report formats and cross-table validation formulas for Offshore Insurance Units, covering life, property and casualty, and reinsurance companies, to align with the insurance industry's adoption of IFRS 17 from 2026. The life and property and casualty circulars revise five and four report formats respectively, while the reinsurance letter to the Central Reinsurance Corporation revises four. All three apply from the January 2026 reporting month and extend the filing deadline for the first two forms in each set from the 10th to 5:00 PM on the 15th of each month. Nigeria's National Pension Commission, in a circular dated 23 January, directed licensed Pension Fund Administrators to categorise Personal Pension Plan contributions as self-contributions or employer-remitted contributions and to reflect this in regulatory returns and contributor statements. The week's weight sits with Taiwan's three IFRS 17-related amendments, which share a common effective date and deadline change, while Nigeria's single record addresses pension contribution categorisation and record-keeping.
Nigeria
Categorization of Contributions under the Personal Pension Plan
The National Pension Commission directs all licensed Pension Fund Administrators to distinctly categorise Personal Pension Plan contributions as Self-Contributions or Employer-Remitted Contributions, and to reflect this categorisation in regulatory returns and contributor statements. PFAs must also maintain auditable records of contribution sources and update their systems and reporting templates accordingly, with non-compliance attracting regulatory sanctions.
CircularPublished in EnglishEnglishReporting requirementsCorporate governance
Taiwan
In order to accommodate the insurance industry's application of International Financial Reporting Standard (IFRS 17) 'Insurance Contracts' starting from 2026, 5 monthly report formats and 1 cross-table validation formula for Offshore Insurance Units (OIUs) of life insurance companies are hereby amended. Please review and forward to your member institutions for compliance as instructed.
The Foreign Exchange Department of the Central Bank has amended 5 monthly report formats (FIL1, FIL2, FIL7, FIL8, FIL9) and 1 cross-table validation formula for Offshore Insurance Units (OIUs) of life insurance companies, in order to align with the insurance industry's adoption of IFRS 17 'Insurance Contracts' starting from 2026. The newly revised reporting forms shall apply from the reporting month of January 2026, where the submission deadline for FIL1 and FIL2 reports is extended from the 10th of each month to 5:00 PM on the 15th of each month.
CircularTranslated to EnglishChineseReporting requirementsTo align with the insurance industry's adoption of International Financial Reporting Standard 17 (IFRS 17) 'Insurance Contracts' starting in 2026, 4 monthly report forms and 1 cross-table check formula for Offshore Insurance Units (OIUs) of property and casualty insurance companies are hereby amended. Please review and forward to your members for compliance as instructed.
The Foreign Exchange Department of the Central Bank has amended 4 monthly report forms (FIN1, FIN2, FIN8, and FIN9) and 1 cross-table check formula for Offshore Insurance Units (OIUs) of property and casualty insurance companies, in order to accommodate the insurance industry's adoption of IFRS 17 'Insurance Contracts' starting in 2026. The newly revised reporting forms apply starting from the January 2026 data month. The filing deadline for FIN1 and FIN2 reports is extended from the 10th of each month to 5:00 PM on the 15th of each month, while the filing dates for other reports remain unchanged.
CircularTranslated to EnglishChineseReporting requirementsIn conjunction with the insurance industry's application of International Financial Reporting Standard (IFRS 17) "Insurance Contracts" starting from 2026, the 4 monthly report forms and 1 cross-table verification formula for Offshore Insurance Units (OIU) of reinsurance companies are hereby revised. Your company's OIU is requested to handle this in accordance with the instructions.
The Foreign Exchange Bureau of the Central Bank issued a letter to the Central Reinsurance Corporation. In conjunction with the insurance industry's application of International Financial Reporting Standard (IFRS 17) "Insurance Contracts" starting from 2026, it has revised the 4 monthly report forms (FIR1, FIR2, FIR7, and FIR8) and 1 cross-table verification formula for Offshore Insurance Units (OIU) of reinsurance companies. The newly revised reporting forms shall apply starting from January 2026 (data month). The reporting deadline for FIR1 and FIR2 forms has been extended from the 10th of each month to 5:00 PM on the 15th of each month, while the reporting dates for other forms remain unchanged.
CircularTranslated to EnglishChineseReporting requirements
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