Middle East: Major markets extend deadline for listed insurers to present financial statements
Source: Middle East Insurance Review | Jun 2023
The authorities in the UAE and Saudi Arabia have given listed insurers more time to publish their 1Q2023 financial statements that are to be based on IFRS17.
In the UAE, the Abu Dhabi Securities Market and the Dubai Financial Market said, in a circular issued last week, that the Securities and Commodities Authority had extended the deadline for the filing of the financial reports by one month to 15 June.
The decision is aimed at providing support to the listed insurers in light of the operational and organisational challenges which the companies, auditors and actuaries face in implementing IFRS17.
In Saudi Arabia, the Capital Market Authority announced that it was extending the deadline for disclosing the financial statements of listed insurance companies for the quarter that ended 31 March 2023, until 2 July. Regulations require quarterly financial reports to be filed within 25 working days of the end of each calendar quarter.
The decision to extend the deadline was made after coordination with the Central Bank of Saudi Arabia. M