BPAM launches the MFRS 17 support pack for insurance industry

KUCHING: Bond Pricing Agency Malaysia Sdn Bhd (BPAM), a registered bond pricing agency accredited by Securities Commission of Malaysia, has launched its latest product, the MFRS 17 Support Pack.

The MFRS 17 Support Pack is developed to meet the requirements of the Malaysian insurance industry to comply with the MFRS 17 standards on the measurement of insurance liabilities and the recognition of profits earned over the insurance service period.

MFRS 17 requires a company to recognise profits as it delivers insurance services and to provide information about profits the company expects to recognize on insurance contracts in the future.

After BPAM’s extensive research and discussions with key industry stakeholders and experts, the MFRS 17 Support Pack was created on the back of market relevant and tested data. The MFRS 17 Support Pack is expected to bolster and enable easier compliance to the standards.

“The MFRS 17 Support Pack was created as a response to a need that was seen in the insurance industry. We are pleased to say that the methodology we have developed adheres to the requirement of IFRS (International Financial Reporting Standard) 17 and the local insurance industry.

“BPAM is committed to provide accurate and consistent data to the Malaysian market and hopes to continue catering to its evolving needs.” said Meor Amri Meor Ayob, BPAM’s chief executive officer.

“By pushing the data out to the market early, insurance companies who are looking to early adopt the standards would now be able to do so.” added Meor.

According to the International Accounting Standards Board, the IFRS 17 will replace IFRS 4 on January 1, 2023. The MFRS 17 Support Pack is now available on BPAM’s client platform, BondStream Terminal.