The Maldives Monetary Authority (MMA) hosted the IMF South Asia Regional Training and Technical Assistance Center (SARTTAC) Workshop on Insurance Supervision: IFRS 17 Implementation from 12 to 16 April, bringing together 25 participants from across South Asia for a focused engagement on strengthening insurance sector oversight and regulatory readiness. The workshop reflected the growing importance of enhancing supervisory capacity across the region as jurisdictions prepare for and advance the implementation of IFRS 17, the international accounting standard governing insurance contracts.
Over the five-day programme, participants engaged in a comprehensive series of presentations, case illustrations, and group discussions designed to examine the supervisory implications of IFRS 17 and its broader impact on the insurance sector. The sessions provided an opportunity for regulators and professionals to deepen their understanding of how the standard is expected to influence financial reporting, risk assessment, regulatory practices, and capital adequacy considerations within insurance markets. Discussions also highlighted practical implementation challenges and the need for timely regulatory adjustments to ensure that supervisory and capital frameworks remain responsive to the changing landscape.
The workshop served as an important regional platform for knowledge-sharing and professional collaboration, enabling participants to exchange perspectives, experiences, and technical insights on one of the most significant developments in insurance supervision. By fostering dialogue among representatives from different South Asian jurisdictions, the event contributed to greater regional understanding of the policy, operational, and supervisory dimensions of IFRS 17, while also reinforcing the value of coordinated learning in addressing common regulatory priorities.
MMA’s hosting of the workshop also underscored the Maldives’ active role in supporting financial sector development and promoting high standards of regulatory engagement within the region. The successful convening of participants from across South Asia reflects the confidence placed in collaborative platforms that encourage capacity building, technical exchange, and forward-looking supervision in an increasingly complex global financial environment. Such engagements remain essential in helping supervisory authorities strengthen resilience, transparency, and consistency across insurance sectors.
MMA expressed its appreciation to IMF SARTTAC for its partnership in delivering the workshop and extended gratitude to all participants for their active engagement and valuable contributions throughout the sessions. The workshop concluded on a positive note, with participants leaving with enhanced technical understanding and renewed commitment to advancing sound insurance supervision in line with evolving international standards.
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