Gazprom Insurance forms reports in accordance with Regulation 710-P

2021: Reporting in accordance with Regulation 710-P

OOO SK Gazprom Insurance has formed reports in accordance with Regulation 710-P. Sintegro Consulting (Sintegs) announced this on June 27, 2022.

From July 2021, insurance companies determine the amount of their own funds according to the economic balance sheet based on the assessment of assets and liabilities according to the method determined by Regulation No. 710 and regularly calculate the regulatory ratio. LLC SK Gazprom Insurance uses the Syntegs Developer 710-P Indicator program for this purpose. The reporting package is generated in the XBRL Factory.

We wanted the developer to be ready to execute integration his own programs with our accounting system. The Syntegs team, with which we have been working for a long time, knows our system from the technical side better than ourselves, - said users of Gazprom Insurance LLC.

The Syntegs program methodology was developed jointly with representatives of the insurance market. This helped not only to thoroughly understand the wording of the Regulation, but also to take into account the wishes of future users for functions and even appearance.

Gazprom Insurance LLC notes that preparations for the beginning of the application of the Regulation began about a year before the date of its entry into force, while significant time was spent on the methodological study of the regulatory document. Four months before the entry, users have already started working in the Indicator on real data, and the developers polished the functionality and settings.

The first reporting in accordance with the Regulation was alarming, but, as users share, it is generally smooth, without critical failures. Accelerated and simplified many processes online format of interaction of company specialists with each other during the first reporting.

OOO SK Gazprom Insurance calls one of the most useful functions the ability to download/unload registers in Excel. Also, users appreciated the links to the 710-P items, according to which the value of assets is carried out. This helps to figure it out yourself if questions arise.