Insurance companies have also been required to prepare consolidated financial statements using IFRSs since 2010. As with financial institutions, listed insurance companies have to follow CVM regulations for their consolidated financial statements. Unlisted insurance companies were obliged to use the IFRS-converged CPC standards (BR GAAP) to prepare their 2010 consolidated financial statements. However, in line with the BACEN, the Brazilian Private Insurance Regulator (SUSEP) gave those companies the option not to present comparative financial statements and to use 1 January 2010 as transition date.