FINMA Revises Charts of Accounts for Collection of Supervisory Data
FINMA revised the chart of accounts on which the collection of supervisory data from insurance companies is based. This will make the data structure and reporting more uniform and deliver increased transparency. Beginning in 2020, FINMA will use a revised chart of accounts. It will update the structure used in previous years to reflect the classification rules set out in the FINMA Insurance Supervision Ordinance and the most recent financial reporting standards defined in the Swiss Code of Obligations.
In future, the charts of accounts, Swiss Solvency Test (SST) balance sheets, and annual financial statements published by insurers will use the new structure. Therefore, the concordance tables, which were previously used, will no longer be required. Most of the old data and accounts will be transferred to the new structure while some will be renamed or renumbered. This standardization has been made possible by the revised FINMA Insurance Supervision Ordinance, which was published in 2015; in this Ordinance, FINMA introduced minimum classification requirements for the balance sheet and income statement, along with a breakdown of business activities in the annual financial statements of insurance companies. FINMA is currently developing an electronic platform to integrate the entire workflow—from data entry to its submission—will replace the FINMA Insurance Reporting and Supervising Tool (FIRST) data entry system, with effect from the 2019 reporting year.
Related Link: Press Release
Keywords: Europe, Switzerland, Insurance, Supervisory Information, Charts of Accounts, Reporting, FINMA
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