Featured Product

    FINMA Revises Charts of Accounts for Collection of Supervisory Data

    March 29, 2018

    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

    Featured Experts
    Related Articles
    News

    EBA Updates List of Validation Rules for Reporting by Banks

    EBA issued a revised list of validation rules with respect to the implementing technical standards on supervisory reporting.

    September 10, 2020 WebPage Regulatory News
    News

    EBA Responds to EC Call for Advice to Strengthen AML/CFT Framework

    EBA published its response to the call for advice of EC on ways to strengthen the EU legal framework on anti-money laundering and countering the financing of terrorism (AML/CFT).

    September 10, 2020 WebPage Regulatory News
    News

    NGFS Advocates Environmental Risk Analysis for Financial Sector

    NGFS published a paper on the overview of environmental risk analysis by financial institutions and an occasional paper on the case studies on environmental risk analysis methodologies.

    September 10, 2020 WebPage Regulatory News
    News

    MAS Issues Guidelines to Promote Senior Management Accountability

    MAS published the guidelines on individual accountability and conduct at financial institutions.

    September 10, 2020 WebPage Regulatory News
    News

    APRA Formalizes Capital Treatment and Reporting of COVID-19 Loans

    APRA published final versions of the prudential standard APS 220 on credit quality and the reporting standard ARS 923.2 on repayment deferrals.

    September 09, 2020 WebPage Regulatory News
    News

    SRB Chair Discusses Path to Harmonized Liquidation Regime for Banks

    SRB published two articles, with one article discussing the framework in place to safeguard financial stability amid crisis and the other article outlining the path to a harmonized and predictable liquidation regime.

    September 09, 2020 WebPage Regulatory News
    News

    FSB Workshop Discusses Preliminary Findings of Too-Big-To-Fail Reforms

    FSB hosted a virtual workshop as part of the consultation process for its evaluation of the too-big-to-fail reforms.

    September 09, 2020 WebPage Regulatory News
    News

    ECB Updates List of Supervised Entities in EU in September 2020

    ECB updated the list of supervised entities in EU, with the number of significant supervised entities being 115.

    September 08, 2020 WebPage Regulatory News
    News

    OSFI Identifies Focus Areas to Strengthen Third-Party Risk Management

    OSFI published the key findings of a study on third-party risk management.

    September 08, 2020 WebPage Regulatory News
    News

    FSB Extends Implementation Timeline for Framework on SFTs

    FSB is extending the implementation timeline, by one year, for the minimum haircut standards for non-centrally cleared securities financing transactions or SFTs.

    September 07, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5796