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

    MAS Amends Notice 610 on Reporting Templates for Banks in Singapore

    MAS published amendments to Notices 610 and 1003 related to submission of statistics and returns, along with the reporting templates and frequently asked questions (FAQs) associated with these Notices.

    January 24, 2020 WebPage Regulatory News
    News

    HKMA Updates Policy Module on Supervisory Review Process

    HKMA is issuing, by notice in the Gazette, revised versions of two Supervisory Policy Manual modules as statutory guidelines under section 7(3) of the Banking Ordinance. The Supervisory Policy Manual modules are CA-G-5 on “Supervisory Review Process” and SB-2 on “Leveraged Foreign Exchange Trading.”

    January 24, 2020 WebPage Regulatory News
    News

    PRA Amends Pillar 2 Capital Framework for Banks

    PRA published the policy statement PS2/20 that contains the final amendments to the Pillar 2 framework and provides feedback to responses to the consultation paper CP5/19 on updates related to Pillar 2 capital framework.

    January 23, 2020 WebPage Regulatory News
    News

    BIS Survey Examines Progress of Central Banks Toward Digital Currency

    BIS published a paper that presents the results of a survey that asked central banks how their plans are developing in the area of central bank digital currency (CBDC).

    January 23, 2020 WebPage Regulatory News
    News

    FED Proposes to Revise Information Collection Under Market Risk Rule

    FED proposed to revise and extend, for three years, FR 4201, which is the information collection under the market risk capital rule.

    January 22, 2020 WebPage Regulatory News
    News

    HKMA Consults on Stay Rules on Financial Contracts Under FIRO

    HKMA published proposals for making rules related to contractual stays on termination rights in financial contracts for authorized institutions under FIRO or the Financial Institutions (Resolution) Ordinance (Cap. 628).

    January 22, 2020 WebPage Regulatory News
    News

    MAS Amends Notices on Minimum Liquid Asset Requirements for Banks

    MAS published amendments to Notices 1015, 613, and 649 related to the minimum liquid assets (MLA) requirements.

    January 21, 2020 WebPage Regulatory News
    News

    APRA Publishes Submission on Fintech and Regtech

    APRA published its submission, to the Senate Select Committee, on financial technology and regulatory technology.

    January 21, 2020 WebPage Regulatory News
    News

    OSFI to Implement Operational Risk Capital Rules for Banks in Q1 2022

    OSFI decided to move domestic implementation of the revised Basel III operational risk capital requirements from the first quarter of 2021 to the first quarter of 2022.

    January 20, 2020 WebPage Regulatory News
    News

    ECB Consults on Guideline on Threshold for Credit Obligations Past Due

    ECB published a draft guideline, along with the frequently asked questions (FAQs), on the definition of the materiality threshold for credit obligations past due for less significant institutions.

    January 20, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 4541