FINMA published the transparency report on Group Life Reporting for 2016. This report sets out figures for private insurers who manage second pillar schemes. This report enhances the transparency of their business activities. The report includes key indicators such as costs, dividend payout policy, and the nature of capital investments. These indicators highlight the strengths and weaknesses of market participants and permit performance comparisons. This is beneficial for companies requiring pension coverage and for their employees.
Occupational pension schemes in Switzerland, also referred to as the second pension pillar, are governed by the Federal Act on Occupational Old Age, Survivors' and Invalidity Pensions (OPA). The Insurance Supervision Act (ISA) stipulates that FINMA is responsible for supervising private life insurers. These group life insurers provide cover especially for the pension schemes of small and medium enterprises. The group life reporting prepared by life insurers active in the occupational pensions sector focuses solely on this part of their business and does not include other lines of business. The transparency report on second-pillar activity published annually by FINMA aims to increase transparency of occupational pension schemes and to positively influence the conduct of private insurers.
Keywords: Europe, Switzerland, Insurance, Group Life Reporting, Transparency Report, FINMA
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