Key Benefits:
On 9 November 2005 (State on 15 December 2015)
The Federal Financial Market Supervisory Authority (FINMA), 2
Having regard to the Act of 17 December 2004 on Insurance Supervision (ICA) 3 ; Having regard to the Ordinance of 9 November 2005 on Surveillance (OS) 4 ; as well as in application of the agreement of 10 October 1989 between the Swiss Confederation and the European Economic Community concerning direct insurance other than life insurance 5 And the Agreement of 19 December 1996 on Direct Insurance and Insurance Intermediation between the Swiss Confederation and the Principality of Liechtenstein 6 , 7
Stops:
1 The supplement referred to in s. 18 LSA student:
2 In life insurance and provisions for fluctuations in credit insurance, the supplement falls if the insurance undertaking does not bear the risk of investment. 2
1 New content according to the c. I of the O de la FINMA of 28 Oct. 2015, in force since 15 Dec. 2015 ( RO 2015 4439 ).
2 New content according to the c. I of the O de la FINMA of 28 Oct. 2015, in force since 15 Dec. 2015 ( RO 2015 4439 ).
1 The actuary responsible for an insurance undertaking is responsible for directing the technical part of the business plan. It designates the rates at the base of a product.
2 Each year, it prepares a detailed report for management. The relevant units within the company provide the necessary information.
3 It shall immediately inform management, when the basis of calculation taken into account in the last report has undergone significant changes.
1 The report presents the current situation and the possible evolution of the undertaking from an actuarial point of view, in particular technical developments endangers the financial situation of the undertaking.
2 It contains all the necessary information in relation to art. 24, para. 1, let. A to c, LSA. It also provides information on the technical result of the products.
3 In addition to the specific material findings, the report also provides guidance on:
When a responsible actuary ceases to perform this function, following resignation or revocation, or in common agreement with the insurance undertaking, the actuary and the insurance undertaking shall communicate the reasons to FINMA 1 .
1 New expression according to c. I 7 of the O de la FINMA of 20 Nov 2008 on the adaptation of O adopted by the authorities to the law on FINMA, in force since 1 Er Jan 2009 ( RO 2008 5613 ).
The allocation to statutory reserves resulting from the profit shall be at least 10 % of the annual benefit of life insurance undertakings and at least 20 % of the annual benefit of other insurance undertakings, until the Reserve fund shall reach 50 % of the statutory capital or, if it has been commenced, until it is brought back to that level.
1 New content according to the c. I of the O de la FINMA of 28 Oct. 2015, in force since 15 Dec. 2015 ( RO 2015 4439 ).
1 In derogation from Art. 959 A , para. 1 and 2, 959 B , para. 2 and 3, and 959 C , para. 1 and 2, of the code of obligations (CO) 2 , the annual accounts shall be broken down at least in the various posts and in the order indicated in the Annex.
2 The amounts of the balance sheet, the profit and loss account and the annex to the financial year preceding the period under review must be indicated.
3 Insurance undertakings which carry out a direct insurance business and an activity of reinsurance acceptances both significant separately allocate the different insurance technical posts of these two branches in the account Of the result or in the schedule.
1 Introduced by ch. I of the O de la FINMA of 28 Oct. 2015, in force since 15 Dec. 2015 ( RO 2015 4439 ).
2 RS 220
1 The foreign insurance business deposits as a surety for the insurance branches referred to in s. 2 and 3, values that meet the requirements of s. 79, para. 1, let. A, b, e or g, OS to the body that FINMA designates.
2 The bond shall be at least:
3 It corresponds to 10 % of the solvency margin required for the performance of an activity in Switzerland, but at least to:
1 Insurance intermediaries who, at 1 Er January 2006, have at least five years of work experience as a principal occupation or at least eight years of work experience as an ancillary occupation in the field of insurance intermediation Professional qualifications within the meaning of s. 184 BONES.
2 Insurance intermediaries who are required to register have until 31 December 2007 to remedy a gap in their professional qualifications.
1 Art. 5 A Applies for the first time at the end of the year 2015.
2 In the first application of these rules, the preceding year must be presented in accordance with Art. 2, para. 4, transitional provisions of the modification of 23 December 2011 of the CO 2 .
1 Introduced by ch. I of the O de la FINMA of 28 Oct. 2015, in force since 15 Dec. 2015 ( RO 2015 4439 ).
2 RS 220
This order shall enter into force on 1 Er January 2006.
(art. 5 A , para. 1)
1. Assets
The following items must be included separately in the balance sheet assets:
1.1 Investments
1.1.1 Real Property
1.1.2 Equity
1.1.3 Fixed Income Securities
1.1.4 Loans
1.1.5 Mortgages
1.1.6 Actions
1.1.7 Other investments
1.2 Investments from Life-Related Life Insurance
1.3 Claims on Derivative Financial Instruments
1.4 Deposits Arising from Reinsurance Accepted
1.5 Liquidity
1.6 Reinsurers' share of technical provisions
1.7 Tangible capital assets
1.8 Deferred, activated, unamortized acquisition costs
1.9 Intangible assets
1.10 Claims arising from insurance transactions
1.11 Other claims
1.12 Other assets
1.13 Capital Unreleased
1.14 Accrual accounts
1.15 Total Assets
2. Passive
The following items must be shown separately from the balance sheet liabilities:
2.1 Technical provisions
2.2 Technical Provisions on Life-Related Life Insurance
2.3 Non-technical provisions
2.4 Debt Related to Rate Instruments
2.5 Derivatives on derivative financial instruments
2.6 Deposits resulting from the assigned reinsurance
2.7 Dereges from insurance transactions
2.8 Other liabilities
2.9 Regularization accounts
2.10 Subordinate Debts
2.11 Total external provisions and liabilities (2.1 + ... + 2.10)
2.12 Capital stock
2.13 Legal reserves
2.14 Statutory reserves of benefit
2.15 Optional Reserves resulting from cumulative benefit or loss (negative position)
2.16 Share of capital (negative position)
2.17 Total equity (2.12 + ... + 2.16)
2.18 Total Liabilities
The following items must appear separately in the result account:
1 Raw Premiums
2 Gross premiums transferred to reinsurers
3 Premiums for Own Account (1 + 2)
4 Changes in premium deferrals
5 Changes in premium deferrals: share of reinsurers
6 Premiums acquired for own account (3 + 4 + 5)
7 Other Insurance Activity Products
8 Total insurance technical activity products (6 + 7)
9 Claim expenses: gross amounts paid
10 Claim expenses: amounts paid, share of reinsurers
11 Changes in Technical Allowances
12 Variations in technical provisions: share of reinsurers
13 Variations in Technical Provisions on Life-Related Life Insurance
14 Own Account Charges (9 + 10 + 11 + 12 + 13)
15 Acquisition and Management Fees
16 Share of reinsurers at acquisition and management costs
17 Own Account Acquisition and Management Fees (15 + 16)
18 Other Technical Expenses on Own Account
19 Total expenses for technical activity (14 + 17 + 18) (damage insurance only)
20 Return on Investments
21 Financial and investment management expenses
22 Result of investments (20 + 21)
23 Net capital gains and net financial proceeds from investments in life-related insurance
24 Other Financial Products
25 Other Financial Expenses
26 Operational Result (8 + 14 + 17 + 18 + 22 + 23 + 24 + 25)
27 Interest charges on debt charges related to rate instruments
28 Other Products
29 Other charges
30 Extraordinary products/charges
31 Profit/Loss before taxes (26 + 27 + 28 + 29 + 30)
32 Direct taxes
33 Profit/Loss (31 + 32)
In addition to the information referred to in Art. 959 C, Al. 1 and 2, and 961 A CO 2 , the annex must contain the following information provided that they have not already been provided in the balance sheet or the result account:
1 Introduced by c. II of the O de la FINMA of 28 Oct. 2015, in force since 15 Dec. 2015 ( RO 2015 4439 ).
2 RS 220
