Beginning in financial year 2016, Swiss insurance companies will have to meet new minimum disclosures requirements. The rules – set out in the FINMA circular 2016/02 "Offenlegung Versicherer" – are part of the Swiss regulators’ ongoing policy of bringing Swiss supervision into line with its European Union peers under the Solvency II equivalence framework.
On 31 May 2016, FINMA opened the consultation phase for the new SST circular which closes on 12 July 2016. The new SST circular will replace the current SST circular 2008/44 from 1 January 2017 and is a complete revision. It includes many changes which impact the insurance industry.
Following the recent issue of a new FINMA circular on ORSA, KPMG Switzerland surveyed leading Swiss insurers to evaluate their response to the new requirements and assess preparedness to comply. Results varied significantly, but one thing is clear: there is still work to be done!