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Groups and conglomerates

Notice: The translation of the directives is provided for information purposes only; it is not and may not be construed as an official document.

Consolidated supervision: Directives on minimum reporting to the supervisory authority

The following directives govern what information must be communicated to the supervisory authority and in what way, what level of detail, and what frequency:
13.1/2006 – Reporting on the Organization
13.2/2006 – Reporting on the Structure
13.3/2006 – Reporting on Internal Business Transactions
13.4/2006 – on Solvency I
13.5/2006 – on the Business Report

These directives entered into force on 31 December 2006.

In addition to individual supervision of Swiss insurance companies, consolidated supervision focuses on the overall effect internationally of globally operating insurance groups and conglomerates ("groups"). Consolidated supervision takes all companies and legal units of a group into account, not only specific insurance units, but also holding companies, for instance.

Groups are required by the new Insurance Supervision Act (ISA) to report on various facts and circumstances. Information on the functional design of the group is particularly important.

Considering of the prevailing relationships within a group for purposes of utilizing potential synergy effects and in light of the resulting risks, it is important for the group to establish an appropriate organizational structure with structures for information and decision-making. The resulting group-internal processes also help to optimize capitalization and risk management. Adequate attention must therefore be paid to these processes. The capitalization of a group is relevant for the assessment of its economic potency. For this reason, capitalization is determined both on a risk-oriented basis – Swiss Solvency Test (SST) – as well as with respect to the business volume – the solvency margin. The above directive being issued governs both the calculation and the reporting of the business volume. To obtain an overall impression of the group and to evaluate the required overall structure, the functions, and the implemented processes from the perspective of policyholders and market protection, a financial report with additional information is being required.

Specialist staff: Info@bpv.admin.ch

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