Supervisory law requires branches of foreign insurance companies to prepare annual financial statements in accordance with Swiss regulatory requirements. These must be audited by an audit firm as specified in Article 24 para. 1 let. a of the Financial Market Supervision Act (FINMASA).
Under Article 25 para. 4 of the Insurance Supervision Act (ISA; SR 961.01), accounting for branches of foreign insurance companies must be based on Article 957 ff. of the Swiss Code of Obligations (SCO).
Foreign insurance companies are required to provide FINMA with an annual report and a supervisory report for the past year as at 31 December.
FINMA publishes guidelines to assist in the completion of this task.