The documents required by Swiss private life insurers to collect data for the 2015 financial reporting on occupational pension schemes have been published by FINMA today. The deadline for submitting reports to FINMA is 30 April 2016.
Reports must be audited before submission to FINMA, i.e. life insurance companies must have undergone an audit conducted by an external audit firm, following which they can provide a duly signed audit programme. Key data and the financial results for 2015 must be disclosed to insured pension funds, collective insurance schemes and insured persons by 31 May 2016. In 2014, life insurers had to include for the first time the percentage of collective investment schemes and the percentage of capital investments, which were not cost transparent. For 2015, they must separately disclose their asset management costs, including costs linked to yields on collective investment schemes. In addition, life insurers are also required to disclose a closed balance sheet and indicate their capital investments, technical provisions, all other balance sheet items and the balance sheet total.
The FINMA statement can be found here.
