Circular 2016/2 – Disclosure – insurers: Principles for the financial condition report
Regulatory Extracts from this
This circular expands on Articles 111a and 203a of the Insurance Supervision Ordinance (ISO; SR 961.011) on the financial condition report of supervised insurance companies, groups and conglomerates. It describes the basic contents and structure of the financial condition report and the minimum requirements for the type and contents of the disclosure.
(Cm 13.1) Insurance companies in supervisory category 2 and insurance groups with insurance companies in supervisory category 2 shall disclose information on their management of climate-related financial risks in the appropriate sections of the FCR.
(Cm 13.2 – 13.6) The disclosures include the following information at a minimum: • the main features of the governance structure at the insurance company to enable it to identify, evaluate, manage, monitor and report on climate-related financial risks; • description of the short-, medium- and long-term climate-related financial risks and their impact on the insurance company’s business and risk strategy and any effects on existing risk categories; • risk management structures and processes in place to identify, evaluate and manage climate-related financial risks; • quantitative information (targets and key data) on climate-related financial risks including the methodology used.
(Cm 13.7) Insurance companies must disclose the criteria and methods used to evaluate the materiality of climate-related financial risks.
(Cm 118) The disclosures of insurance companies in supervisory category 2 and insurance groups with insurance companies in supervisory category 2 must be made for the first time in the FCR relating to financial year 2021.
No definitions available.