Front Matter Page
© 2007 International Monetary Fund
June 2007
IMF Country Report No. 07/200
Switzerland: Financial Sector Assessment Program—Technical Note—An Assessment of Insurance Core Principles for the Reinsurance Industry
This technical note on the assessment of Insurance Core Principles for the reinsurance industry for Switzerland was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it was completed in May 2007. The views expressed in this document are those of the staff team and do not necessarily reflect the views of the government of Switzerland or the Executive Board of the IMF.
The policy of publication of staff reports and other documents by the IMF allows for the deletion of market-sensitive information.
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Front Matter Page
Financial Sector Assessment Program Update
Switzerland
Technical N/ote: Detailed Assessment of Insurance Core Principles For The Reinsurance Industry
MAY 2007
International Monetary Fund
Monetary And Capital Markets Department
Contents
Acronyms
I. General Information and Assessment Methodology
II. Overview—Market Structure and Supervisory Scope
III. Summary of ICP Assessment
IV. Key Recommendations
V. Authorities’ Response
VI. Detailed Principle-By-Principle Assessment
Table
1. Recommended Action Plan to Improve Observance of Insurance Core Principles
Acronyms
| ALM |
Asset-liability-management |
| AOA |
Audit Oversight Act |
| BE |
Best estimate |
| CRO |
Chief Risk Officer |
| CoC |
Cost of capital |
| EEA |
European Economic Area |
| EU |
European Union |
| FINMA Act |
Federal Act on Financial Market Supervision |
| FAOA |
Federal Audit Oversight Authority |
| FOPI |
Federal Office of Private Insurance |
| FOPI-SO |
FOPI Ordinance on the Supervision of Private Insurance Companies |
| ICP |
Insurance Core Principle |
| ISL |
Insurance Supervision Law |
| IAIS |
International Association of Insurance Supervisors |
| ISA |
International Standards on Auditing |
| MoU |
Memorandum of Understanding |
| SO |
Ordinance on the Supervision of Private Insurance Companies |
| SAM |
Self-Assessment Modules |
| SSA |
Swiss Actuarial Association |
| SICA |
Swiss Institute of Certified Accountants |
| SIA |
Swiss Insurance Association (SIA) |
| SST |
Swiss Solvency Test |
| ISL |
The Insurance Supervision Law |