Regulatory Alerts2024-06-26
FINMA Circular 2016/3 ORSA - Insurers
The Swiss Financial Market Supervisory Authority (FINMA) issues this circular to establish basic principles for conducting Own Risk and Solvency Assessments (ORSA) and reporting requirements for insurers. It mandates that insurers integrate ORSA into their business planning to identify, evaluate, and manage risks while determining capital adequacy through forward-looking scenarios and comprehensive risk profiles. The document specifies that reports must be submitted annually by 31 January and outlines the required content, including management summaries and quantitative results, with specific deadlines for higher-risk supervisory categories.
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