Regulatory Alerts2017-10-12
Added · Updated
Regulations amending non-life insurance undertakings' calculation of contingency reserves
Finansinspektionen amended its regulations regarding the calculation of contingency reserves for non-life insurance undertakings, effective January 1, 2016. The revision redefined the maximum contingency reserve as the higher of specific class-based amounts or 100 basic amounts, while repealing previous provisions in Chapters 2 and 3. Transitional rules allow existing reserves to be reduced through annual write-downs to comply with the new standards by December 31, 2019.