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FINMA Announces Update to Insurer Liquidity Circular

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FINMA Announces Update to Insurer Liquidity Circular

15 May 2024 | Legal Alerts

FINMA is revising its insurer liquidity guidelines to comply with updated regulations. The new rules require yearly liquidity reports and improve risk management protocols. Public feedback on these changes is welcomed until July 12, 2024.

FINMA Announces Update to Insurer Liquidity Circular

The Swiss Financial Market Supervisory Authority is updating its guidelines on insurer liquidity to align with the amended Insurance Supervision Ordinance, aiming to improve liquidity and risk management practices. A public consultation is scheduled to run until July 12, 2024.

In 2023, the Federal Council revised the Insurance Supervision Ordinance (ISO), instituting mandatory annual liquidity planning reports by insurers to FINMA, effective January 1, 2024. Additionally, liquidity management in the insurance sector has gained increased attention internationally within insurance supervision over recent years.

FINMA is comprehensively revising its Circular 2013/5 "Liquidity – insurers" to strengthen practices in liquidity management and risk management. The revised circular will be structured into six principle-based sections: governance, liquidity management and planning, liquidity reserve, liquidity risk management, liquidity control and monitoring, and the emergency plan for liquidity shortfalls. A public consultation on these revisions will be open until July 12, 2024.

Sources

1. https://www.finma.ch/en/news/2024/05/20240513-mm-liquiditaet-vers/
2. www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/
3. www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/myfinma/
4. https://www.fedlex.admin.ch/eli/cc/2005/736/de

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This legal alert provides a general overview of the topic and should not be considered legal advice. Legal situations may vary, and businesses should consult with legal professionals to address their specific concerns.

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