The Wall Street Journal: Switzerland To Introduce Standards For Reinsurers’ Provisions
Jul 13, 2010
The following article appeared in The Wall Street Journal on July 13, 2010:
ZURICH (Dow Jones)–Switzerland plans to introduce standards regarding reinsurance companies’ provisions, financial industry regulator Finma said Tuesday.
The regulation will take effect through a circular to companies offering reinsurance services after a consultation period ending Sept. 15.
There are currently no minimum requirements concerning technical provisions which ensure that insurance companies can cover their obligations from insurance coverage.
An insufficient level of provisions can impact heavily on a company’s solvency, Finma said.
-By Martin Gelnar, Dow Jones Newswires; +41 43 443 8042; martin.gelnar@dowjones.com
Find this article at: http://online.wsj.com/article/BT-CO-20100713-708193.html