FFFS 2011:27

Summary

The regulations apply to how insurance undertakings and insurance associations that were granted dispensation under the Annual Accounts at Insurance Undertakings Act shall prepare their financial statements.

It should be stated in a dispensation decision that the regulations can be applied. For undertakings that were granted dispensation, the regulations allow easements with regard to, for example, measuring of financial instruments, reporting of technical provisions and formatting. The regulations also specify which dispensation is allowed by the Annual Accounts Act and which provisions the undertakings must apply despite the exemption.

The regulations adapt the regulatory framework to the new Insurance Business Act (2010:2043) and subsequent changes in other acts and ordinances. The regulations repeal FFFS 2006:18.

FFFS 2011:27 is currently not available in English.

Amendments

FI removes the references in the general guidelines to Chapter 4, section 5 to the international accounting standard IFRS 4 Insurance Contracts since it is being repealed.

The amendments enter into force on 1 January 2023. Amendment 2022:9

The amendment is an addition that clarifies that there are provisions on contingency reserves in Finansinspektionen's regulations (FFFS 2021:4) regarding life insurance undertakings' and occupational pension undertakings' calculation of contingency reserves.

The amendments enter into force on 6 July 2021. Amendment 2021:5

Under the amendments, FI introduces new provisions clarifying what applies to insurance associations granted dispensation pursuant to Chapter 1, section 19d of the Insurance Business Act (2010:2043).
The amendments enter into force on 1 November 2020. Amendment 2020:20

FI is replacing references to Finansinspektionen's regulations and general guidelines (2015:12) regarding annual accounts at insurance undertakings with references to Finansinspektionen's regulations (FFFS 2019:23) regarding annual accounts at insurance undertakings and institutions for occupational retirement provision since there is a new Institutions for Occupational Retirement Provision Act. The term dispensation is also being replaced with the term exemption in the regulations and their heading.
The amendments enter into force on 1 January 2020. Amendment 2019:24

FI is adapting the regulations to the amendments made to the Annual Reports at Insurance Undertakings Act and the amendments made to the Annual Accounts Act due to the implementation of the new EU Accounting Directives.

FI clarifies accounting terms, introduces new items in equity, adapts the presentation of the balance sheet and introduces amendments relating to intangible assets and notes. FI also adapts the regulations to the amendments made to the Insurance Business Act due to the implementation of the Solvency II Directive. Due to the Solvency II Directive, FI also reworks the regulations for valuation of technical provisions and removes the special disclosure regulations regarding solvency information in the directors' report.

The amendments enter into force on 31 March 2016 and apply to financial years commencing immediately after 31 December 2015. amendment 2016:12