FFFS 2019:23

Summary

The regulations apply to insurance undertakings and institutions for occupational retirement provision and are related to requirements on their external accounting.

The new regulations replace Finansinspektionen's regulations and general guidelines (FFFS 2015:12) regarding annual accounts at insurance undertakings. The majority of the provisions in the old regulations have been transferred to the new regulations.

Where required by the amendments to the Annual Accounts at Insurance Undertakings Act and the new Institutions for Occupational Retirement Provision Act, special provisions were introduced for institutions for occupational retirement provision. This applies in part to the contents of the income statement, the calculation and reporting of technical provisions, equity items, and key performance ratios.

The requirement on preparing a cash flow statement for unlisted companies that are legal entities was removed since this is not stipulated by law. The insurance undertakings' division of insurance lines in the occupational retirement provision activities and other life insurance activities was removed.

New insurance lines were introduced for the activities of institutions for occupational retirement provision.

Furthermore, special provisions on the reporting of items were introduced where an insurance undertaking is converted to an institution for occupational retirement provision or an institution for occupational retirement provision is converted to an insurance undertaking.

The regulations enter into force on 1 January 2020.

Amendments to the basic regulation

The changes are primarily clarifications related to existing provisions on contingency reserves in Finansinspektionen's regulations (FFFS 2021:4) regarding the calculation of contingency reserves by life insurance undertakings and institutions for occupational retirement provision.

Amendments enter into force on 6 July 2021. Amendment 2021:10

The amendments adapt the regulations to the amended provisions related to the accounting of the share premium reserve in the Annual Accounts at Insurance Undertakings Act (1995:1560) and the Annual Accounts Act (1995:1554).

The amendments enter into force on 9 February 2021. They shall apply to financial years commencing after 31 December 2020. Amendment 2021:1

Under the amendments, FI is removing the requirement on unlisted firms that prepare consolidated accounts to apply international accounting standards. The requirement previously applied to all firms.

FI thereby adapts the regulations to the consolidated accounting provisions for unlisted firms that apply in the Annual Accounts at Insurance Undertakings Act (1995:1560).

FI also clarifies the provisions on interim reports and removes the requirement that the interim reports should be submitted to FI.

The amendments enter into force on 1 December 2020. They shall apply to consolidated accounts prepared for the financial year ending on 31 December 2020. Amendment 2020:24

Amendments

FI removes the references in the general guidelines to the international accounting standard IFRS 4 Insurance Contracts since it has been repealed. IFRS 17 Insurance Contracts replaces IFRS 4. FI also introduces general guidelines on exemption from applying IFRS 17 to annual accounts and consolidated annual accounts prepared in accordance with Chapter 7, sections 1−4 of the Annual Accounts at Insurance Undertakings Act (1995:1560).

FI also clarifies the provisions on accounting of discretionary components and deposit components.

The amendments enter into force on 1 January 2023. Amendment 2022:7

The amendments are primarily additions for clarification about 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 2021:10

The amendments entail that the regulations are adapted to the change in the provisions regarding the accounting of share premium reserves in the Annual Accounts at Credit Institutions, Securities Companies and Insurance Undertakings Ordinance (1995:1560) and the Annual Accounts Act (1995:1554).

The amendments enter into force on 9 February 2021. They must be applied to financial years commencing after 31 December 2020. Amendment 2021:1

The amendments entail that FI is removing the requirement that unlisted companies that prepare consolidated accounts must apply international accounting standards. Previously, the requirement applied to all companies.

In this way, FI adapts the regulations to the consolidated account provisions for unlisted companies that apply under the Annual Accounts at Insurance Undertakings Act (1995:1560).
FI also clarifies the provision on interim reports and removes the requirement that interim reports should be sent to FI.

The amendments enter into force from 1 December 2020. They apply to consolidated accounts prepared for the financial year ending 31 December 2020. Amendment 2020:24