New Swiss rules reveal hidden capital

The Bundesamt fur PrivaTVersicherungen (BPV) proposed the new rules, known as the Swiss Solvency Test (SST), in 2003, but only this year has a full impact study been conducted.

In its original formulation, the SST was intended purely as a supervisory review or Pillar II mechanism, leaving Switzerland's book value-based Pillar I capital requirements untouched.

Yet the introduction of SST, which has been acknowledged by regulators as being Europe's most advanced risk-based solvency framework,

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