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One year ago the Federal Office for Private Insurance, the Federal Banking Commission and the Control Office for the Prevention of Money Laundering were consolidated into a single regulatory body - the Financial Market Supervisory Authority. The authority is charged with the enforcement of seven federal laws which are central to the supervision of the financial services industry.
The Swiss Federal Office for Private Insurance recently introduced the Swiss Quality Assessment, two annual questionnaires which further implement the Federal Law concerning the Supervision of Insurance Businesses that entered into force in 2006. These questionnaires seek information about an insurer's corporate governance policies and its risk management and internal control system.
New Law Reforms the Supervision of Insurers
The Federal Law on the Supervision of Insurance Businesses came into force in January 2006. A principal aim of the law is "the protection of insureds against the insolvency risks of insurers". The law is based on the assumption that requiring the appointment of a responsible actuary and more detailed financial reporting and modelling will provide better protection for policyholders.
Captive Insurance and Reinsurance Companies
A captive insurance or reinsurance company is a limited purpose insurance or reinsurance company established primarily for the purpose of insuring the risks associated with a single organization. As Switzerland does not have a captive-specific legal regime, captive insurance companies must meet all regulatory requirements applicable to a commercial insurer or reinsurer.
The Federal Insurance Contract Statute is being partially revised to account for modern ideas of consumer protection. Proposed changes include more stringent information obligations for insurance companies and the introduction of the principle of division of premiums.
Overview (February 2000)
Including: Types of Insurance; Applicable Law; Social Security System; Health and Accident Insurance; Private Insurance Law; Insurance Supervision Law; Recent Developments
