Category Archives: Insurance

Insurance Supervision Act – Key Aspects of the Ongoing Revision

From mid November 2018 until 28 February 2019, the Swiss Federal Council held consultations on a partial revision of the Insurance Supervision Act (ISA). Subject to completion of the legislative process and the referendum period, the revisions will likely enter into force around 2022.

The proposed bill will update existing provisions in the ISA to bring them in line with international standards and rectify perceived inadequacies in the current regulations. It will also introduce completely new provisions to regulate the restructuring of (re)insurance companies, an explicit statutory basis for the Swiss Solvency Test (SST), product governance and conduct-of-business regulations for specific investment products and, last but not least, a system of differentiated supervisory intensity to better reflect the specificities of the retail/wholesale and professional insurance markets.

By Petra Ginter1 (Reference: CapLaw-2019-12)

Equivalence with Solvency II: Revision of FINMA Regulations for (Re-)Insurers

This article aims to provide an overview of the amendments in FINMA regulations for (re-)insurers between 2015 and 2016. The amendments followed the entering into force of the revised Swiss Insurance Supervision Ordinance (ISO) on 1 July 2015 which was instrumental to secure the European Commission’s recognition of the Swiss insurance supervision system’s equivalence with the EU’s Solvency II Directive of 5 June 2015. In addition to these required amendments, FINMA had the intention to streamline and simplify some aspects of existing regulations and thus consolidated a number of FINMA circulars. Finally, this article points out a few other recent or ongoing revisions that are relevant for the (re-)insurance industry.

By Petra Ginter (Reference: CapLaw-2017-25)