Tag Archives: CapLaw-2012-33

FINMA Opens Consultation on Insurance Bankruptcy Ordinance

The Swiss Financial Market Supervisory Authority FINMA has opened consultation on the new Insurance Bankruptcy Ordinance FINMA (IBO-FINMA). Since the Insurance Supervision Act (ISA) has been amended as part of the deposit protection scheme bill on 1 September 2011, FINMA has become responsible for the opening and execution of bankruptcy proceedings over insurers, reinsurers and brokers which are subject to FINMA supervision. Accordingly, the IBO-FINMA will be a necessary implementation of the authority granted to FINMA under the revised ISA. As the amended ISA includes, however, only the basic principles, i.e. the conditions for the opening of a bankruptcy as well as certain principle steps on the bankruptcy proceeding, the new IBO-FINMA shall supplement these provisions in more detail.