Key Benefits:
On 17 December 2004 (State on 15 March 2016)
1 This Act regulates the supervision of insurance undertakings and insurance intermediaries by the Confederation.
2 Its purpose is to protect insured persons against the risks of insolvency of insurance undertakings and against abuse.
1 The following are subject to supervision within the meaning of this Law:
2 Except for supervision within the meaning of this Law:
3 Where justified by special circumstances, the Federal Financial Market Supervisory Authority (FINMA) may release from supervision an insurance undertaking for which the insurance activity is of low economic importance Or affects only a restricted circle of insured persons. 2
4 The Federal Council defines the insurance business in Switzerland.
1 Introduced by c. I of the 12 Dec LF. 2014, in force since 1 Er Jul. 2015 ( RO 2015 1539 ; FF 2014 6041 6087).
2 New content according to the c. 18 of the Annex to the L of 22 June 2007 on the supervision of financial markets, in force since 1 Er Jan 2009 ( RO 2008 5207 5205; FF 2006 2741 ).
1 Any insurance undertaking within the meaning of s. 2, para. 1, let. A and b, which is subject to supervision (insurance undertaking) must have obtained a licence from FINMA 1 To carry out its insurance business.
2 A licence must also be obtained in the case of mergers, divisions and transformations of insurance undertakings.
1 New expression according to c. 18 of the Annex to the L of 22 June 2007 on the supervision of financial markets, in force since 1 Er Jan 2009 ( RO 2008 5207 5205; FF 2006 2741 ). This mod has been taken into account. Throughout the text.
1 An insurance undertaking within the meaning of s. 2, para. 1, let. A and b, who wishes to obtain a licence to access the insurance activity, must submit an application with an operating plan to FINMA.
2 The operating plan must contain the following information and documents:
3 Where the insurance undertaking has already obtained approval for other branches of insurance, the information and documents referred to in para. 2, let. A to l, are to be included in subsequent approvals only if they are expected to undergo changes in relation to those that have already been approved.
4 The FINMA may request the other information and documents necessary for it to decide on the application for authorisation.
1 Repealed by c. 9 of the annex to the PMQ of 20 June 2014 (Concentration of supervision of review companies and audit companies), with effect from 1 Er Jan 2015 ( RO 2014 4073 ; FF 2013 6147 ).
1 Amendments to the parts of the business plan referred to in s. 4, para. 2, let. A, h, k and r must be approved by FINMA prior to completion. Amendments to the operating plan resulting from mergers, divisions and transformations of insurance undertakings must also be approved. 1
2 Amendments to the parts of the business plan referred to in s. 4, para. 2, let. B, c, d, f, g, j, l, m, n and q, shall be communicated to FINMA; they shall be considered approved if FINMA does not initiate a review procedure within four weeks.
1 New content according to the c. 9 of the annex to the PMQ of 20 June 2014 (Concentration of supervision of revision companies and audit companies), in force since 1 Er Jan 2015 ( RO 2014 4073 ; FF 2013 6147 ).
1 Approval is granted if the legal requirements are met and the interests of the insured are safeguarded.
2 If the insurance undertaking is part of an insurance group or foreign insurance conglomerate, the granting of the authorisation may be subject to the existence of adequate consolidated supervision by a foreign supervisory authority Financial markets. 1
3 Approval is granted for one or more classes of insurance. It also allows for the exploitation of reinsurance cases in these branches. The Federal Council appoints the branches of insurance.
4 FINMA publishes the approvals granted.
1 New content according to the c. 18 of the Annex to the L of 22 June 2007 on the supervision of financial markets, in force since 1 Er Jan 2009 ( RO 2008 5207 5205; FF 2006 2741 ).
The insurance undertaking must be incorporated as an anonymous company or in a cooperative society.
1 The insurance undertaking having its registered office in Switzerland must have a minimum capital of between 3 and 20 million francs, depending on the insurance industries operating.
2 The Federal Council lays down minimum capital provisions for the various branches of insurance.
3 The required capital is fixed by FINMA in each case.
1 The insurance undertaking must have a sufficient and free heritage of any foreseeable commitment, relating to its entire activity (solvency margin).
2 In calculating the solvency margin, account shall be taken of the risks to which the insurance undertaking is exposed, the sectors of insurance operated, the volume of cases, the territorial scope of activity and the principles recognised in the plan. International.
3 The Federal Council shall issue provisions concerning own funds which may be taken into account. FINMA lays down provisions concerning the calculation of the solvency margin and its minimum level.
1 The insurance undertaking must have, in addition to capital, an organisational fund to cover in particular the costs of foundation and development or those resulting from an exceptional extension of the business. At the beginning of the activity, the organisation fund generally amounts to 50 % of the minimum capital within the meaning of Art. 8.
2 The Federal Council regulates the amount and constitution of the organisation fund, the duration of its maintenance and its reconstitution.
3 In each case, FINMA sets the amount of the organisation fund.
1 An insurance undertaking may, in addition to insurance activities, carry out activities which are directly related to insurance activities.
2 FINMA may authorize the exercise of other activities where they are not prejudicial to the interests of the insured.
Insurance companies that practice life insurance cannot operate any other insurance industry, apart from accident insurance and health insurance.
A company that intends to operate the motor vehicle civil liability insurance business must join the National Insurance Bureau and the National Guarantee Fund under s. 74 and 76 of the Federal Act of 19 December 1958 on Road Traffic 1 .
1 The following people must have a good reputation and offer the guarantee of an irreproachable activity:
2 The Federal Council shall determine the professional qualifications required of the persons mentioned in para. 1.
3 L' al. 1 shall apply mutatis mutandis in the case of delegating important functions of the insurance undertaking to other persons.
1 In addition, the foreign company intending to carry out an insurance activity in Switzerland must:
2 The contrary provisions of international treaties remain reserved.
1 The insurance undertaking shall be required to provide sufficient technical provisions for all its activities.
2 The Federal Council shall lay down the principles for the establishment of technical provisions. It may instruct FINMA to establish terms and conditions for the types and levels of technical provisions.
1 The insurance undertaking must constitute a linked asset in order to guarantee the obligations arising from the insurance contracts it has entered into.
2 It is not required to guarantee in accordance with para. 1 foreign insurance portfolios for which it is required to be equivalent foreign security interests.
The flow of the related capital includes technical provisions within the meaning of s. 16, and an adequate supplement. FINMA determines this supplement.
1 The assets assigned to the tied wealth meet the obligations that it is intended to guarantee.
2 In the event of the transfer of an insurance portfolio to another insurance undertaking, the assets allocated to the related assets or the corresponding assets shall pass to the insurance undertaking which takes over the portfolio, unless the FINMA decides otherwise.
The Federal Council lays down provisions concerning the constitution, location, coverage, alteration and control of related assets. It may instruct FINMA to enact the detailed technical provisions.
1 An insurance company with its registered office in Switzerland that intends to take an interest in another business must announce it to FINMA when that participation reaches or exceeds the thresholds of 10, 20, 33 or 50 % of the capital or Voting rights.
2 Any person who intends to take, directly or indirectly, an interest in an insurance undertaking having its registered office in Switzerland shall announce it to FINMA where such participation reaches or exceeds 10, 20, 33 or 50 % of the capital or Voting rights of the insurance undertaking.
3 Any person who intends to reduce his or her participation in an insurance undertaking having its registered office in Switzerland in such a way that it drops below the thresholds of 10, 20, 33 or 50 % of the capital or voting rights or changes its participation in it In such a way that the insurance undertaking ceases to be its subsidiary, must announce it to FINMA.
4 FINMA may prohibit a participation or make it subject to conditions where it may, by reason of its nature or importance, be prejudicial to the insurance undertaking or prejudice the interests of the insured.
1 The insurance undertaking must be organised in such a way as to be able, in particular, to identify, limit and control all major risks.
2 The Federal Council lays down provisions on the objective, content and documents relating to risk management. 1
3 FINMA regulates risk control by the insurance company. 2
1 New content according to the c. 18 of the Annex to the L of 22 June 2007 on the supervision of financial markets, in force since 1 Er Jan 2009 ( RO 2008 5207 5205; FF 2006 2741 ).
2 Introduced by ch. 18 of the Annex to the L of 22 June 2007 on the supervision of financial markets, in force since 1 Er Jan 2009 ( RO 2008 5207 5205; FF 2006 2741 ).
1 Insurance companies must designate a responsible actuary and give them access to all their documents.
2 The actuary responsible must enjoy a good reputation, be professionally qualified and be able to properly assess the financial consequences of the activity of the insurance undertaking. The Federal Council shall determine the professional qualifications required of the responsible actuary.
3 The company must notify FINMA without delay of the revocation or resignation of the responsible actuary.
1 The responsible actuary has the following responsibilities:
2 If there are deficiencies, he shall immediately inform the management of the insurance undertaking.
3 In addition, it periodically prepares a report for management or, for foreign insurance companies, the general agent. For the shortcomings noted, it indicates in its report the measures which it has proposed to regularise the situation as well as those which have actually been taken.
4 FINMA lays down additional provisions concerning the tasks of the actuary responsible and the content of the report which it is required to establish.
1 The insurance undertaking shall establish on 31 December of each year a management report consisting of the annual accounts, the annual report and, where required by law, the accounts of the group. If the insurance business is part of an insurance group or insurance conglomerate, group accounts must always be provided.
2 It also establishes an annual activity report. FINMA sets out the requirements to be met by this report and identifies the information and documents to be included.
3 The insurance company shall submit to FINMA its management report and the activity report for the last financial year no later than 30 April. Insurance companies practising reinsurance only submit them by 30 June at the latest.
4 Foreign insurance companies submit a separate management report for their activities in Switzerland, as well as a separate activity report for the last fiscal year.
5 The annual accounts are published in the FINMA report (Art. 48).
6 FINMA may require interim reports. It may also set special requirements for the management report.
1 Insurance companies are the legal reserve from profit in accordance with their operating plan. The Supervisory Authority shall define the minimum amount to be allocated to it.
2 The foundation, capital increase and organization costs are to be charged to the organization fund for the year to which they relate.
3 The Federal Council may derogate from the provisions of the Code of Obligations 2 Concerning the accounting and presentation of accounts if the particulars of the insurance activity or the protection of the insured persons justify it and the economic situation is presented in an equivalent manner.
4 The Federal Council may authorise the Supervisory Authority to lay down implementing provisions in areas of lesser scope, in particular technical areas.
5 Where the conditions set out in para. 3 are fulfilled, the supervisory authority may limit the application to the insurance sector of accounting standards recognised by the Federal Council.
1 New content according to the c. 9 of the annex to the LF of 23 Dec. 2011 (Accounting Law), in force since 1 Er Jan 2013 ( RO 2012 6679 ; FF 2008 1407 ).
2 RS 220
1 The insurance undertaking must have an effective internal control system, covering all its activities. It also designates an internal review body independent of senior management (inspectorate).
2 Where special circumstances warrant, FINMA may exempt an insurance undertaking from the designation of a Inspectorate.
1 Repealed by c. 9 of the annex to the PMQ of 20 June 2014 (Concentration of supervision of review companies and audit companies), with effect from 1 Er Jan 2015 ( RO 2014 4073 ; FF 2013 6147 ).
1 The insurance undertaking shall charge an audit firm approved by the Federal Supervisory Authority for review under Art. 9 A , para. 1, of the Act of 16 December 2005 on the supervision of the revision 2 To conduct an audit in accordance with Art. 24 of the Act of 22 June 2007 on the Supervision of Financial Markets 3 .
2 The insurance undertaking shall have its annual accounts and, where applicable, its group accounts reviewed by a revision undertaking subject to the supervision of the State in accordance with the principles of ordinary supervision of the code of obligations 4 .
1 New content according to the c. 9 of the annex to the PMQ of 20 June 2014 (Concentration of supervision of revision companies and audit companies), in force since 1 Er Jan 2015 ( RO 2014 4073 ; FF 2013 6147 ).
2 RS 221.302
3 RS 956.1
4 RS 220
1 Repealed by c. 9 of the annex to the PMQ of 20 June 2014 (Concentration of supervision of review companies and audit companies), with effect from 1 Er Jan 2015 ( RO 2014 4073 ; FF 2013 6147 ).
The audit firm shall immediately inform the FINMA if it detects:
1 To protect policyholders, the Federal Council may impose restrictions on the practice of certain insurance industries.
2 This regulation takes precedence over the agreement referred to in s. 31 A . 1
1 Introduced by ch. 3 of the annex to the L of 26. 2014 on the surveillance of health insurance, in force since 1 Er Jan 2016 ( RO 2015 5137 ; FF 2012 1725 ).
Insurance companies may enter into an agreement to settle the telephone market, the abandonment of services provided by call centres and the limitation of the compensation of intermediaries.
1 Introduced by ch. 3 of the annex to the L of 26. 2014 on the surveillance of health insurance, in force since 1 Er Jan 2016 ( RO 2015 5137 ; FF 2012 1725 ).
1 An insurance undertaking which intends to practice the insurance of legal protection at the same time as other branches of insurance:
2 The Federal Council regulates the relationship between the insurance company and the claims manager. It also lays down provisions on the form and content of the insurance contract for legal protection, in particular as regards the procedure in the event of a difference of opinion between the insurance undertaking or the managing company Claims and the insured as to the measures to be taken to settle the claim.
1 An insurance undertaking may enter into insurance contracts covering the damage caused by the fire for risks in Switzerland only if the cover against damage caused by natural events is included in those contracts.
2 The coverage and premium rates are uniform and mandatory for all insurance companies.
3 FINMA examines, on the basis of the rates and bases of calculation presented to it by insurance companies, whether the premiums are adapted to the risk and the costs.
4 The Federal Council shall issue detailed provisions concerning:
5 It can:
The insurance undertaking which operates the branch of civil liability insurance for motor vehicles shall indicate to FINMA the name and address of the claims representative designated in each State of the Area European Economic Community in the sense of Art. 79 B The Law of 19 December 1958 on Road Traffic 1 .
1 Art. 15, 17 to 20, 32 to 34, 36, 37, 55 to 59 and 62 are not applicable to insurance undertakings which only practice reinsurance.
2 The other provisions shall apply mutatis mutandis.
1 The Federal Council shall lay down provisions relating to the maximum level of the technical interest rate for insurance undertakings which practice personal or collective direct insurance on life and shall carry out insurance contracts on Life with interest rate guarantee.
2 Insurance undertakings which practice individual or group direct insurance on life and must carry out life insurance contracts with an interest in excess must remit to the insured each year an account Verification of surplus participation. The statement shall include the basis for the calculation and the principles for the distribution of the surplus.
3 For insurance undertakings within the meaning of para. 2, the Federal Council may make provisions concerning:
1 Insurance undertakings operating in the field of professional foresight are required to create a specific linked asset with a view to ensuring the coverage of their commitments in the framework of occupational foresight.
2 They shall keep separate accounts for their activity in the field of occupational foresight. This accounting includes, inter alia:
3 The Federal Council shall issue provisions concerning:
4 Participation in the surplus to be accounted for shall be at least 90 % of the participation in the surplus calculated on the basis provided for in para. 3, let. B.
5 If the accounting reveals a loss, no participation in the surplus is allocated during the accounting year concerned. The certified loss shall be carried forward to the following year and shall be taken into account in the calculation of the participation in the surplus of the year in question.
In the course of the approval procedure, FINMA shall examine, on the basis of the price calculations presented to it by insurance undertakings, whether the expected premiums remain within the limits which guarantee, on the one hand, the solvency of insurance undertakings And, on the other hand, the protection of insured persons against abuse. Art. 33, para. 3, is reserved.
Insurance undertakings which, by transfer, hold the capital values of the provident institutions created by them and dependent on them economically or organisational, are required to pay at least the benefits provided for In compulsory occupational foresight.
An insurance intermediary means any person who, regardless of his or her designation, acts for insurance undertakings or other persons for the purpose of concluding insurance contracts or enters into such contracts.
An intermediary may not carry on business in favour of insurance undertakings subject to this Act, but who are not authorised to carry on an insurance activity.
1 FINMA maintains a register of intermediaries.
2 The register is public.
3 The Federal Council shall lay down the implementing rules.
1 Intermediaries who are not legally, economically or otherwise legally bound to an insurance undertaking must register in the register.
2 Other intermediaries have the right to be registered in the register.
1 Only a person who:
2 The Federal Council determines the professional qualifications required and sets the minimum amount of financial guarantees. It can instruct FINMA to regulate technical details.
1 At the first contact, the intermediary must at least indicate to the insured:
2 The information referred to in para. 1 must be provided on a durable medium accessible to the insured person.
3 The Federal Council shall lay down the implementing rules.
1 FINMA performs the following tasks:
3 The Federal Council shall lay down detailed rules for the implementation of the various tasks.
1 RS 741.01
2 Repealed by c. 9 of the annex to the PMQ of 20 June 2014 (Concentration of supervision of review companies and audit companies), with effect from 1 Er Jan 2015 ( RO 2014 4073 ; FF 2013 6147 ).
1 FINMA can perform checks at any time.
2 When an insurance undertaking delegates important functions to other natural or legal persons, the obligation to inform and advertise under s. 29 of the Act of 22 June 2007 on the supervision of financial markets 2 Also applies to these persons.
1 New content according to the c. 18 of the Annex to the L of 22 June 2007 on the supervision of financial markets, in force since 1 Er Jan 2009 ( RO 2008 5207 5205; FF 2006 2741 ).
2 RS 956.1
1 Repealed by c. 18 of the Annex to the L of 22 June 2007 on the supervision of financial markets, with effect from 1 Er Jan 2009 ( RO 2008 5207 5205; FF 2006 2741 ).
1 FINMA regularly publishes decisions on insurance law.
2 The Swiss courts must provide the FINMA with a copy of all judgments concerning the provisions of the law of the insurance contract.
1 Repealed by c. 18 of the Annex to the L of 22 June 2007 on the supervision of financial markets, with effect from 1 Er Jan 2009 ( RO 2008 5207 5205; FF 2006 2741 ).
1 If an insurance undertaking or an intermediary does not comply with the provisions of this Act or an order, decisions of the FINMA, or if the interests of the insured appear to be threatened in another way, FINMA shall take the Which it considers necessary to safeguard the interests of insured persons.
2 It may include:
3 It shall cause such measures to be published in an appropriate manner where publication is necessary for the enforcement of measures or for the protection of third parties. 4
1 New content according to the c. 5 of the annex to the LF of 18 March 2011 (Guarantee of deposits), in force since 1 Er Seven. 2011 ( RO 2011 3919 ; FF 2010 3645 ).
2 Introduced by c. 5 of the annex to the LF of 18 March 2011 (Guarantee of deposits), in force since 1 Er Seven. 2011 ( RO 2011 3919 ; FF 2010 3645 ).
3 Introduced by c. 5 of the annex to the LF of 18 March 2011 (Guarantee of deposits), in force since 1 Er Seven. 2011 ( RO 2011 3919 ; FF 2010 3645 ).
4 Introduced by ch. 5 of the annex to the LF of 18 March 2011 (Guarantee of deposits), in force since 1 Er Seven. 2011 ( RO 2011 3919 ; FF 2010 3645 ).
When FINMA withdraws its operating authority from an insurance undertaking, it is dissolved. FINMA appoints the liquidator and supervises its activity.
1 New content according to the c. 5 of the annex to the LF of 18 March 2011 (Guarantee of deposits), in force since 1 Er Seven. 2011 ( RO 2011 3919 ; FF 2010 3645 ).
1 If there are serious concerns that an insurance company may be over-leveraged, or that it has significant liquidity problems, FINMA, in the absence of remediation prospects or if remediation has failed, withdraws the authorization, Pronounces bankruptcy and publishes it.
2 The provisions relating to the agreement procedure (Art. 293 to 336 of the Federal Law of April 11, 1889 on the Prosecution of Debts and Bankruptcy, LP 2 ), to the postponement of the bankruptcy of public limited-liability companies (art. 725 and 725 A CO 3 ) And the obligation to notify the judge (art. 728 C , para. 3, CO) do not apply to insurance undertakings.
3 FINMA appoints one or more liquidators of the bankruptcy. They are subject to his or her supervision and shall report to him on his request.
1 New content according to the c. 5 of the annex to the LF of 18 March 2011 (Guarantee of deposits), in force since 1 Er Seven. 2011 ( RO 2011 3919 ; FF 2010 3645 ).
2 RS 281.1
3 RS 220
1 The liquidation decision shall deploy the effects of the opening of the bankruptcy within the meaning of s. 197 to 220 LP 2 .
2 Subject to the following provisions, bankruptcy shall be carried out in accordance with the rules prescribed in s. 221 to 270 LP.
3 FINMA can make decisions and measures derogating from these rules.
1 New content according to the c. 5 of the annex to the LF of 18 March 2011 (Guarantee of deposits), in force since 1 Er Seven. 2011 ( RO 2011 3919 ; FF 2010 3645 ).
2 RS 281.1
1 The claims of insured persons who may be ascertained by means of the books of the insurance undertaking shall be deemed to be produced.
2 The proceeds of related capital are primarily used to cover claims arising from insurance contracts guaranteed under s. 17. The eventual balance is paid to the mass.
1 Introduced by ch. 5 of the annex to the LF of 18 March 2011 (Guarantee of deposits), in force since 1 Er Seven. 2011 ( RO 2011 3919 ; FF 2010 3645 ).
1 The liquidator of the bankruptcy may propose to FINMA the following measures:
2 FINMA is not bound by the proposals of the liquidator of the bankruptcy.
1 Introduced by ch. 5 of the annex to the LF of 18 March 2011 (Guarantee of deposits), in force since 1 Er Seven. 2011 ( RO 2011 3919 ; FF 2010 3645 ).
1 The distribution table is not deposited.
2 After the distribution, the liquidators of the bankruptcy submit a final report to FINMA.
3 FINMA takes the necessary steps to close the proceedings. It publishes its decision.
1 Introduced by ch. 5 of the annex to the LF of 18 March 2011 (Guarantee of deposits), in force since 1 Er Seven. 2011 ( RO 2011 3919 ; FF 2010 3645 ).
Art. 37 F And 37 G Of the Act of 8 November 1934 on banks 2 Apply by analogy to the recognition of foreign bankruptcy and insolvency decisions, as well as to coordination with foreign insolvency proceedings.
1 Introduced by ch. 5 of the annex to the LF of 18 March 2011 (Guarantee of deposits), in force since 1 Er Seven. 2011 ( RO 2011 3919 ; FF 2010 3645 ).
2 RS 952.0
1 In bankruptcy proceedings, creditors and owners of insurance or a significant company of a group or conglomerate can only resort to enforcement operations. Recourse within the meaning of s. 17 of the Federal Act of April 11, 1889 on the Prosecution of Debts and Bankruptcy 2 Are excluded in these proceedings.
2 Appeals in bankruptcy proceedings shall not have suspensory effect. The investigating judge may return the suspensory effect to the request of a party.
1 Introduced by ch. 15 of the annex to the L of 19 June 2015 on financial market infrastructure, in force since 1 Er Jan 2016 ( RO 2015 5339 ; FF 2014 7235 ).
2 RS 281.1
1 Notwithstanding s. 37, para. 1, of the Federal Act of 2 April 1908 on the insurance contract 1 , the opening of the bankruptcy does not lead to the extinction of life insurance guaranteed by the tied wealth.
2 The FINMA may, for the insurance mentioned in para. 1:
3 During the stay of the payment of the premiums, the insurance may be terminated or converted into an insurance released from the payment of the premiums only on the written request of the policyholder.
1 If FINMA does not take specific measures, in particular if the transfer of the insurance portfolio within the meaning of s. 51, para. 2, let. D, is not possible, it orders the realization of the related fortune.
2 The decision to proceed results in the lapse of insurance contracts. At that time, policyholders and successors in title may exercise the rights provided for in s. 36, para. 3, of the Federal Act of 2 April 1908 on the insurance contract 2 And claim the claims arising from the matured insurance and the share of the profits credited.
1 New content according to the c. 5 of the annex to the LF of 18 March 2011 (Guarantee of deposits), in force since 1 Er Seven. 2011 ( RO 2011 3919 ; FF 2010 3645 ).
2 RS 221.229.1
For a foreign business, a lien is constituted, by law, on the assets assigned to the related capital and the bond to guarantee the claims arising out of insurance contracts to be guaranteed under this Act. Such property may be used to cover third-party claims only if the claims of the policyholders have been fully satisfied.
1 For claims arising out of insurance contracts to be guaranteed under this Act, the foreign insurance undertaking shall be sued for a pledge at the head office of its Swiss branch (Art. 151 ss LP 1 ). If FINMA releases a building for completion, the prosecution is continued at the location of the building.
2 The Prosecution Office shall inform FINMA within three days of any requisition for the sale of the pledge that has been received.
3 If the insurance undertaking cannot prove, within fourteen days of receipt of the request for sale of the pledge, that the creditor has been fully disinterested, the FINMA, after having heard it, indicates to the Office of the Prosecution which assets assigned to related assets or suretyship may be distracted to be carried out.
If the supervisory authority of the country in which the insurance undertaking has its registered office is restricted or prohibits the free disposal of its assets, FINMA, at its request, may take the same measures for the whole of the company's Swiss business Insurance.
1 An insurance company that waives approval must submit a liquidation plan to FINMA for approval.
2 The report shall contain information on:
3 If the insurance company does not comply with the approved liquidation plan, s. 61, para. 2, shall apply mutatis mutandis.
4 The insurance undertaking which has waived authorisation may not enter into new insurance contracts in the branches concerned; the contracts under way may not be extended, nor the extended covers.
5 The insurance undertaking which has fulfilled its obligations under the right of supervision shall be released from the supervision and the guarantees it has set up shall be returned to it.
1 FINMA may revoke an approval granted to an insurance company that has ceased operations for more than six months for the operation of certain or all insurance industries.
2 When the person withdraws the registration under this Act or the s. 37 of the Act of 22 June 2007 on the supervision of financial markets 2 , FINMA shall take all necessary measures to safeguard the interests of insured persons, in particular those provided for in Art. 51.
3 After the withdrawal of the licence, an insurance undertaking cannot enter into new insurance contracts; the contracts in progress cannot be extended, nor the extended covers.
1 New content according to the c. 18 of the Annex to the L of 22 June 2007 on the supervision of financial markets, in force since 1 Er Jan 2009 ( RO 2008 5207 5205; FF 2006 2741 ).
2 RS 956.1
1 If an insurance undertaking wholly or partially transfers a Swiss insurance portfolio to another insurance undertaking under an agreement, the transfer must be approved by FINMA. FINMA only approves the transfer if the interests of the insured are safeguarded as a whole.
2 If the portfolio transfer is ordered by FINMA, it determines the conditions.
3 The reprising insurance undertaking shall be required to inform individually of the transfer and their right of cancellation to the policyholders of the insurance contracts which it takes over within 30 days of the notification of approval. The policyholder has the right to terminate the insurance contract within three months from the individual information.
4 FINMA may exclude the right of termination when, from an economic point of view, the transfer of portfolio does not involve a change in the contractual partner for the policyholder.
Two or more companies form an insurance group if the following conditions are met:
1 FINMA may subject to the supervision of groups an insurance group of which a Swiss company is a member if it is effectively directed:
2 If, at the same time, foreign authorities claim the right to exercise the supervision of all or part of the insurance group, FINMA agrees with them about the powers, procedures and purpose of the supervision, by ensuring that: Respect for its own competences and taking into account the possible supervision of conglomerates. Before making its decision, FINMA consults with the companies of the insurance group having their registered office in Switzerland.
Group supervision within the meaning of this section is carried out in addition to the individual supervision of insurance undertakings.
Art. 14 and 22 apply by analogy to those in charge of the senior management, the supervision, control and management of the insurance group, and the management of its risks.
FINMA may make provisions for the monitoring of internal operations of groups and for the accumulation of risks within groups.
1 The Federal Council shall determine the own funds which may be taken into account at the group level.
2 FINMA sets the capital requirements. It is based on internationally accepted principles in the insurance sector and takes into account the importance of other areas of activity as well as the risks involved.
Insurance groups shall mandate an audit firm approved by the Federal Supervisory Authority for review within the meaning of s. 9 A , para. 1, of the Act of 16 December 2005 on the supervision of the revision 2 For an audit within the meaning of Art. 24 of the Act of 22 June 2007 on the Supervision of Financial Markets 3 Art. 28 shall apply mutatis mutandis.
1 New content according to the c. 9 of the annex to the PMQ of 20 June 2014 (Concentration of supervision of revision companies and audit companies), in force since 1 Er Jan 2015 ( RO 2014 4073 ; FF 2013 6147 ).
2 RS 221.302
3 RS 956.1
Insurance companies that are part of an insurance group are all subject to the obligation to provide information under s. 47.
1 Art. 53 to 54 E Of this Law shall apply mutatis mutandis to a company of the Group having its registered office in Switzerland which performs important functions for the activities subject to authorisation and is not subject, as part of the individual supervision of Establishment in accordance with the financial market legislation referred to in s. 1 of the Act of 22 June 2007 on the supervision of financial markets 2 (laws on financial markets), to the competence of FINMA in matters of bankruptcy (company of the significant group).
2 The Federal Council sets the criteria for assessing materiality.
3 FINMA refers to the companies of the significant group and maintains a directory of these companies. It is accessible to the public.
1 Introduced by ch. 15 of the annex to the L of 19 June 2015 on financial market infrastructure, in force since 1 Er Jan 2016 ( RO 2015 5339 ; FF 2014 7235 ).
2 RS 956.1
Two or more companies form an insurance conglomerate if the following conditions are met:
1 FINMA may subject to the supervision of conglomerates an insurance conglomerate of which a Swiss company is a member if it is effectively directed:
2 If, at the same time, other foreign authorities claim the right to exercise the supervision of all or part of the insurance conglomerate, FINMA agrees with them about the powers, terms and conditions of supervision, Ensuring respect for its own competences and taking into account the possible supervision of groups. Before making its decision, FINMA consults with companies in the insurance conglomerate based in Switzerland. 1
1 New content according to the c. 18 of the Annex to the L of 22 June 2007 on the supervision of financial markets, in force since 1 Er Jan 2009 ( RO 2008 5207 5205; FF 2006 2741 ).
The supervision of conglomerates under this section is carried out in addition to individual supervision and supervision of an insurance group or financial group by the competent supervisory authorities.
Art. 14 and 22 apply by analogy to those in charge of the senior management, the supervision, control and management of the insurance conglomerate, and the management of its risks.
FINMA may make provisions for the supervision of the internal operations of conglomerates and the accumulation of risks within conglomerates.
1 The Federal Council shall determine the own funds which may be taken into account in the conglomerate.
2 FINMA sets the capital requirements. It is based on internationally accepted principles in the insurance sector and in the financial sector and takes into account the importance of these areas of activity and the risks involved.
Insurance conglomerates must mandate an audit firm approved by the Federal Supervisory Authority for review within the meaning of s. 9 A , para. 1, of the Act of 16 December 2005 on the supervision of the revision 2 For an audit within the meaning of Art. 24 of the Act of 22 June 2007 on the Supervision of Financial Markets 3 Art. 28 shall apply mutatis mutandis.
1 New content according to the c. 9 of the annex to the PMQ of 20 June 2014 (Concentration of supervision of revision companies and audit companies), in force since 1 Er Jan 2015 ( RO 2014 4073 ; FF 2013 6147 ).
2 RS 221.302
3 RS 956.1
Insurance companies that form part of an insurance conglomerate are all subject to the obligation to provide information within the meaning of s. 47.
1 Art. 53 to 54 E Are applicable by analogy to a company of the conglomerate having its registered office in Switzerland which performs important functions for the activities subject to authorisation and is not subject, as part of the individual supervision of the establishment In accordance with the laws on financial markets, to the competence of FINMA in bankruptcy (a company of the significant conglomerate).
2 The Federal Council sets the criteria for assessing materiality.
3 FINMA refers to the companies in the significant conglomerate and maintains a directory of these companies. It is accessible to the public.
1 Introduced by ch. 15 of the annex to the L of 19 June 2015 on financial market infrastructure, in force since 1 Er Jan 2016 ( RO 2015 5339 ; FF 2014 7235 ).
2 FINMA and supervisory authority within the meaning of the Act of 26 September 2014 on the supervision of health insurance 2 Coordinate their monitoring activities. They shall inform themselves as soon as they are aware of important facts for the other supervisory authority. 3
1 Repealed by c. 15 of the annex to the L of 19 June 2015 on financial market infrastructure, with effect from 1 Er Jan 2016 ( RO 2015 5339 ; FF 2014 7235 ). Erratum of the Ass CoR. Fed. From February 17, 2016, published on March 15, 2016 (RO 2016 921).
2 RS 832.12
3 Introduced by ch. 3 of the annex to the L of 26. 2014 on the surveillance of health insurance, in force since 1 Er Jan 2016 ( RO 2015 5137 ; FF 2012 1725 ).
1 Repealed by c. 18 of the Annex to the L of 22 June 2007 on the supervision of financial markets, with effect from 1 Er Jan 2009 ( RO 2008 5207 5205; FF 2006 2741 ).
1 When a decision on tariffs for current insurance contracts is made, it is announced in the Federal Worksheet. The communication shall summarily indicate the subject matter and content of the decision and shall be deemed to have been notified within the meaning of Art. 36 of the Federal Act of 20 December 1968 on administrative procedure 1 .
2 Any complaint must be filed within 30 days of the decision being communicated.
3 Appeals against decisions concerning tariffs shall not have suspensory effect.
1 The judge shall rule on disputes of private law between insurance undertakings or between insurance undertakings and insured persons.
1 Repealed by c. II 31 of Annex 1 to the Code of Civil Procedure of 19 Dec. 2008, with effect from 1 Er Jan 2011 ( RO 2010 1739 ; FF 2006 6841 ).
1 A fine of up to 500 000 francs is imposed on anyone, intentionally:
2 If the author acts by negligence, he shall be punished by a fine of not more than 150,000 francs.
1 New content according to the c. 18 of the Annex to the L of 22 June 2007 on the supervision of financial markets, in force since 1 Er Jan 2009 ( RO 2008 5207 5205; FF 2006 2741 ).
2 RS 741.01
3 Repealed by c. 15 of the annex to the L of 19 June 2015 on financial market infrastructure, with effect from 1 Er Jan 2016 ( RO 2015 5339 ; FF 2014 7235 ).
1 A person shall be punished with a custodial sentence of up to three years or of a pecuniary penalty, wilfully:
2 If the author acts by negligence, he shall be punished by a fine of not more than 250 000 francs.
1 New content according to the c. 18 of the Annex to the L of 22 June 2007 on the supervision of financial markets, in force since 1 Er Jan 2009 ( RO 2008 5207 5205; FF 2006 2741 ).
2 Repealed by c. 15 of the annex to the L of 19 June 2015 on financial market infrastructure, with effect from 1 Er Jan 2016 ( RO 2015 5339 ; FF 2014 7235 ).
1 The Federal Council shall be responsible for the implementation of this Law. 1
2 When making provisions, the Federal Council shall consult with interested organisations in advance.
3 The right to enact police provisions for fire insurance is reserved for the cantons. They may impose on insurance undertakings against fire, for the Swiss portfolio, moderate contributions for the protection against fire and the prevention of damage due to natural events and to require them to This purpose of the information on the amounts of insurance against the fire relating to their territory.
1 New content according to the c. 18 of the Annex to the L of 22 June 2007 on the supervision of financial markets, in force since 1 Er Jan 2009 ( RO 2008 5207 5205; FF 2006 2741 ).
The repeals and amendments to the existing law are set out in the Annex.
1 Insurance undertakings which have obtained under the former right a licence to operate insurance branches in addition to other branches may exploit them independently from the date of entry into force of this Law, in the Limits of the system.
2 The first reports to be submitted within the time limits set out in Art. 25 are those relating to the fiscal year following the year of the coming into force of this Act.
3 Intermediaries within the meaning of s. 43, para. 1, shall notify FINMA within six months from the date of entry into force of this Law with a view to their entry into the Register.
4 The Federal Council may establish a transitional period in which persons subject to s. 23, 28 and 44 must meet the requirements for professional qualification.
5 Insurance companies whose capital is less than what they should have under s. 8 must be increased within two years from the date of entry into force of this Act.
6 Anyone who effectively leads an insurance group or insurance conglomerate from Switzerland without insurance activity in Switzerland shall be obliged to announce itself to FINMA within three months of the entry into force of the Present law.
7 Existing insurance groups and insurance conglomerates shall adapt to this Law within two years of its entry into force.
8 FINMA may extend the time limits set out in paras. 5, 6 and 7 for fair reasons.
(art. 89)
I
The following acts are repealed:
II
The following laws are amended as follows:
... 6
1 [RS 10 286; RO 1978 1836, 1992 2363, 1993 3209, 1995 1227]
2 [RS 10 293; 1978 1836, 1992 288 2363, 1993 3211, 1995 1227]
3 [RO 1978 1836, 1988 414, 1992 288 Annex c. 66,733 disp. End. Art. 7 ch. 3 2363 Annex c. 2, 1993 3204, 1995 1328 Annex c. 2 3517 ch. I 12,5679, 2000 2355 Annex, c. 28, 2003 232, 2004 1677 Annex c. 4 2617 Annex c. 12]
4 [RO 1992 2363, 1993 3247]
5 [RO 1993 3221, 2004 1677]
6 The mod. Can be viewed at RO 2005 5269 .