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Governance, Risk and Compliance - The Swiss Insurance Industry

  • ID: 3332009
  • Report
  • November 2019
  • Region: Switzerland
  • 61 pages
  • GlobalData
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Governance, Risk and Compliance - The Swiss Insurance Industry


The Swiss Financial Market Supervisory Authority (FINMA) is the government body responsible for supervising the activities of and formulating regulations for the Swiss insurance industry. Insurance and reinsurance activities are governed at federal level in Switzerland, except for a few classes of compulsory insurance, which are regulated at canton level. The FINMA acts as an oversight authority for banks, insurance companies, exchanges, securities dealers, collective investment schemes, distributors and intermediaries in Switzerland. It is responsible for the prudential supervision of the industry and issuing licenses to insurers, reinsurers, and intermediaries. The amended Swiss Federal Financial Market Supervision Act 2007 stipulates supervision principles and functions for FINMA.

The rules and regulations governing insurance companies, reinsurance companies, and intermediaries are stipulated in the Insurance Supervision Act 2004, last amended in 2016, the Insurance Supervision Ordinance 2005, as amended in 2016 and the FINMA Insurance Supervision Ordinance 2005 as amended in December 2015.

Respective competent bodies such as the Federal Office of Public Health and the Federal Social Insurance Office supervise social security schemes including compulsory health insurance, accident insurance, occupational pension, unemployment insurance.

Key Findings
  • The Financial Market Supervisory Authority governs and regulates the Swiss insurance industry
  • FDI of up to 100% is permitted in the Swiss insurance industry
  • Swiss Solvency Test, a risk based solvency standard, similar to Solvency II in the EU, was introduced into the Swiss insurance industry in 2008
  • Non-admitted insurance is not permitted in the Swiss insurance industry, except for marine, aviation and transit insurance, and reinsurance
  • Motor, marine, and aviation liability insurance, health insurance, accident insurance, and fire insurance for buildings are the key classes of compulsory insurance in the Swiss insurance industry
The report “Governance, Risk and Compliance - The Swiss Insurance Industry” is the result of extensive research into the insurance regulatory framework in Switzerland. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

  • The report covers details of the insurance regulatory framework in Switzerland.
  • The report contains details of the rules and regulations governing insurance products and insurance entities.
  • The report lists and analyzes key trends and developments pertaining to the country's insurance regulatory framework.
  • The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
  • The report provides details of taxation imposed on insurance products and insurance companies.
Reasons to Buy
  • Gain insights into the insurance regulatory framework in Switzerland.
  • Track the latest regulatory changes, and expected changes impacting the Swiss insurance industry.
  • Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
  • Understand key regulations and market practices pertaining to various types of insurance product.
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1.1 What is this Report About?
1.2 Definitions

2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulation
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Health insurance
2.4.2 Marine liability insurance
2.4.3 Motor third-party liability insurance
2.4.4 Accident insurance
2.4.5 Aviation liability insurance
2.4.6 Clinical trials liability insurance
2.4.7 Professional indemnity insurance for insurance intermediaries or brokers
2.4.8 Third-party liability insurance for operators of nuclear installations
2.4.9 Fire insurance and insurance against natural forces for buildings
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 Financial Market Supervisory Authority
2.5.3 National Regulatory Authority
2.5.4 Federation of European Risk Management Associations (FERMA)
2.5.5 Swiss Association of Insurance and Risk Managers
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and Penalties
2.7 Company Registration and Operations
2.7.1 Type of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margin
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution (ADR)

3.1 Methodology
3.2 Contact the Publisher
3.3 About the Publisher
3.4 the Publisher’s Services
3.5 Disclaimer
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