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Translation of Swiss Insurance Supervision Law


Swiss Insurance Supervision Act

Chapter 1: Subject, purpose and scope

Article 1            Subject and purpose
Article 2            Scope

Chapter 2: Taking up insurance activities

Section 1: Authorisation

Article 3            Authorisation requirement
Article 4            Application for authorisation and business plan
Article 5            Amendments to the business plan
Article 6            Issue of the authorisation

Section 2: Requirements

Article 7            Legal form
Article 8            Minimum capital
Article 9            Capital resources
Article 10          Organisation fund
Article 11          Purpose of the company
Article 12          Simultaneous operation of life insurance and other insurance lines
Article 13          Affiliation with the National Bureau of Insurance and National Guarantee Fund
Article 14          Guarantee of proper business conduct

Section 3: Additional requirements for foreign insurance companies


Chapter 3: Conduct of insurance activities

Section 1: Financial resources

Article 16            Technical reserves
Article 17            Tied assets
Article 18            Target amount of the tied assets
Article 19            Application of tied assets
Article 20            Provisions governing the tied assets
Article 21            Participations

Section 2: Risk management

Section 3: Responsible actuary

Article 23            Appointment and function
Article 24            Duties

Section 4: Reporting

Article 25            Annual financial report and regulatory report
Article 26            Special accounting provisions

Section 5: Audit

Article 27            Internal monitoring of business activities
Article 28            External auditors
Article 29            Repealed
Article 30            Notification duty of external auditors


Section 6: Special provisions for individual insurance lines


Article 31            Restrictions
Article 31a          Agreement between insurance companies
Article 32            Legal protection insurance
Article 33            Natural hazards insurance
Article 34            Motor third party liability insurance
Article 35            Reinsurance
Article 36            Life insurance
Article 37            Special rules for occupational pension insurance business
Article 38            Examination of rates subject to approval
Article 39            Minimum benefits

Chapter 4: Insurance intermediaries

Article 40            Definition
Article 41            Non-permissible mediation activity
Article 42            Register
Article 43            Entry in the register
Article 44            Requirements for registration
Article 45            Duty of information

Chapter 5: Supervision

Section 1: General provisions

Article 46            Remit
Article 47            Audit powers and duty of information in case of outsourcing
Article 48            Repealed
Article 49            Publication of decisions
Article 50            Repealed

Section 2: Protective measures, liquidation and bankruptcy


Article 51            Protective measures
Article 52            Liquidation
Article 53            Opening of bankruptcy proceedings
Article 54            Execution of the bankruptcy proceedings
Article 54a          Claims arising from insurance contracts
Article 54b          Creditor meeting and creditor committee
Article 54c          Distribution and completion of the proceedings
Article 54d          Foreign insolvency proceedings
Article 54e          Appeal

Section 3: Additional provisions regarding the bankruptcy of life insurance companies

Article 55            Bankruptcy of the insurance company
Article 56            Realisation of tied assets following bankruptcy

Section 4: Additional protective measures with respect to foreign insurance companies

Article 57            Exclusion of third party claims
Article 58            Place of debt enforcement and compulsory realisation
Article 59            Restrictions on disposal

Section 5: Termination of insurance activity

Article 60            Relinquishment
Article 61            Withdrawal of authorisation
Article 62            Transfer of insurance portfolio
Article 63            Publication

Chapter 6: Special provisions regarding the supervision of insurance groups and insurance conglomerates

Section 1: Insurance groups

Article 64            Insurance group
Article 65            Placement under group supervision
Article 66            Relationship to individual supervision
Article 67            Guarantee of proper business conduct
Article 68            Monitoring of risks
Article 69            Capital resources
Article 70            External auditors
Article 71                Duty of information
Article 71bis           Bankruptcy

Section 2: Insurance conglomerates

Article 72            Insurance conglomerate
Article 73            Placement under conglomerate supervision
Article 74            Relationship to individual and group supervision
Article 75            Guarantee of proper business conduct
Article 76            Monitoring of risks
Article 77            Capital resources
Article 78            External auditors
Article 79            Duty of information
Article 79bis       Bankruptcy

Chapter 7: Cooperation and procedures

Article 80            National exchange of information
Article 81            Repealed
Article 82            Repealed
Article 83            Repealed
Article 84            Procedure
Article 85            Courts


Chapter 8: Sanctions

Article 86            Infringements
Article 87            Offences

Chapter 9: Final provisions

Article 88            Implementation
Article 89            Repeal and amendment of existing law
Article 90            Transitional provisions
Article 91            Referendum and Coming into Force
Appendix (art. 89)    Repeal and amendment of existing law
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