English translation of article 15 of the Swiss Insurance Supervision Act

Additional requirements for foreign insurance companies

Chapter 2: Taking up insurance activities
Section 3: Additional requirements for foreign insurance companies
> Art. 14 Guarantee of proper business conduct
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This page contains an English translation of the below Article of the Swiss Insurance Supervision Act (ISA) and is part of a web based Swiss ISA commentary in German language. Should you require qualified written legal advice on the ISA from a Swiss lawyer please do not hesitate to contact: Melissa Gautschi

Article 15 of the Swiss Insurance Supervision Act 

Additional requirements for foreign insurance companies

1 A foreign insurance company intending to take up an insurance activity in Switzerland must in addition:

a. be authorised in its country of domicile to exercise insurance activities;

b. establish a branch office in Switzerland and appoint a general representative as its manager;

c. at its head office, have capital in accordance with article 8 and a solvency margin in accordance with article 9 which also encompasses the business activities in Switzerland;

d. have an organisation fund in Switzerland according to article 10 and corresponding assets;

e. provide a security deposit in Switzerland amounting to a specific portion of the solvency margin relating to the domestic business. FINMA shall define this portion and determine the calculation, the place of custody and the eligible assets.

2 Differing provisions in international treaties remain applicable.
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