English translation of article 24 of the Swiss Insurance Supervision Act

Duties 

Chapter 3: Conduct of insurance activities
Section 3: Responsible actuary
> Art. 23 Appointment and function
< Art. 25 Annual financial report and regulatory report

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 24 of the Swiss Insurance Supervision Act 

Duties

1 The responsible actuary is responsible to ensure that:

a. the solvency margin is correctly calculated and the tied assets comply with the provisions of supervisory law;

b. the appropriate calculation base is used; and

c. sufficient technical reserves are established.

2 If the responsible actuary detects inadequacies, he or she shall notify the management of the insurance company without delay.

3 In addition, the responsible actuary shall deliver at regular intervals a report to the management or, for foreign insurance companies, to the general representative. The report must specify the proposed measures with respect to the detected inadequacies as well as the actual measures taken.

4 FINMA shall issue detailed provisions on the duties of the responsible actuary and on the content of the report.

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