English translation of article 27 of the Swiss Insurance Supervision Act

Internal monitoring of business activities

Chapter 3: Conduct of insurance activities
Section 5: Audit
> Art. 26 Special accounting provisions
< Art. 28 External auditors

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 27 of the Swiss Insurance Supervision Act 

Internal monitoring of business activities

1 The insurance company shall set up an effective internal control system covering its entire business activities. In addition, it shall appoint an internal audit (inspectorate) that is independent from the management.

2 In justified individual cases, FINMA may exempt an insurance company from the duty to appoint an inspectorate.

3 Repealed with effect as of 1 January 2015

Comments