English translation of article 33 of the Swiss Insurance Supervision Act

Natural hazards insurance

Chapter 3: Conduct of insurance activities
Section 6: Special provisions for individual insurance lines
> Art. 32 Legal protection insurance

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 33 of the Swiss Insurance Supervision Act 

Natural hazards insurance

1 An insurance company may only offer fire risk cover for risks situated in Switzerland if the fire insurance includes cover for natural hazards.

2 Scope of insurance and premium rates for natural hazards insurance are standardised and binding for all insurance companies.

3 FINMA shall examine, based on the rates and supporting calculations submitted by the insurance companies, whether the resulting premiums are fair in terms of risk and costs.

4 The Federal Council shall issue more detailed regulations on:

a. the premium calculation basis;

b. the scope of the natural hazards coverage and its benefits limits;

c. the nature and scope of the statistics to be compiled by the insurance companies.

5 It may:

a. stipulate the insurance terms and conditions, if necessary;

b. take whatever measures are required to achieve a repartition of losses amongst the insurance companies, in particular require affiliation with a civil law organisation operated by the insurance companies themselves.