English translation of article 4 of the Swiss Insurance Supervision Act

Application for authorisation and business plan

Chapter 2: Taking up insurance activities
Section 1: Authorisation
> Art. 3 Authorisation requirement
< Art. 5 Amendments to the business plan

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 4 of the Swiss Insurance Supervision Act 

Application for authorisation and business plan

1 An insurance company pursuant to article 2 paragraph 1 letters a and b seeking to obtain an authorisation for insurance activities must submit an application to FINMA together with a business plan. 

2 The business plan must contain the following information and documents: 

a. the articles of association;

b. the organisational structure and the geographic scope of activity of the insurance company and, where applicable, also of the insurance group or insurance conglomerate to which the insurance company belongs;

c. in case of insurance activities abroad: the authorisation issued by the responsible foreign supervisory authority or an equivalent certification;

d. information on the financial resources and reserves;

e. the annual accounts for the last three financial years or the opening balance sheet of a new insurance company;

f. information on the persons who, directly or indirectly, hold at least 10 percent of the capital or voting rights of the insurance company or who may, in any other way, exert significant influence on its business activities;

g. the name of the persons entrusted with the overall direction, supervision, control and management or, for foreign insurance companies, the name of the general representative(s);

h. the name of the responsible actuary;

i. repealed with effect as of 1 January 2015

j. the contracts or other agreements according to which important functions of the insurance company are to be outsourced;

k. the planned insurance lines and nature of the risks to be insured;

l. if applicable, the statement of affiliation with the National Bureau of Insurance and the National Guarantee Fund;

m. information on the resources for the performance of assistance services to the extent that an authorisation for the insurance line “assistance service” is applied for;

n. the reinsurance plan as well as, for active reinsurance, the retrocession plan;

o. the estimate of costs required to build up the insurance company;

p. the projected balance sheets and projected income statements for the first three financial years;

q. information on risk identification, limitation and monitoring;

r. the rates and general terms and conditions of insurance to be used in Switzerland for the insurance of any risks in occupational pension insurance and in the supplementary insurance to social health insurance.

3 If an insurance company which is already authorised for an insurance line applies for an authorisation for a further insurance line, the information and documents set out in paragraph 2 letters a-l only need to be submitted if they are to be amended as compared to those that have already been approved.

4 FINMA may demand further information and documents to the extent necessary for the assessment of the application.