English translation of article 46 of the Swiss Insurance Supervision Act

Remit

Chapter 5: Supervision
Section 1: General provisions
> Art. 45 Duty of information

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 46 of the Swiss Insurance Supervision Act 

Remit

1 The remit of FINMA is as follows:

a. to monitor compliance with insurance and supervision legislation;

b. to examine whether the insurance companies provide guarantee of proper business conduct;

c. to monitor compliance with the business plan;

d. to monitor that insurance companies are solvent, establish the technical reserves as prescribed and properly manage and invest the assets;

e. to monitor the proper performance of claims settlement in accordance with the provisions of the Road Traffic Act of 19 December 1958 on motor third party liability insurance;

f. to protect the insured from any abuse by insurance companies or insurance intermediaries;

g. to intervene in the event of irregularities that endanger the interests of the insured.

2 Repealed with effect as of 1 January 2015

3 The Federal Council shall issue implementing provisions on the specific areas of responsibility.
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