English translation of article 56 of the Swiss Insurance Supervision Act

Realisation of tied assets following bankruptcy

Chapter 5: Supervision
Section 3: Additional provisions regarding the bankruptcy of life insurance companies
> Art. 55 Bankruptcy of the insurance company

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 56 of the Swiss Insurance Supervision Act 

Realisation of tied assets following bankruptcy

1 Should FINMA take no particular measures, in particular should a transfer of the insurance portfolio pursuant to article 51 paragraph 2 letter d not be possible, it shall order the realisation of the tied assets.

2 The insurance contracts shall expire upon issuance of the realisation order. Thereafter, the policyholders and claimants may assert the claims arising from article 36 paragraph 3 of the Insurance Contract Act of 2 April 1908 as well as the claims for matured policies and credited surplus participations.
Comments