English translation of article 57 of the Swiss Insurance Supervision Act

Exclusion of third party claims

Chapter 5: Supervision
Section 4: Additional protective measures with respect to foreign insurance companies
> Art. 56 Realisation of tied assets following bankruptcy

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 57 of the Swiss Insurance Supervision Act 

Exclusion of third party claims

For foreign insurance companies, the assets allocated to the tied assets and security deposit shall constitute, by virtue of law, a pledge for claims arising from insurance contracts belonging to the insurance portfolio to be guaranteed under the provisions of this Act. These assets may only serve to cover third party claims once the claims of insured have been satisfied in full.