English translation of article 58 of the Swiss Insurance Supervision Act

Place of debt enforcement and compulsory realisation

Chapter 5: Supervision
Section 4: Additional protective measures with respect to foreign insurance companies
> Art. 57 Exclusion of third party claims

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 58 of the Swiss Insurance Supervision Act 

Place of debt enforcement and compulsory realisation

1 With respect to claims arising from insurance contracts belonging to the insurance portfolio to be guaranteed under the provisions of this Act, a foreign insurance company shall be subject to debt enforcement proceedings for the realisation of collateral at the place where its Swiss branch office is located (articles 151 et seq. DEBA). Should FINMA release real property for realisation, the debt enforcement proceedings shall be continued at the place where the property is located.

2 Should a request for realisation of collateral be made, the debt enforcement office shall advise FINMA thereof within three days.

3 Should the insurance company fail to provide evidence within 14 days following receipt of the request for realisation of collateral that it has satisfied the creditor in full, FINMA shall, after consulting with the insurance company, inform the debt enforcement office of which of the assets allocated to the tied assets and to any security deposit shall be released for realisation.
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