English translation of article 61 of the Swiss Insurance Supervision Act

Withdrawal of authorisation

Chapter 5: Supervision
Section 5: Termination of insurance activity
> Art. 60 Relinquishment

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 61 of the Swiss Insurance Supervision Act 

Withdrawal of authorisation

1 FINMA may withdraw an insurance company’s authorisation for insurance activities with respect to one or all insurance lines if it has ceased its business activities for more than six months.

2 Upon withdrawal of the authorisation pursuant to this Act or to article 37 of the Financial Market Supervision Act of 22 June 2007, FINMA shall take all measures necessary, in particular those specified in article 51, to protect the interests of the insured.

3 Following withdrawal of the authorisation, an insurance company may not enter into any new insurance contracts; existing insurance contracts may not be renewed nor may their scope of insurance be extended.