English translation of article 62 of the Swiss Insurance Supervision Act

Transfer of insurance portfolio

Chapter 5: Supervision
Section 5: Termination of insurance activity
> Art. 61 Withdrawal of authorisation
< Art. 63 Publication

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 62 of the Swiss Insurance Supervision Act 

Transfer of insurance portfolio

1 Should an insurance company transfer its Swiss insurance portfolio, in full or in part, to another insurance company based on a contractual agreement, this shall be subject to FINMA’s approval. FINMA shall only approve the transfer if the overall interests of the insured are preserved.

2 Should FINMA issue an order for a portfolio transfer, it shall stipulate its conditions.

3 Within 30 days of notification of the approval, the company acquiring the portfolio shall inform each of the acquired policyholders individually of the portfolio transfer and termination right. Policyholders may terminate their insurance contract within three months of this individual notification.

4 FINMA may exclude the termination right if the portfolio transfer does not result, from an economic perspective, in a change of the policyholder’s contracting party.