English translation of article 87 of the Swiss Insurance Supervision Act

Offences

Chapter 8: Sanctions 
> Art. 86 Infringements
< Art. 88 Implementation

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 87 of the Swiss Insurance Supervision Act 

Offences

1 A prison sentence of up to three years or a monetary penalty shall be imposed on anyone, who intentionally:

a. concludes or arranges insurance contracts for an insurance company not authorised for insurance activities in Switzerland;

b. fails to submit changes to the business plan pursuant to article 5 paragraph 1 for approval or fails to notify FINMA of changes to the business plan pursuant to article 5 paragraph 2;

c. removes or encumbers assets allocated to the tied assets so that the target amount is no longer covered;

d. undertakes other actions that reduce the security of the assets allocated to the tied assets.

2 If the action is the result of negligence, the maximum fine shall be CHF 250,000.

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