English translation of article 90 of the Swiss Insurance Supervision Act

Transitional provisions

Chapter 9: Final provisions

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 90 of the Swiss Insurance Supervision Act 

Transitional provisions

1 Insurance companies granted an authorization under existing law to operate insurance lines in addition to other lines, may operate them separately from the date on which this Act comes into force and within its limits.

2 The deadlines for submission of reports pursuant to article 25 shall apply for the first time in respect of the financial year following the date on which this Act comes into force.

3 The insurance intermediaries pursuant to article 43 paragraph 1 shall apply to FINMA within six months of this Act coming into force for the entry in the register.

4 The Federal Council may provide for a transitional period for persons subject to articles 23, 28 and 44 to acquire the required professional qualifications.

5 Insurance companies with a capital below that specified in article 8 shall increase it within two years of this Act coming into force.

6 Anyone actually managing an insurance group or insurance conglomerate from Switzerland, without conducting insurance activities in Switzerland, shall contact FINMA within three months of this Act coming into force.

7 Existing insurance groups or insurance conglomerates shall have a period of two years following the date on which this Act comes into force to comply with the new provisions.

8 FINMA may extend the deadlines specified in paragraphs 5, 6 and 7 upon receipt of a justified application.
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