Market Research Report
Governance, Risk and Compliance - The Swiss Insurance Industry
|Published by||GlobalData||Product code||336231|
|Published||Content info||61 Pages
Delivery time: 1-2 business days
|Governance, Risk and Compliance - The Swiss Insurance Industry|
|Published: November 19, 2019||Content info: 61 Pages||
The Swiss Financial Market Supervisory Authority (FINMA) is the government body responsible for supervising the activities of and formulating regulations for the Swiss insurance industry. Insurance and reinsurance activities are governed at federal level in Switzerland, except for a few classes of compulsory insurance, which are regulated at canton level. The FINMA acts as an oversight authority for banks, insurance companies, exchanges, securities dealers, collective investment schemes, distributors and intermediaries in Switzerland. It is responsible for the prudential supervision of the industry and issuing licenses to insurers, reinsurers, and intermediaries. The amended Swiss Federal Financial Market Supervision Act 2007 stipulates supervision principles and functions for FINMA.
The rules and regulations governing insurance companies, reinsurance companies, and intermediaries are stipulated in the Insurance Supervision Act 2004, last amended in 2016, the Insurance Supervision Ordinance 2005, as amended in 2016 and the FINMA Insurance Supervision Ordinance 2005 as amended in December 2015.
Respective competent bodies such as the Federal Office of Public Health and the Federal Social Insurance Office supervise social security schemes including compulsory health insurance, accident insurance, occupational pension, unemployment insurance.
The report "Governance, Risk and Compliance - The Swiss Insurance Industry" is the result of extensive research into the insurance regulatory framework in Switzerland. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.
The report brings together research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.