FINMA Issues New Guidance Regarding Insurance Intermediation

With the entry into force of the revised Insurance Supervision Act and the revised Insurance Supervision Ordinance, insurance intermediation in Switzerland will be subject to new regulation from 1 January 2024. For the purpose of ensuring better client protection, the new regulation increases the regulatory requirements applicable to insurance intermediaries and introduces new criteria for supervision by the Swiss Financial Market Supervisory Authority ("FINMA"). From 1 January 2024, only insurance intermediaries who meet these increased requirements will be authorized to operate in the Swiss insurance market.