Implementing Reform Of Swiss Insurance Supervision Laws

Key Take-aways

1. Untied insurance intermediaries will be subject to prudential supervision by FINMA and, as regards existing untied intermediaries, they must submit topup documentation by 30 June 2024 at the latest.
2. The revised insurance intermediary regulation will prohibit a dual business model as insurance broker and agent by the same legal entity, which leads to a reorganization of the affected intermediaries.
3. The revised regulation will allow an insurer to expand to "related" activities without FINMA approval, provided there is functional connection to the insurance business and the activity is narrow in scope.

1 Background

The reform of the Swiss Insurance Supervision Act (ISA) that we discussed in our earlier Schellenberg Wittmer, Monthly Newsletter of June 2021 was passed by the Swiss Parliament on 18 March 2022. The implementation of the reform was subject to implementing provisions in the secondary legislation, which were adopted by the Swiss