Switzerland Insurance Industry – Governance, Risk and Compliance

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Switzerland Insurance Industry Regulation Overview

The Financial Market Supervisory Authority (FINMA) regulates the Switzerland insurance industry along with other regulators and supervisors, including the International Association of Insurance Supervisors (IAIS), Federation of European Risk Management Associations (FERMA), and Swiss Insurance Association (SIA), Swiss Association of Insurance and Risk Managers (SIRM).

The Switzerland insurance industry governance regulation research report provides a detailed analysis of the regulations for several insurance types including life, property, motor, and liability. The report also gives insights into recent and upcoming changes in non-admitted insurance regulations, taxation, and the legal system. Also, leverage our elaborate procedural review of new company registrations and operations based on key parameters such as license, FDI, minimum capital requirements, and solvency to better understand market avenues.

Key Regulators ·       Financial Market Supervisory Authority (FINMA)

·       The International Association of Insurance Supervisors (IAIS)

·       Federation of European Risk Management Associations (FERMA)

·       Swiss Insurance Association (SIA)

·       Swiss Association of Insurance and Risk Managers (SIRM)

Compulsory Insurances ·       Motor Third-Party Liability Insurance

·       Aviation Liability Insurance

·       Marine Liability Insurance

·       Professional Indemnity Insurance

·       Social Security Insurance

Key Taxes ·       Tax on Insurance Premium

·       Corporate Income Tax

·       Corporate Capital Gains Tax

·       Value Added Tax

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Switzerland Insurance Industry – Key Regulators and Legislation

Financial Market Supervisory Authority (FINMA): FINMA, the regulator of the Swiss insurance industry acts as an oversight authority of banks, companies, exchanges, securities dealers, collective investment schemes, distributors, and intermediaries in Switzerland. Granting licenses to conduct business and reviewing and approving business plans are a few of the main tasks of the FINMA.

International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization representing insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.

A few of the laws regulating the Switzerland insurance industry are:

  • Insurance Supervision Act, 2004, amended on January 1, 2020
  • Anti-Money Laundering Act, 1997, amended on February 18, 2020
  • Anti-Money Laundering Ordinance, 2015, amended on January 1, 2020
  • Ordinance on the supervision of private insurance companies

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Switzerland Insurance Industry - Compulsory Insurance

A few of the compulsory insurances required within the Switzerland insurance industry are:

  • Motor Third-Party Liability Insurance
  • Aviation Liability Insurance
  • Marine Liability Insurance
  • Professional Indemnity Insurance
  • Social Security Insurance

Compulsory Insurances in Switzerland

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Switzerland Insurance Industry - Company Registration and Operation

A license is required to operate in the Switzerland insurance industry. Companies must register their operations with the FINMA to establish insurance operations in Switzerland. In addition, non-admitted reinsurance is permitted. Moreover, to operate in reinsurance activities, the reinsurer must obtain a license from the FINMA as applicable to insurance companies in the country. However, this provision does not apply to insurance companies that are registered outside of the country offering only reinsurance policies in Switzerland

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Switzerland Insurance Industry – Taxation

Tax is imposed upon insurance premiums within the insurance industry in Switzerland. The other taxes imposed are corporate income tax, corporate capital gains tax, and value added tax.

Corporate Income Tax: In Switzerland, any company whose registered office or the effective place of management is in Switzerland is considered a resident company. Resident companies are subject to tax on their global income. However, profits earned from operations of foreign branches and immovable properties located in foreign countries are exempt from tax. Non-resident companies are taxed only on income sourced from permanent establishments, branches, and immovable property located in Switzerland.

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Scope

  • The report covers details of the insurance regulatory framework in Switzerland.
  • The report contains details of the rules and regulations governing insurance products and insurance entities.
  • The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
  • The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
  • The report provides details of taxation imposed on insurance products and insurance companies.

Key Highlights

  • The Financial Market Supervisory Authority governs and regulates the Swiss insurance industry.
  • FDI of up to 100% is permitted in the Swiss insurance industry.
  • Swiss Solvency Test, a risk-based solvency standard, similar to Solvency II in the EU, was introduced into the Swiss insurance industry in 2008.
  • Non-admitted insurance is not permitted in the Swiss insurance industry, except for marine, aviation and transit insurance, and reinsurance.
  • Motor, marine, and aviation liability insurance, health insurance, accident insurance, and fire insurance for buildings are the key classes of compulsory insurance in the Swiss insurance industry.

Reasons to Buy

  • Get FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
  • Gain insights into the insurance regulatory framework in Switzerland.
  • Track the latest regulatory changes and expected changes impacting the Switzerland insurance industry.
  • Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.

Table of Contents

Switzerland

Legislation Overview

Supervision and Control

Legislation

Compulsory Insurance

Non-Admitted Insurance Regulations

Company Registration and Operation

License

Foreign Direct Investment / Ownership

Minimum Capital Requirements

Solvency Margins

Reserve Requirements

Statutory Return Requirements

Fee Structure

Taxation

Tax on Insurance Premium

Corporate Income Tax

Corporate Capital Gains Tax

Value Added Tax

Legal System

Policy Practice

About GlobalData

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Table

Switzerland – Corporate Tax Rates for the Financial Year 2023

Figures

List of Tables

Switzerland – Corporate Tax Rates for the Financial Year 2021

Frequently asked questions

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