Switzerland Insurance Industry – Governance, Risk and Compliance

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Published: January 30, 2023 Report Code: GDIS0043RR-ST

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Switzerland Insurance Industry Report Overview

The Switzerland insurance industry is regulated mainly by the Financial Market Supervisory Authority (FINMA). Other bodies that oversee the industry are the IAIS, Swiss Insurance Association (SIA), Swiss Association of Insurance and Risk Managers (SIRM), and the Federation of European Risk Management Associations (FERMA).

The Switzerland insurance industry research report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident, health, marine, aviation, and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. It also gives insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation, and legal system in the country. Moreover, it includes the scope of non-admitted insurance in the country.

Key Regulators ·       Financial Market Supervisory Authority (FINMA)

·       International Association of Insurance Supervisors (IAIS)

·       Swiss Insurance Association (SIA)

·       Swiss Association of Insurance and Risk Managers (SIRM)

·       Federation of European Risk Management Associations (FERMA)
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): It is the regulator of the Swiss insurance industry. It acts as an oversight authority of banks, companies, exchanges, securities dealers, collective investment schemes, distributors, and intermediaries in Switzerland. The main tasks of the FINMA include to grant licenses to conduct business.

International Association of Insurance Supervisors (IAIS): The IAIS represents regulators and supervisors of 190 jurisdictions in more than 140 countries. It formulates and issues various global principles, standards, and guidance provides training and support on issues related to supervision, and organizes meetings and seminars for supervisors. The primary objectives of the IAIS are to promote effective and globally consistent supervision of the industry to develop and maintain a fair, safe, and stable market for the benefit and protection of policyholders, and to contribute to global financial stability.

The key laws and regulations in the Switzerland insurance industry are as follows:

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

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Switzerland Insurance Industry - Compulsory Insurance

Some of the key compulsory insurance required within the Switzerland insurance industry are:

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

Switzerland Insurance Industry Analysis by Compulsory Insurances

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Switzerland Insurance Industry - Company Registration and Operation

A license is required to operate in the Switzerland insurance industry. Article 3 of the Insurance Supervisory Act 2004 requires every insurance company to obtain a license from the FINMA to engage in the insurance business in the country. However, to operate in reinsurance activities, the reinsurer must obtain a license from the FINMA as applicable to insurance companies in the country. This provision does not apply to insurance companies that are registered outside of the country offering only reinsurance policies in Switzerland. In addition, the Swiss Federal Council regulates independent insurance intermediaries and requires these entities to be registered with FINMA to operate in Switzerland.

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Switzerland Insurance Industry - Taxation

The different types of taxes in the Switzerland insurance industry are tax on insurance premiums, 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 in the country’s insurance regulatory framework.

  • The report analyzes the rules and regulations about 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.

  • 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

  • Provides 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.

  • Understand key regulations and market practices pertaining to various types of insurance products.

Table of Contents

  • 1. SWITZERLAND

    • 1.1. Legislation Overview

      • 1.1.1. Supervision and Control

      • 1.1.2. Legislation

  • 2. Compulsory Insurance

    • 2.1. Non-Admitted Insurance Regulations

    • 2.2. Company Registration and Operation

      • 2.2.1. License

      • 2.2.2. Foreign Direct Investment / Ownership

      • 2.2.3. Minimum Capital Requirements

      • 2.2.4. Solvency Margins

      • 2.2.5. Reserve Requirements

      • 2.2.6. Statutory Return Requirements

      • 2.2.7. Fee Structure

    • 2.3. Taxation

      • 2.3.1. Tax on Insurance Premium

      • 2.3.2. Corporate Income Tax

      • 2.3.3. Corporate Capital Gains Tax

      • 2.3.4. Value Added Tax

    • 2.4. Legal System

    • 2.5. Policy Practice

  • 3. About GlobalData

  • 4. Contact Us

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