FINMA is active in the OECD Insurance and Private Pensions Committee (
IPPC) alongside representatives of the Federal Finance Administration, the Federal Social Insurance Office, the Federal Department of Foreign Affairs and the Swiss Insurance Association as well as leading Swiss insurance and reinsurance companies. The delegation is represented in the IPPC office, the joint IPPC/FMC task force for effective and efficient regulation and the Private Sector Advisory Group.
The OECD’s aim is to contribute to the development of effective, transparent and market-oriented insurance and pension systems and overcome the challenges presented by the ageing population and the risks associated with this demographic trend.
The IPPC plays a key role in increasing awareness and understanding of the major issues and problems in this area among political decision-makers by conducting analyses of markets and political systems and publishing relevant statistical data and good practice guidelines.
Two important tools for achieving these objectives are the
OECD Codes of Liberalisation of Capital Movements and of Current Invisible Operations, which are principles to support the liberalisation of capital movements and services transactions. Switzerland, as an OECD member, is also bound by the Codes, which in contrast to other international agreements are legally binding. The Codes require the OECD member countries and the EU to accept what is known as the standstill obligation, whereby new restrictions in the area of cross-border services transactions may not be (re)introduced.