Swiss insurance intermediaries wishing to act as an insurance intermediary in the cross-border business in accordance with the Agreement between the Swiss Confederation and the Principality of Liechtenstein on direct insurance and insurance intermediation (SR 0.961.514) must be listed in the Swiss register of insurance intermediaries. This requirement applies to both tied and non-tied insurance intermediaries wishing to engage in cross-border activities in the Principality of Liechtenstein.
To operate in the Principality of Liechtenstein in the cross-border business, insurance intermediaries must:
have the appropriate professional qualifications (Art. 184 ISO);
- hold professional indemnity insurance or provide an equivalent financial surety (Art. 186 ISO);
- meet the personal requirements set out in Article 185 ISO; in particular, they must not have any criminal convictions in Switzerland or abroad for offences that are incompatible with insurance intermediary activities and which have not been removed from the criminal register.
Ongoing compliance with registration requirements
Registered insurance intermediaries must comply with the registration requirements on an ongoing basis and must notify FINMA of any changes within 14 days in accordance with Article 189 para. 1 ISO. In particular, registered insurance intermediaries must notify FINMA of any final convictions for criminal offences against property in accordance with Articles 137-172ter SCC and of the existence of any loss certificates (Art. 189 para. 1 lets. i and k ISO).
Money laundering requirements when accepting monies (in particular, when collecting premiums)
If insurance intermediaries accept monies from third parties (in particular, when collecting premiums), they shall be bound by the Money Laundering Act in Switzerland and they shall be subject to money laundering supervision, either by being a member of a self-regulating organisation (SRO) or obtaining a licence from FINMA as a directly subordinated financial institution (DSFI).