Insurance companies supervised by FINMA require a licence to conduct insurance business. They must submit a request for a licence to FINMA, along with a business plan containing the information and documentation specified in Article 4 para. 2 of the Insurance Supervision Act (ISA). FINMA Circular 2017/05 "Insurance plans – insurers" sets out FINMA's practice for business plans.
To commence insurance operations, insurance companies must initially have their business plans approved by FINMA in line with Article 4 para. 1 of the Insurance Supervision Act (ISA). They must then abide by the plan they have submitted. If a company intends to adjust the approved plan, the proposed changes must be approved by FINMA.
The types of business plan changes specified in Article 5 para. 1 ISA must be submitted to FINMA for approval before they are put into practice. FINMA must be notified about business plan changes in accordance with Article 5 para. 2 ISA within 14 days of their implementation (Art. 5 Insurance Supervision Ordinance [ISO]). Business plan changes are generally approved; should more details be required, FINMA contacts the insurers involved within four weeks.
Please use the forms provided below to record business plan data in accordance with Article 4 para. 2 ISA.
Business plan forms: additional documents to be completed