Legal basis for insurance companies

The financial market legislation governing the supervision of insurance companies derives from two federal acts, two Federal Council ordinances and two FINMA ordinances.

Insurance Supervision Act

The Insurance Supervision Act sets out how the Swiss Confederation is to exercise supervision over insurance companies and insurance intermediaries. It aims, in particular, to protect insured persons from abuse and the insolvency risks of insurance companies.

Insurance Supervision Ordinance

The Insurance Supervision Ordinance governs the supervision of private insurance companies and insurance activity in Switzerland.

FINMA Insurance Supervision Ordinance

FINMA’s Insurance Supervision Ordinance defines in more detail certain provisions of the Insurance Supervision Act and the Insurance Supervision Ordinance.

FINMA Insurance Bankruptcy Ordinance

The Insurance Bankruptcy Ordinance further defines the bankruptcy proceedings for insurance companies.

Insurance Contract Act

The Insurance Contract Act governs the provisions relating to insurance contracts.

Ordinance on the Lifting of Restrictions on the Freedom of Contract in Insurance Contracts

This ordinance permits the departure from certain provisions governing life insurance contracts provided the contract is documented in a vested benefits policy meeting specified requirements.

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