News

13 October 2015
News

FINMA approves minimum Business Continuity Management standards for insurers

The Swiss Financial Market Supervisory Authority FINMA has recognised the minimum Business Continuity Management (BCM) standards proposed by the Swiss Insurance Association (SIA) as self-regulation (as defined in Art. 7 para. 3 FINMASA). The self-regulation came into force on 1 October 2015. There will be a transitional period which will end on 31 July 2017. As part of its supervisory remit, FINMA will monitor implementation of and compliance with the BCM minimum standards.
The purpose of BCM minimum standards is to ensure that insurers can continue to operate even in extraordinary situations. They do this by adopting measures which guarantee the continuity of critical processes within the context of a comprehensive and appropriate risk management system. 

The BCM minimum standards are published on the FINMA website as part of FINMA Circular 2008/10 "Self-regulation as a minimum standard". They are also available in a number of languages on the SIA website