Amendment to the insurance agreement between Switzerland and the EU
Switzerland and the European Union have revised their insurance agreement. The amendment involves technical changes to the agreement on direct insurance other than life assurance.
Since both parties have modernised their respective solvency systems (the Swiss Solvency Test SST, and Solvency II) in recent years, the agreement had to be updated to reflect the new requirements (Agreement on Non-Life Insurance with the EU, SR 0.961.1). The changes were agreed on 3 July 2018 and entered into force immediately. Insurance companies that were previously required to calculate and report Solvency I in addition to the SST are exempted from this requirement with immediate effect (Art. 22 of the Supervision Ordinance, SR 961.011).