Intensive supervision
In exceptional cases of increased risk at an insurance company, FINMA can deploy a special team to intensify its supervision of the company. In cooperation with the company in question, this team determines the corrective measures required.
If an insurance company experiences particular difficulties, is in a precarious situation, shows signs of increased risk in a certain area or regulatory issues arise, FINMA may intensify its supervision of the company. An internal committee decides on the necessity of deploying an intensive supervision team.
Procedure
Intensive supervision is a supervisory tool that FINMA can use. An interdisciplinary team, Team Intensive Supervision (TIS), that specialises in handling problem cases can apply one or all of the following measures:
- conducting on-site supervisory reviews
- leading discussions and negotiations with all parties concerned
- supervising operating procedures directly.
Corrective measures
Where deficiencies have been recognised or regulations violated, action is taken in cooperation with the supervised institution and corrective measures are introduced. These can include organisational, personal, operational and financial measures.
Where FINMA and the insurance company concerned cannot agree about the circumstances and the measures required, supervisory law is then enforced and enforcement proceedings are initiated.
