Unlike occupational pension schemes, the law does not require life insurers to have their rates approved. Products must, nonetheless, meet certain special requirements.
Under Article 121 Insurance Supervision Ordinance (ISO), the technical interest rate used for pricing in life insurance (excluding occupational pension schemes) generally cannot exceed 60% of the ten-year rolling average of the reference interest rate. Where justified, FINMA can change this limit It communicates the current interest rate publicly.
Surrender values for individual life insurance products must be submitted to FINMA for approval as set out in Article 127 ISO. FINMA then checks whether the legal requirements in Article 127 para. 2 have been met.