Bern, 21.10.2020 - On 21 October 2020, the Federal Council adopted the dispatch on a partial revision of the Insurance Oversight Act (IOA), writes the Swiss Federal Council.
The Act regulates the supervision of insurance undertakings and insurance intermediaries. In particular, it protects insured parties from the risks of insurer insolvency and from abuses.
During the consultation, the bill met with a positive response overall. The partial revision of the IOA takes account of insurance market developments and implements parliamentary proposals arising from the deliberations on the Financial Services Act (FinSA).
In addition, the bill contains specific amendments aimed at bringing the protection of insured parties into line with international developments. The overall objective is to create a nuanced regulatory and supervisory framework which simultaneously improves both the competitiveness of the Swiss insurance sector and consumer protection.
The partial revision covers the following areas:The bill also contains other amendments to the IOA, such as the streamlining of criminal provisions, the strengthening of group supervision and the better formal anchoring of the Swiss solvency test. Moreover, the special provision allowing FINMA to exempt insurance undertakings from the requirement to perform internal audits is to be repealed.Anne Césard, CommunicationsState Secretariat for International Finance SIFTel.
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