ISA / FINMA Insurance Supervision
The Swiss Insurance Supervision Act (ISA/VAG) governs licensing, solvency (SST) and conduct duties of insurers as well as the registration of insurance intermediaries; the supervisory authority is FINMA.
Core elements
The ISA requires a licence to conduct business, sufficient solvency under the Swiss Solvency Test (SST), organisational requirements (governance, risk management, appointed actuary) and tied assets to secure claims arising from insurance contracts.
2024 revision
The revised act introduced client-protection-based differentiation: relief for business with professional policyholders, an application procedure for innovative models, restructuring rules, and new conduct and training duties for intermediaries, including the distinction between tied and untied intermediaries.
Relevance for corporates
Brokers must be entered in the FINMA register; captives are supervised with adapted requirements. Placing business with non-admitted foreign insurers is permitted only in narrow exceptions.
Legal basis
- CH: Insurance Supervision Act (ISA, SR 961.01)