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Governance, Risk and Compliance - The Swiss Insurance Industry

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Synopsis

Timetric’s Governance, Risk and Compliance - The Swiss Insurance Industry report is the result of extensive research into the insurance regulatory framework in Switzerland. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operations of insurance and reinsurance companies and intermediaries.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, recent and upcoming changes in regulatory framework, taxation and legal system in the country. The report also includes the Scope
of non-admitted insurance in the country.

Summary

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Switzerland, including:

• An overview of the insurance regulatory framework in Switzerland.

• The latest key changes and changes expected in the Swiss insurance regulatory framework.

• Key regulations and market practices related to different types of insurance product in the country.

• Rules and regulations pertaining to key classes of compulsory insurance, and the Scope
of non-admitted insurance in Switzerland.

• Key GRC parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency requirements, reserve requirements, and investment regulations.

• Details of the tax and legal systems in the country.

Scope

• This report covers details of the insurance regulatory framework in Switzerland.

• The report contains details of rules and regulations governing insurance products and insurance entities.

• The report lists and analyzes key trends and developments pertaining to the Swiss insurance regulatory framework.

• The report analyzes rules and regulations pertaining to the establishment and operation of insurance businesses in the country.

• The report provides details of taxation imposed on insurance products and companies.

Reasons To Buy

• Gain insights into the insurance regulatory framework in Switzerland

• Track latest regulatory changes and expected changes impacting the Swiss insurance industry

• Gain detailed information about key regulations governing the establishment and operation of insurance entities in the country

• Understand key regulations and market practices relating to various types of insurance product

Key Highlights

• The Financial Market Supervisory Authority is responsible for governing and regulating the Swiss insurance industry.

• The Insurance Supervision Ordinance 2005 was amended in 2015, and the amendments came into force effective from July 1, 2015.

• FDI of up to 100% is permitted in the Swiss insurance industry.

• Swiss Solvency Test, a risk based solvency standard, similar to Solvency II in the EU, was introduced into the Swiss insurance industry in 2008.

• Non-admitted insurance is not permitted in the Swiss insurance industry, except for marine, aviation and transit insurance.

• Motor, marine, aviation liability and health insurance are the key classes of compulsory insurance in the Swiss insurance industry.

1 Introduction
1.1 What is this Report About?
1.2 Definitions
2 Governance, Risk and Compliance
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulations
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Health insurance
2.4.2 Marine liability insurance
2.4.3 Motor third-party liability insurance
2.4.4 Accident insurance
2.4.5 Aviation liability insurance
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 Financial Market Supervisory Authority
2.5.3 Swiss Insurance Association
2.5.4 Federation of European Risk Management Associations (FERMA)
2.5.5 Swiss Association of Insurance and Risk Managers (SIRM)
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and penalties
2.7 Company Registration and Operations
2.7.1 Types of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margins
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution (ADR)
3 Appendix
3.1 Methodology
3.2 Contact Timetric
3.3 About Timetric
3.4 Timetric’s Services
3.5 Disclaimer


List Of Tables

Table 1: Insurance Industry Definitions
Table 2: Switzerland – Insurance Regulatory Framework Key Features
Table 3: Switzerland – Life Insurance Regulatory Framework
Table 4: Switzerland – Property Insurance Regulatory Framework
Table 5: Switzerland – Motor Insurance Regulatory Framework
Table 6: Switzerland – Liability Insurance Regulatory Framework
Table 7: Switzerland – Minimum Cover for Aircraft Third-Party Liability per Accident per Aircraft
Table 8: Switzerland – Corporate Taxes for the Financial Year 2015


List Of Figures

Figure 1: Switzerland – Insurance Supervision and Control at Various Levels
Figure 2: Switzerland – Insurance Regulatory Frameworks for Company Registration and Operation


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Reports Details

Published Date : Jul 2015
No. of Pages :44
Country :Switzerland
Category :Finance and Banking
Publisher :Timetric
Report Delivery By :Email
Report Delivery Time :12 to 24 hours after placing the order.

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