Major Revision of Swiss Insurance Supervisory and Insurance Contract Legislation
In essence, the ISA applies to (i) Swiss insurance and reinsurance undertakings, (ii) foreign insurance undertakings with respect to their insurance activity conducted in or from Switzerland and (iii) insurance intermediaries. It introduces supervision on insurance conglomerates and insurance groups. Moreover, it sets forth notification and approval requirements for (i) the acquisition or divestment of significant shareholdings in insurance undertakings, (ii) mergers, demergers and conversions of insurance undertakings and (iii) non-insurance activity by an insurance undertaking. It introduces new minimum capital and solvency rules. However, the ISA does not establish freedom of cross-border services. The ICA improves protection of the assured.
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