Watch the webinar on our YouTube page: https://youtu.be/ewqjetUgNyE
Dominique Lecocq and Lucile Hostettler will touch on what foreign insurance companies marketing in and from Switzerland will need to know in order to be compliant with latest FINMA practice, the current and the upcoming legislative changes. The webinar will discuss:
1. Doing insurance business in Switzerland – an evolving definition
2. Life insurance wrappers – EU definition vs. Swiss definition
3. Selling foreign wrappers in or from Switzerland
4. Targeting Swiss residents – Limits and safe harbours
5. The case where the life insured is in Switzerland?
6. Past Practice – Current Practice
7. The myth of the residents under a Swiss tax lump sum regime - is there any loophole?
8. Draft Revised Insurance Supervision Law – What will change?
9. Conclusions and Questions
On the 1st of January 2006 the Swiss Federal Act on Supervision of Insurance Companies (“ISA”) which governs the Swiss Federal Government’s supervision of insurance companies and intermediaries came into force. Over the last few years, there have been many developments such as the Financial Services Act (“FinSA”), the revision of the ISA and its implementing ordinance (“ISO”) which was followed by other changes in existing regulations. In October 2020, the Swiss government proposed the draft ISA which included new provisions that affect insurance intermediaries and their customers. The draft ISA faced its first barrier this year on 3 May 2021 where one of the two parliament chambers, the National Council, re-adapted the draft ISA by excluding provisions relating to a new ombudsman’s office. Now, the proposed law will have to be approved by the second chamber of the parliament, the Council of States and this legislative process is still ongoing today.