January 15, 2024. | Compliance, Data security, Tips

Are you compliant with the new regulation of insurance intermediation?

As of 1 January 2024, insurance intermediation is now subject to new regulation in Switzerland.

This is because the revised Insurance Supervision Act and the revised Insurance Supervision Ordinance came into force on that date. 

Which, if you’re an insurance intermediary, means you need to take action. 

Because since 1 January 2024, only insurance intermediaries who meet the new (increased) requirements are authorized to operate in the Swiss insurance market. 

The new requirements 

  • Register entry: In order to operate on an untied basis, you must register (electronically) as an insurance intermediary in FINMA’s public register. To do this, you must submit application documents and information to FINMA electronically.
    N.B.You have until 30 June 2024 to submit your follow-up documentation on EHP (the survey and application platform). Tied insurance intermediaries will no longer be listed in the FINMA register.
  • Insurance intermediaries must have professional indemnity insurance or provide an equivalent financial surety.
  • You must provide your clients with a range of important information before concluding a contract. Untied insurance intermediaries must disclose compensation received from insurance companies or other third parties.
  • As an untied insurance intermediary, you must submit key figures and information on your activities to FINMA on an annual basis.

The cost 

Registered insurance intermediaries will incur annual supervision fees from 1 January 2024. The amount for 2024 has been set at CHF 475. The one-off registration fee is CHF 350 for individuals and CHF 750 for legal entities. There is no charge for the follow-up documentation.

So, are you ready?

If you aren’t, or you’re not sure what any or all of this means, just get in touch. We’re always happy to hear from you and always happy to help.

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