Switzerland: Financial Sector Assessment Program: Factual Update: Insurance Sector Market and Regulatory Developments

Author: International Monetary Fund

Volume/Issue: Volume 2007 Issue 203

Publication date: June 2007

ISBN: 9781451807387

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Finance , Business and Financial , ISCR , CR , insurer , FOPI-SO , insurance coverage , insurers-risk management , life insurer , intermediaries vis-à-vis , occupational pension insurance ear , insurers-corporate governance practice , a number of insurer , FOPI-s supervision philosophy , insurance cooperative , monopolisticcantonal insurer , supervision philosophy , licensing insurer , earthquake insurance , Insurance companies , Insurance , Anti-money laundering and combating the financing of terrorism (AML/CFT) , Solvency , Financial Sector Assessment Program , Global , market conduct of insurance intermediary , conglomerate supervision , financial market policy , solvency regime , insurance market , Insurance Core Principles , Insurance supervision

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Summary

This paper presents a factual update of the Insurance Core Principles including insurance sector market and regulatory developments for Switzerland. Regulatory reforms since 2003 have updated Switzerland’s regulatory and supervisory regime for the insurance industry to bring it in line with international best practices. The Insurance Supervision Law (ISL) has reoriented the regulatory focus and expanded the regulatory scope to include group/conglomerate supervision, corporate governance, risk management, and market conduct of insurance intermediaries. The ISL also provides for a range of corrective and preventive regulatory measures.