Switzerland’s Federal Council, via the Federal Department of Finance, has opened a consultation on amendments to the Insurance Oversight Act and Insurance Oversight Ordinance aimed at strengthening Switzerland’s position as a reinsurance location by easing rules that have reduced Swiss reinsurers’ competitiveness. Practical application of the Insurance Oversight Act in force since 1 January 2024 indicated that expanded client-protection requirements unintentionally affected reinsurance: insurers, including reinsurers, may only work with independent intermediaries registered with the Swiss Financial Market Supervisory Authority (FINMA), but specialised foreign reinsurance intermediaries are not always registered in Switzerland. The proposed changes would exempt reinsurance contract intermediaries from the registration obligation and from FINMA supervision, on the basis that reinsurance is conducted between insurance companies and does not involve end-client protection. The package also includes other technical amendments to the Act and the Ordinance. The consultation runs until 12 September 2025.
Federal Department of Finance (Switzerland) 2025-05-21
Switzerland’s Federal Department of Finance launches consultation to exempt reinsurance intermediaries from FINMA registration and supervision
Switzerland’s Federal Department of Finance has initiated a consultation on proposed amendments to the Insurance Oversight Act and Ordinance to enhance reinsurance competitiveness. Key changes include exempting reinsurance contract intermediaries from registration and FINMA supervision, as reinsurance transactions occur between insurance companies without end-client involvement. Additional technical amendments are also proposed.