Supervision in the insurance sector

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class="flyout-column-left-wrap e-text"> <div class="flyout-column-left-title">Authorised or registered institutions, persons and products</div> <div class="flyout-column-text-box"> <div class="text-image pull-left"> <img src="/~/media/finma/images/menuicons/finma_icon_bewilligung.png?h=64&iar=0&w=64&hash=C59AF4AB210953925B44A1CBEDE5FD8F" alt="Authorisation icon" width="64" height="64" /> </div> <div class="flyout-column-text">These companies, persons and products have a licence and are permitted to operate on the financial market.</div> </div> </div> </div> <div class="g-cell s-1of3 flyout-column-center"> <div class="flyout-column-center-wrap"> <span class="flyout-column-title">Getting authorised</span> <ul class="flyout-column-list" role="menu"> <li role="presentation"> <a href="/en/authorisation/authorisation-overview/" title="Authorisation" role="menuitem">Authorisation</a> </li> <li role="presentation"> <a href="/en/authorisation/types-of-licensing/" title="Types of authorisation" role="menuitem">Types of authorisation</a> </li> <li role="presentation"> <a href="/en/authorisation/banks-and-securities-firms/" title="Banks and securities firms" role="menuitem">Banks and securities firms</a> </li> <li role="presentation"> <a href="/en/authorisation/insurers/" title="Insurers" role="menuitem">Insurers</a> </li> <li role="presentation"> <a href="/en/authorisation/insurance-intermediaries/" title="Insurance intermediaries" role="menuitem">Insurance intermediaries</a> </li> <li role="presentation"> <a href="/en/authorisation/asset-management/" title="Asset management" role="menuitem">Asset management</a> </li> <li role="presentation"> <a href="/en/authorisation/portfolio-managers-and-trustees/" title="Portfolio managers and trustees" role="menuitem">Portfolio managers and trustees</a> </li> <li role="presentation"> <a href="/en/authorisation/supervisory-organisations/" title="Supervisory organisations" role="menuitem">Supervisory organisations</a> </li> <li 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href="/en/authorisation/registrierungsstelle/" title="Registration body" role="menuitem">Registration body</a> </li> <li role="presentation"> <a href="/en/authorisation/ombudsmen-for-financial-service-providers/" title="Ombudsmen for financial service providers" role="menuitem">Ombudsmen for financial service providers</a> </li> <li role="presentation"> <a href="/en/authorisation/pruefstelle-fuer-prospekte/" title="Reviewing body for prospectuses" role="menuitem">Reviewing body for prospectuses</a> </li> <li role="presentation"> <a href="/en/authorisation/fintech/" title="FinTech" role="menuitem">FinTech</a> </li> </ul> </div> </div> <div class="g-cell s-1of3 flyout-column-right"> <div class="flyout-column-right-wrap"> <a class="flyout-column-link" href="/en/finma-public/authorised-institutions-individuals-and-products/">Authorised or registered institutions, persons and products</a> <div class="flyout-column-text">These companies, persons and products have a licence and are permitted to operate on the financial market.</div> <a class="flyout-column-link" href="/en/finma-public/warnungen/">Warning list</a> <div class="flyout-column-text">These companies are not authorised and may be engaging in financial market activity without the requisite licence.</div> </div> </div> </li> </ul> </li> <li class="main-list-item js-main-list-item" role="presentation" aria-haspopup="true"> <h2 class="main-list-link js-main-list-link state-active">Supervision</h2> <ul class="main-flyout js-main-flyout" role="menu" aria-expanded="false"> <li class="g-row" role="presentation"> <div class="g-cell s-1of3 flyout-column-left"> <div class="flyout-column-left-wrap e-text"> <a class="flyout-column-link" href="/en/supervision/our-approach-to-supervision/">Our approach to supervision</a> <div class="flyout-column-text-box"> <div class="text-image pull-left"> <img src="/~/media/finma/images/menuicons/finma_icon_ueberwachung.png?h=64&iar=0&w=64&hash=EBB252A54B6BD7EA0CDB0475CA196855" alt="Supervision icon" width="64" height="64" /> </div> <div class="flyout-column-text">FINMA’s core task is prudential supervision of the financial market. It also uses private audit companies to extend its reach.</div> </div> </div> </div> <div class="g-cell s-1of3 flyout-column-center"> <div class="flyout-column-center-wrap"> <span class="flyout-column-title">Information about supervision of…</span> <ul class="flyout-column-list" role="menu"> <li role="presentation"> <a href="/en/supervision/our-approach-to-supervision/" title="Our approach to supervision" role="menuitem">Our approach to supervision</a> </li> <li role="presentation"> <a href="/en/supervision/cross-sector-issues/" title="Cross-sector issues" role="menuitem">Cross-sector issues</a> </li> <li role="presentation"> <a href="/en/supervision/banks-and-securities-firms/" title="Banks and securities firms" role="menuitem">Banks and securities firms</a> </li> <li role="presentation"> <a href="/en/supervision/insurers/" title="Insurers" role="menuitem">Insurers</a> </li> <li role="presentation"> <a href="/en/supervision/versicherungsvermittler/" title="Insurance intermediaries" role="menuitem">Insurance intermediaries</a> </li> <li role="presentation"> <a href="/en/supervision/asset-management/" title="Asset Management" role="menuitem">Asset Management</a> </li> <li role="presentation"> <a href="/en/supervision/portfolio-managers-and-trustees/" title="Portfolio managers and trustees" role="menuitem">Portfolio managers and trustees</a> </li> <li role="presentation"> <a href="/en/supervision/supervisory-organisations/" title="Supervisory organisations" role="menuitem">Supervisory organisations</a> </li> <li role="presentation"> <a href="/en/supervision/self-regulatory-organisations-sros/" title="Self-regulatory organisations (SROs)" role="menuitem">Self-regulatory organisations (SROs)</a> </li> <li role="presentation"> <a href="/en/supervision/financial-market-infrastructures/" title="Financial market infrastructures" role="menuitem">Financial market infrastructures</a> </li> <li role="presentation"> <a href="/en/supervision/central-mortgage-bond-institutions/" title="Central mortgage bond institutions" role="menuitem">Central mortgage bond institutions</a> </li> <li role="presentation"> <a href="/en/supervision/fintech/" title="FinTech" role="menuitem">FinTech</a> </li> </ul> </div> </div> <div class="g-cell s-1of3 flyout-column-right"> <div class="flyout-column-right-wrap"> <a class="flyout-column-link" href="/en/supervision/banks-and-securities-firms/categorisation/">Risk categories in the banking sector</a> <div class="flyout-column-text">FINMA assigns banks to different risk categories.</div> <a class="flyout-column-link" href="/en/supervision/insurers/categorisation/">Risk categories in the insurance sector</a> <div class="flyout-column-text">FINMA assigns insurers to different risk categories.</div> </div> </div> </li> </ul> </li> <li class="main-list-item js-main-list-item" role="presentation" aria-haspopup="true"> <h2 class="main-list-link js-main-list-link">Enforcement</h2> <ul class="main-flyout js-main-flyout" role="menu" aria-expanded="false"> <li class="g-row" role="presentation"> <div class="g-cell s-1of3 flyout-column-left"> <div class="flyout-column-left-wrap e-text"> <a class="flyout-column-link" href="/en/enforcement/all-about-enforcement/">Enforcing supervisory law</a> <div class="flyout-column-text-box"> <div class="text-image pull-left"> <img src="/~/media/finma/images/menuicons/finma_icon_durchsetzung.png?h=64&iar=0&w=64&hash=DD5B067C17728DE511F0D115D366BC67" alt="Enforcement icon" width="64" height="64" /> </div> <div class="flyout-column-text"><p style="margin: 0cm 0cm 0pt;">Where necessary, FINMA enforces supervisory law using coercive measures under administrative law. Find out about its powers, approach and measures for dealing with violations of the law here.</p></div> </div> </div> </div> <div class="g-cell s-1of3 flyout-column-center"> <div class="flyout-column-center-wrap"> <span class="flyout-column-title">Enforcement topics</span> <ul class="flyout-column-list" role="menu"> <li role="presentation"> <a href="/en/enforcement/all-about-enforcement/" title="All about Enforcement" role="menuitem">All about Enforcement</a> </li> <li role="presentation"> <a href="/en/enforcement/licence-holders/" title="Licence holders" role="menuitem">Licence holders</a> </li> <li role="presentation"> <a href="/en/enforcement/unauthorised-activities/" title="Unauthorised activities" role="menuitem">Unauthorised activities</a> </li> <li role="presentation"> <a href="/en/enforcement/market-supervision/" title="Market supervision" role="menuitem">Market supervision</a> </li> <li role="presentation"> <a href="/en/enforcement/enforcement-tools/" title="Enforcement tools" role="menuitem">Enforcement tools</a> </li> <li role="presentation"> <a href="/en/enforcement/database-for-assessing-fitness-and-propriety-requirements/" title="Database for assessing fitness and propriety requirements" role="menuitem">Database for assessing fitness and propriety requirements</a> </li> <li role="presentation"> <a href="/en/enforcement/recovery-and-resolution/" title="Recovery and resolution" role="menuitem">Recovery and resolution</a> </li> <li role="presentation"> <a href="/en/enforcement/national-and-international-cooperation/" title="National and international cooperation" role="menuitem">National and international cooperation</a> </li> <li role="presentation"> <a href="/en/enforcement/parties-rights-and-obligations/" title="Rights and obligations" role="menuitem">Rights and obligations</a> </li> <li role="presentation"> <a href="/en/enforcement/case-reports-and-court-decisions/" title="Case reports and court decisions" role="menuitem">Case reports and court decisions</a> </li> </ul> </div> </div> <div class="g-cell s-1of3 flyout-column-right"> <div class="flyout-column-right-wrap"> <a class="flyout-column-link" href="/en/documentation/finma-publications/kennzahlen-und-statistiken/statistiken/enforcement/">Enforcement report</a> <div class="flyout-column-text">The enforcement report contains anonymised case studies that offer a more in-depth insight into FINMA’s enforcement activities.</div> <a class="flyout-column-link" href="/en/finma-public/warnungen/">Warning list</a> <div class="flyout-column-text">This is a list of companies and individuals that may be operating without the requisite FINMA authorisation.</div> </div> </div> </li> </ul> </li> <li class="main-list-item js-main-list-item" role="presentation" aria-haspopup="true"> <h2 class="main-list-link js-main-list-link">Documentation</h2> <ul class="main-flyout js-main-flyout" role="menu" aria-expanded="false"> <li class="g-row" role="presentation"> <div class="g-cell s-1of3 flyout-column-left"> <div class="flyout-column-left-wrap e-text"> <a class="flyout-column-link" href="/en/documentation/finma-s-legal-basis/">FINMA’s legal basis</a> <div class="flyout-column-text-box"> <div class="text-image pull-left"> <img src="/~/media/finma/images/menuicons/finma_icon_dokumentation.png?h=64&iar=0&w=64&hash=42C3971FE452D2643DEB60C25197EEC0" alt="Documentation icon" width="64" height="64" /> </div> <div class="flyout-column-text">The financial market laws and the Financial Market Supervision Act provide the basis for FINMA’s activities. FINMA reports in detail on the fulfilment of its aims.</div> </div> </div> </div> <div class="g-cell s-1of3 flyout-column-center"> <div class="flyout-column-center-wrap"> <span class="flyout-column-title">Information on…</span> <ul class="flyout-column-list" role="menu"> <li role="presentation"> <a href="/en/documentation/finma-s-legal-basis/" title="Legal basis for FINMA’s activities" role="menuitem">Legal basis for FINMA’s activities</a> </li> <li role="presentation"> <a href="/en/documentation/legal-basis/" title="Legal basis" role="menuitem">Legal basis</a> </li> <li role="presentation"> <a href="/en/documentation/circulars/" title="Circulars" role="menuitem">Circulars</a> </li> <li role="presentation"> <a href="/en/documentation/consultations/" title="Consultations and evaluations" role="menuitem">Consultations and evaluations</a> </li> <li role="presentation"> <a href="/en/documentation/finma-s-position/" title="FINMA position statements" role="menuitem">FINMA position statements</a> </li> <li role="presentation"> <a href="/en/documentation/finma-guidance/" title="FINMA Guidance" role="menuitem">FINMA Guidance</a> </li> <li role="presentation"> <a href="/en/documentation/finma-publications/" title="FINMA publications" role="menuitem">FINMA publications</a> </li> <li role="presentation"> <a href="/en/documentation/finma-videos/" title="FINMA videos" role="menuitem">FINMA videos</a> </li> <li role="presentation"> <a href="/en/documentation/dossier/" title="Dossiers" role="menuitem">Dossiers</a> </li> <li role="presentation"> <a href="/en/documentation/enforcement-reporting/" title="Enforcement reporting" role="menuitem">Enforcement reporting</a> </li> <li role="presentation"> <a href="/en/documentation/insurance-law-rulings/" title="Insurance law rulings" role="menuitem">Insurance law rulings</a> </li> <li role="presentation"> <a href="/en/documentation/self-regulation/" title="Self-regulation" role="menuitem">Self-regulation</a> </li> <li role="presentation"> <a href="/en/documentation/international-sanctions-and-combating-terrorism/" title="Sanctions and FATF statements" role="menuitem">Sanctions and FATF statements</a> </li> <li role="presentation"> <a href="/en/documentation/archiv/" title="Archive" role="menuitem">Archive</a> </li> </ul> </div> </div> <div class="g-cell s-1of3 flyout-column-right"> <div class="flyout-column-right-wrap"> <a class="flyout-column-link" target="_blank" rel="noopener noreferrer" href="http://www.admin.ch/opc/en/classified-compilation/20052624/index.html">Financial Market Supervision Act</a> <div class="flyout-column-text">The legal basis for FINMA as an authority, setting out its tasks and powers.</div> <a class="flyout-column-link" href="/en/documentation/finma-publications/annual-reports--and-financial-statements/">Annual report and financial statements</a> <div class="flyout-column-text">FINMA gives a full account of its activities in its annual report.</div> </div> </div> </li> </ul> </li> <li class="main-list-item js-main-list-item" role="presentation" aria-haspopup="true"> <h2 class="main-list-link js-main-list-link">FINMA</h2> <ul class="main-flyout js-main-flyout" role="menu" aria-expanded="false"> <li class="g-row" role="presentation"> <div class="g-cell s-1of3 flyout-column-left"> <div class="flyout-column-left-wrap e-text"> <a class="flyout-column-link" href="/en/finma/finma-an-overview/">FINMA – an overview</a> <div class="flyout-column-text-box"> <div class="text-image pull-left"> <img src="/~/media/finma/images/menuicons/finma_icon_behoerde.png?h=64&iar=0&w=64&hash=ED57AB81A75632D24584A132CD7D6DE6" alt="FINMA icon" width="64" height="64" /> </div> <div class="flyout-column-text">As an independent supervisor of the Swiss financial market, FINMA is institutionally, functionally and financially independent.</div> </div> </div> </div> <div class="g-cell s-1of3 flyout-column-center"> <div class="flyout-column-center-wrap"> <span class="flyout-column-title"></span> <ul class="flyout-column-list" role="menu"> <li role="presentation"> <a href="/en/finma/finma-an-overview/" title="FINMA – an overview " role="menuitem">FINMA – an overview </a> </li> <li role="presentation"> <a href="/en/finma/supervisory-objectives/" title="Supervisory objectives" role="menuitem">Supervisory objectives</a> </li> <li role="presentation"> <a href="/en/finma/organisation/" title="Organisation" role="menuitem">Organisation</a> </li> <li role="presentation"> <a href="/en/finma/working-at-finma/" title="Working at FINMA" role="menuitem">Working at FINMA</a> </li> <li role="presentation"> <a href="/en/finma/activities/" title="Activities" role="menuitem">Activities</a> </li> <li role="presentation"> <a href="/en/finma/auditing/" title="Auditing" role="menuitem">Auditing</a> </li> <li role="presentation"> <a href="/en/finma/finma-mandataries/" title="FINMA mandataries" role="menuitem">FINMA mandataries</a> </li> <li role="presentation"> <a href="/en/finma/national-cooperation/" title="National cooperation" role="menuitem">National cooperation</a> </li> <li role="presentation"> <a href="/en/finma/international-activities/" title="International activities" role="menuitem">International activities</a> </li> <li role="presentation"> <a href="/en/finma/digital-exchange/" title="Digital exchange" role="menuitem">Digital exchange</a> </li> <li role="presentation"> <a href="/en/finma/making-a-report/" title="Making a report" role="menuitem">Making a report</a> </li> </ul> </div> </div> <div class="g-cell s-1of3 flyout-column-right"> <div class="flyout-column-right-wrap"> <a class="flyout-column-link" target="_blank" rel="noopener noreferrer" href="/~/media/finma/dokumente/dokumentencenter/myfinma/6finmapublic/finma-ein-portraet.pdf?sc_lang=en&hash=0CADEB898C65A2CEAF6A410126A5190A">FINMA: A Portrait</a> <div class="flyout-column-text"><p style="margin: 0cm 0cm 0pt;"><span>Supervision of the financial sector calls for a strong, competent, independent regulator. This brochure illustrates how FINMA meets these criteria.</span></p></div> <a class="flyout-column-link" href="/en/documentation/finma-publications/annual-reports--and-financial-statements/">Annual Report</a> <div class="flyout-column-text">FINMA accounts for its supervisory activities in its annual report and annual financial statements.</div> </div> </div> </li> </ul> </li> <li class="finma-public-item" style="display: block;" role="presentation" aria-haspopup="true"> <a class="e-btn btn-finma-public" role="menuitem" title="FINMA Public" href="/en/finma-public/">FINMA Public</a> </li> </ul> </div> </nav> </div> </header> <div class="l-body l-sub"> <div class="l-background"> </div> <div class="l-content-wrapper l-wrap"> <div class="g-row"> <div class="l-bread"> <div class="mod-breadcrumb"> <ul class="breadcrumb-list"> <li><a href="/en/">Home </a></li> <li><a href="/en/supervision/">Supervision </a></li> <li><a href="/en/supervision/insurers/">Insurers </a></li> </ul> </div> </div> <div class="g-cell s-flex"> <div class="l-content l-right--left"> <div class="l-main"> <div class="e-text text-heading-underline"> <h1>Supervision in the insurance sector</h1> </div> <div class="mod mod-content"> <div class="e-text"> <div class="text-lead-intro">FINMA adopts a principle-based, risk-oriented approach to its supervision of insurance companies. The greater the risk potential of an insurance company, the more intensive the supervision.</div> </div> </div> <div class="mod mod-content"> <div class="e-text"> <div class="text-rte--infobox g-row"> <div class="text-rte g-cell s-flex"> <div class="text-infobox"><ul> <li > </li> <li > </li> </ul> </div> <div class="text-page"> <p>FINMA assigns all supervised institutions to one of five supervisory categories. This <a href="/en/supervision/insurers/categorisation/">categorisation</a> enables FINMA to implement an appropriate level of supervision and deploy its resources effectively. </p><h2>Tools</h2><p> Insurance companies are supervised more or less intensively depending on their category. Some supervisory tools are familiar and have been used successfully in the past, while others apply a new dynamic process-based approach. In general terms, they are either: </p><ul><li><a href="/en/supervision/insurers/cross-sectoral-tools/">cross-sectoral</a> or </li><li><a href="/en/supervision/insurers/sector-specific-tools/">sector-specific</a>.</li></ul><h2>Groups and conglomerates</h2><p>For supervised <a href="/en/supervision/insurers/groups-and-conglomerates/">insurance groups and insurance conglomerates</a>, FINMA applies the group supervision in addition to the supervision of the single entities. </p><h2>Annual report and supervisory report</h2><p> </p><p>Insurance companies must produce an <a href="/en/supervision/insurers/annual-report,-financial-statements-and-supervisory-report/">annual report</a> as of 31 December each year as well as a <a href="/en/supervision/insurers/annual-report,-financial-statements-and-supervisory-report/">supervisory report</a> for FINMA. FINMA provides an annual overview of the sector in its <a href="/en/documentation/finma-publications/reports/insurance-reports/">report on the insurance market</a>. The report contains general information on the market in Switzerland including aggregated sector-specific balance sheet and profit and loss data. </p><h2>Branches of foreign insurance companies</h2><p> <a href="/en/supervision/insurers/zweigniederlassungen/">Branches of foreign insurance companies</a> are subject to supervision by FINMA. They are required to prepare annual financial statements in accordance with Swiss law and to submit annual reports and supervisory reports. </p> </div> </div> </div> </div> </div> </div> <div class="l-sidebar"> <div class="mod mod-nav-sidebar"> <span class="nav-sidebar-mobile-title js-nav-sidebar-mobile-title">Versicherungen</span> <ul class="nav-sidebar-list-level-1 state-selected js-state-selected"> <li><a href="/en/supervision/our-approach-to-supervision/" title="Our approach to supervision">Our approach to supervision</a></li> <li><a href="/en/supervision/cross-sector-issues/" title="Cross-sector issues">Cross-sector issues</a></li> <ul class="nav-sidebar-list-level-2"> </ul> <li><a href="/en/supervision/banks-and-securities-firms/" title="Banks and securities firms">Banks and securities firms</a></li> <ul class="nav-sidebar-list-level-2"> </ul> <li class="state-active"><a href="javascript:;" title="Insurers">Insurers</a></li> <ul class="nav-sidebar-list-level-2"> <li><a href="/en/supervision/insurers/categorisation/" title="Categorisation">Categorisation</a></li> <li><a href="/en/supervision/insurers/cross-sectoral-tools/" title="Cross-sectoral tools">Cross-sectoral tools</a></li> <ul class="nav-sidebar-list-level-3"> </ul> <li><a href="/en/supervision/insurers/sector-specific-tools/" title="Sector-specific tools">Sector-specific tools</a></li> <ul class="nav-sidebar-list-level-3"> </ul> <li><a href="/en/supervision/insurers/groups-and-conglomerates/" title="Groups and conglomerates">Groups and conglomerates</a></li> <li><a href="/en/supervision/insurers/small-insurers-regime-and-relief-for-insurers/" title="Small insurers regime and relief for insurers">Small insurers regime and relief for insurers</a></li> <ul class="nav-sidebar-list-level-3"> </ul> <li><a href="/en/supervision/insurers/zweigniederlassungen/" title="Branches">Branches</a></li> <li><a href="/en/supervision/insurers/professionelle-versicherungsnehmer/" title="Professional 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