Switzerland: Financial Sector Assessment Program-Technical Note on Insurance Regulation and Supervision

International Monetary Fund

No 2025/299, IMF Staff Country Reports from International Monetary Fund

Abstract: This Technical Note provides an update on the Swiss insurance sector and an analysis of several aspects of the regulatory and supervisory system. The note covers private insurers supervised by the Swiss Financial Market Supervisory Authority (FINMA). The Swiss regulatory framework for insurers is generally robust, although extensive reliance on external auditors and hurdles to enforcement limit the effectiveness of the supervision. The Swiss solvency supervisory framework has been continuously improved over the last ten years. Recent reforms strengthen the Swiss Solvency Test, supported by the qualitative supervision, such as risk management and internal controls requirements. FINMA should develop resolution plans and apply resolution planning to identified insurance groups. FINMA can decide to withdraw the suspensive effect on its decision, at which point the concerned party must justify on what grounds the immediate execution of FINMA’s decision would be prejudicial. FINMA should further be empowered to impose fines and administrative penalties.

Keywords: IMF staff; FINMA insurer; solvency assessment; staff team; insurance penetration; Insurance; Insurance companies; Insurance supervision; Financial Sector Assessment Program; Solvency; Global (search for similar items in EconPapers)
Pages: 44
Date: 2025-11-13
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