Insurance and Reinsurance in
Switzerland: Overview

The Q&A gives a high-level overview of the regulatory framework for insurance and reinsurance activities; rules relating to authorisation of insurers and reinsurers and insurance intermediaries; ownership restrictions; ongoing requirements; penalties for non-compliance with regulatory requirements; sales and marketing of insurance/ reinsurance services; transfer of risk; reinsurance contracts and risks; contracts and policies; claims; dispute resolution; insolvency; and tax.

Regulatory Framework

What is the main legislation and regulatory authorities for insurance and reinsurance activities in your jurisdiction?

Main Legislation

The Swiss regulatory framework on private insurance and reinsurance includes two main legislative acts, supplemented by various implementing ordinances:

The following laws that regulate insurance and reinsurance undertakings and insurance intermediaries:

• the Federal Insurance Supervision Act (ISA);
• the Federal Ordinance on the Supervision of Private Insurance Undertakings (ISO);
• the FINMA-Ordinance on the Supervision of Private Insurance Undertakings (ISO-FINMA); and
• the FINMA Ordinance on Insolvency Proceedings at Financial Market Institutions, which entered into force on 1
  October 2025 (InsO-FINMA) 

The Federal Insurance Contract Act (ICA), which applies to direct insurance contracts and regulates the civil law relationship between the insurance undertaking, policyholder, and the insured.

Reinsurance contracts are subject to the Code of Obligations (CO) (Article 101, ICA).

In addition, the Swiss Financial Market Supervisory Authority (FINMA) issues financial market regulations, including insurance activities, through numerous circulars.

In principle, FINMA circulars are not binding on Swiss courts but can, in some circumstances, be considered authoritative for insurance undertakings since a violation can lead to regulatory sanctions.

FINMA also regularly publishes less formal guidance documents and FAQs on specific supervisory topics.

Specific rules apply to insurance groups and insurance conglomerates (Article 64 and following, Articles 191 and following, Article 204 and following, ISO; Article 72 and following, ISA).

Two or more companies constitute an insurance group if all the following conditions are met:

• At least one company in the group is an insurance undertaking.
• The companies are, together, primarily engaged in insurance.
•  The companies constitute an economic unit or are otherwise connected to each other through influence or control. (Article 64, ISA.)

Two or more companies constitute an insurance conglomerate if all the following conditions are met:

At least one company in the group is:

• an insurance undertaking; or
• a bank or securities dealer of major economic importance.

The companies are, as a whole, primarily engaged in insurance business.
The companies constitute an economic unit or are otherwise connected to each other through influence or control.

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