Federal Office of Private Insurance FOPI
Federal Office of Private Insurance FOPI
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FOPI News no. 4
FOPI News no. 4 of 10th November 2006 – Intermediary Supervision: Over 8,400 brokers and agents already on the official register
The Insurance Supervision Act has succeeded in its effort to improve transparency, a key market factor in the insurance business. By the end of October 2006, over 8,400 intermediaries were already on the public register, far exceeding original expectations in the industry of 5,000 to 6,000 applications. FOPI will finish the construction of the public register in the first quarter of 2007.
Since 1 January 2006, insurance intermediaries have been subject to supervision by the Federal Office of Private Insurance (FOPI). A key component of this supervision is a new public register, available at the online platform for insurance intermediaries, www.vermittleraufsicht.ch. Although registration is compulsory for “independent intermediaries” (brokers), registration is voluntary for “dependent intermediaries” (agents associated with an insurance company).
Some 5,000 to 6,000 applications were originally expected in the industry. However, far more intermediaries than initially predicted have registered over the past few months. In particular, the dependent intermediaries – who are not obliged to register – have applied for registration en masse and now account for some 58% of the almost 13,000 applications to date.
Applications to join the public register, including payment of the registration fee, are made online – making this the Swiss Confederation’s first venture into e-government. However, the personal, financial and professional details supplied must be supported by the relevant documents, which the intermediary submits by post. Each application is verified individually by FOPI before being entered into the online register. Over 8,400 intermediaries are already on the public register.
FOPI expects to finish the construction of the register during the first quarter of 2007. With most dependent intermediaries now also on a public register, the project has succeeded beyond all expectations in terms of improving transparency, a key market factor in the insurance business. Transparency has also benefited from the implementation of the duty to provide information under Art. 45 of the Insurance Supervision Act. All insurance intermediaries, whether dependent or independent, must provide their clients with the specified information as soon as they establish contact.
Information: Media section FOPI, tel. 031 325 01 65
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