Federal Office of Private Insurance FOPI
Federal Office of Private Insurance FOPI
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Structure of the New Supervision
The total revision of the new Federal Act on the Supervision of Insurance Companies (Insurance Supervision Act, ISA) provides the foundation for the Supervision Ordinance (SO) and for the FOPI Supervision Ordinance (FOPI-SO). The new supervision regulations entered into force on 1 January 2006.
In drafting the new ISA, the SO, and the FOPI-SO, the decision was made to consolidate the previously highly fragmented supervision law into one enactment each at the levels of legislation, ordinance by the Federal Council, and ordinance by the Federal Office. Just as the new ISL replaces five previous laws, the new SO and FOPI-SO subsume 11 previous Federal Council ordinances and decisions and several unpublished directives at the departmental and office level.
With several subsidiary measures, the new ISA has the character of a framework enactment. It lays down principles in many areas and leaves the specification of the details in a wide range of matters to the Federal Council and FOPI at the ordinance level.
Finally, the new ISA has assigned a whole series of complex and elaborate new areas and responsibilities to insurance supervision, which necessarily entails a detailed regulation.
However, as extensive as the SO and the FOPI-SO may appear, their volume is no greater than the total of the supervisory enactments they subsume, despite the fact that they also regulate additional responsibilities of the supervisory authority. A clear structure of the SO, which largely follows the structure of the new ISA, facilitates orientation and as a rule allows the same matters to be found under the same headings as in the Act.
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