Federal Office of Private Insurance FOPI
Federal Office of Private Insurance FOPI
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Partial Revision of the Insurance Contract Act (ICA)
At the same time as the complete revision of the Insurance Supervisory Act (ISA), there was a partial revision to the Insurance Contract Act (ICA). On 1 January 2006, the Federal Council entered into force the modified provisions of the Insurance Contract Act (ICA).
The most important innovations are outlined below:
- Insurers are obliged to inform the policyholder about the essential subject matter of the insurance contract before it is concluded. And that is to say not only about the consequences of infringement of the pre-contractual or contractual obligations or premature termination of the contract also specifically setting out the calculation principles and the procedures for the distribution of surpluses, repurchase and paid-up values. With the revision, this obligation is now expressly stipulated in the law.
- In addition, the consequences of failure by the policyholder in his duty of disclosure are to be reduced. Under the old law, the insurer was entitled to terminate the contract with a policyholder retrospectively should he discover that the latter had failed to disclose a material risk. Now the insurer will only be absolved from paying benefits if a causal relationship exists between the undisclosed material risk and the damages sustained.
- The principle of the indivisibility of the premium has been abolished: should the insurance contract be dissolved before the insurance year has elapsed, now the principle of the divisibility of premiums, i.e. the proportional reimbursement of the "unused" premium is now valid.
- Now the insurance contract (with the transfer of the object insured) is no longer passed on to the purchaser except in the case of the change of owner of a motor vehicle.
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