Federal Office of Private Insurance FOPI
Federal Office of Private Insurance FOPI
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Supervision Legislation
On 1 January 2006, the Federal Council entered into force the new Insurance Supervision Act (ISA), the modified provisions of the Insurance Contract Act (ICA) and the new Supervision Ordinance (SO). In addition, the Federal Office of Private Insurance FOPI has set the entry into force of its own Supervision Ordinance (FOPI-SO) for the same date. The revised FOPI ordinance on measures to combat money laundering (MLO FOPI) entered into force on 1 January 2007.
On 1 January 2006, the Federal Council entered into force the new Insurance Supervision Act (ISA). The new law continues to focus on securing the long-term stability of insurance companies, improving the protection of policyholders, and incorporating the most important developments in the EU.
The Federal Council decided that the modified provisions of the Insurance Contract Act (ICA) should enter into force on 1 January 2006, albeit with the exception of articles 3 and 3a of the ICA, which specifically govern the pre-contractual information obligations of insurance companies. These entered into force one year later.
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 Ordinances 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 ISA 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five previous laws, the new SO and FOPI-SO subsume 11 previous Federal Council ordinances and decisions and several unpublished directives at the departmental and office level.
The FOPI has issued an ordinance spelling out and defining insurance companies' obligations under the Money Laundering Act. The revised FOPI ordinance on measures to combat money laundering (MLO FOPI) entered into force on 1 January 2007. The self-regulatory organisation shall have one year after this ordinance has come into force to adapt their regulations accordingly.
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