Federal Office of Private Insurance FOPI
Federal Office of Private Insurance FOPI
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Groups and conglomerates
Placement under insurance group/conglomerate supervision by means of individual decrees
With the entry into force of the Insurance Supervision Act on 1 January 2006, FOPI has received the mandate to place insurance groups and conglomerates directed from Switzerland or not subject to equivalent supervision abroad under insurance group or conglomerate insurance supervision. The purpose of this supervision is primarily to secure solvency at the group level and to ensure governance, risk management and the internal control system. Based on these considerations, two essential criteria can be derived for placement under supervision, namely the internationality and the complexity of a group or conglomerate.
Upon analysing various corporate groups, FOPI decreed effective on 30 September 2006 that the Bâloise Group, the Swiss Life Group, the Swiss Re Group, and the Zurich Financial Services Group be placed under supervision as both insurance groups and as insurance conglomerates according to the new supervision law. The individual decrees issued under the old law have thereby been replaced. Effective on 30 September 2006, the Helvetia Group, the Mobiliar Group, the Nationale Suisse Group, and the Vaudoise Insurance Group have also been placed under supervision as insurance groups. As a result of the relocation of the Holding Company from Bermuda to Switzerland by the Paris Re group, FOPI has become responsible for the group supervision of the Holding company of Paris Re with effect from 8 May 2007.
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