Licensing in the insurance sector
Insurance companies require authorisation in the form of a licence before they can commence operations. Surrendering a licence and any changes to a company's insurance activities must also be approved by FINMA.
All insurance companies are obliged to obtain a licence for their business activities from FINMA. As part of its application, each company must submit a business plan. Insurers can commence operations as soon as they have been authorised by FINMA.
Once a company is licensed, some business processes require approval:
Under certain circumstances, FINMA can place an insurance group or conglomerate under group and/or conglomerate supervision.
