Insurance intermediaries must submit follow-up documentation to the Swiss Financial Market Supervisory Authority FINMA by the end of June 2024. FINMA has set out the necessary steps for insurance intermediaries in a guidance document.
FINMA is publishing guidance to draw the attention of insurance intermediaries to the deadline for submitting the mandatory follow-up documentation by 30 June 2024 at the latest. Insurance intermediaries who submit their follow-up documentation by then may continue to operate as insurance intermediaries until FINMA decides whether they meet the registration requirements. Failure to submit an application for follow-up documentation will result in deletion from the register.
In its guidance, FINMA also sets out the steps that registered untied insurance intermediaries must take to submit the follow-up documentation application. In addition, FINMA is providing information on the current number of applications for follow-up documentation that have already been received and approved by FINMA.
The revised Insurance Supervision Act and the revised Insurance Supervision Ordinance entered into force on 1 January 2024. To ensure better client protection, the requirements governing insurance intermediaries were enhanced.
