Swiss Watchdog Reports Progress on Insurance Supervision Act
FINMA notes improvements in client protection under revised rules, though unauthorized intermediaries remain a concern.
Switzerland's financial market regulator, FINMA, has reported positive progress in client protection following the implementation of the revised Insurance Supervision Act and Insurance Supervision Ordinance. Speaking at a symposium in Bern, officials took stock of the regulatory framework two and a half years after it entered into force on January 1, 2024.
The regulatory changes have brought significant structural shifts to the insurance intermediary market. While FINMA highlighted improved safeguards for consumers, it emphasized that continued regulatory action is necessary to address ongoing abuses, noting that numerous individuals continue to operate within the market without proper authorization.
Currently, approximately 12,000 untied insurance intermediaries hold official authorization from FINMA. The regulator convened industry experts in Bern to evaluate the ongoing impact of the legislation and outline necessary steps to ensure market integrity.
Helena covers corporate news for listed and private companies across Europe, from strategy shifts to leadership changes, with an eye for what a story signals about the broader market.
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