KPMG’s Center for Insurance Regulation

KPMG's Center for Insurance Regulation provides in-depth information of the current regulatory framework as well as on regulatory developments and challenges. As ambitious thought leaders, we publish a wide range of studies and factsheets.

We are convinced that insurance regulation can only be dealt with meaningfully by a multi-disciplinary approach. This is why we have bundled critical functions such as Legal, Regulatory, Compliance, Risk, Actuarial, Audit, Tax, and Sustainability.

Our experts share relevant insights as well as independent and fresh perspectives with non-life and life insurance companies, health and accident insurers, reinsurers, captives, and brokers to develop innovative and proactive solution approaches.

You can rely on our long-standing industry and consulting expertise.

Alexander Lacher

Partner, Financial Services, Head Insurance Advisory

KPMG Switzerland

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Current topics and developments

Revision of the Swiss Insurance Supervision Act

The Swiss Federal Council enacted the revised Insurance Supervision Act and the revised Insurance Supervision Ordinance as of 1 January 2024.

The revised insurance supervisory law anchors a customer protection-based supervisory concept, profoundly changes the insurance intermediation regulation, creates a new reorganization regime, and provides clarifications concerning solvency and tied assets.

Other changes are a formal restructuring of the current regulation between the different levels of legislation (ISO, ISO-FINMA and FINMA circulars).

It is important to note that the revised insurance supervision law provides for transitional periods in various areas. This offers insurance companies the opportunity to adapt to the new requirements and adjust their business models accordingly.

Given the importance, complexity and depth of the key changes, KPMG recommends insurers swift action.

Intermediary supervision

One of the main aims of the partial revision of the Insurance Supervision Act (ISA) is to strengthen consumer protection. To this end, the legislator is introducing extensive licensing and conduct rules for insurance intermediaries. This significant tightening of supervision is a challenge for the insurance industry. In our factsheet, we outline the specific areas of action and provide support.

Supervision of Insurance intermediaries (Download PDF)
Areas of action for intermediaries and insurers (Download PDF)
Areas of action for banks (Download PDF)

Berne Financial Services Agreement

The UK and Switzerland have negotiated a mutual recognition agreement (MRA) (UK publication/ Swiss publication). This agreement promises unprecedented market access for wholesale insurers and intermediaries. Explore the transformative potential of reduced regulatory hurdles and discover the key beneficiaries of this landmark agreement.

Areas of action for insurers (Download PDF)
Areas of action for insurance brokers (Download PDF)

ESG

In Europe, insurers have been implementing binding sustainability standards for some time. Swiss insurers face a similar regulatory challenge, with many requirements still to be defined. We aim to provide guidance, highlight specific areas to address and offer support.

Sustainability in the Insurance Business (Download PDF)
Sustainability Services for Insurers (Download PDF)
Management of climate- and other nature- related financial risks for Swiss Insurers (Download PDF)

Limited Qualified Investor Fund (L-QIF)

The launch of the Limited Qualified Investor Fund (L-QIF) in Switzerland marks a significant development in the investment landscape, offering qualified investors a flexible, time- and cost-efficient investment vehicle. In our factsheet, we outline the key features, legal forms, and fundamental structure of this innovative investment instrument.

L-QIF (Limited Qualified Investor Fund) (Download PDF)

Regulatory Outlook

ICS
Money laundering
DORA

Our range of services

Licensing/establishment of a Swiss or Liechtenstein location
Are you planning to establish a new insurance company, a subsidiary or branch in Switzerland or the Principality of Liechtenstein? KPMG's Center for Insurance Regulation can guide you through the process of setting up your business in Switzerland or the Principality of Liechtenstein, be it licensing, regulatory or technical issues.

Impact and readiness checks
Are you uncertain about the extent to which your organization will be affected by a new regulation coming into force? Do you want to assess the readiness of your organization for such changes? We provide independent impact and gap assessments to enable a targeted implementation.
Post-implementation checks
Have you recently implemented a new regulation and wish to ensure that your compliance management is up to date? We will review your documentation and point out possible gaps and potential compliance risks.
Regulatory project management
We can develop, support and manage regulatory projects to ensure tailor-made compliance.

Our services for insurers and current regulatory issues

Service offering insurance

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Contact our experts for more information

New regulations significantly impact daily operations in various sectors of your company. It's crucial to closely monitor the legal and regulatory landscape.

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