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Insurance Intermediaries Must Submit Follow-up Documents to FINMA by June 2024

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Insurance Intermediaries Must Submit Follow-up Documents to FINMA by June 2024

29 April 2024 | Legal Alerts

Insurance intermediaries are required to submit follow-up documentation to the Swiss Financial Market Supervisory Authority FINMA by June 30, 2024. Detailed instructions for compliance are outlined in FINMA's guidance document for insurance intermediaries.

Insurance Intermediaries Must Submit Follow-up Documents to FINMA

FINMA is releasing guidance to remind insurance intermediaries of the deadline to submit mandatory follow-up documentation by June 30, 2024. Intermediaries who meet this deadline can continue operations until FINMA evaluates their registration eligibility. Failure to submit will lead to removal from the registry.

FINMA's guidance outlines the procedures for registered untied insurance intermediaries to apply for follow-up documentation. Additionally, FINMA offers details regarding the number of received applications for follow-up documentation that have been approved.

The updated Insurance Supervision Act and Insurance Supervision Ordinance became effective on January 1, 2024. These revisions were implemented to strengthen client protection, resulting in enhanced requirements for insurance intermediaries.

Sources

1. https://www.finma.ch/en/news/2024/04/20240429-meldung-am-versicherungsvermittler/
2. https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/
3. https://www.fedlex.admin.ch/eli/cc/2005/734/de
4. https://www.fedlex.admin.ch/eli/cc/2005/736/de

Disclaimer:

This legal alert provides a general overview of the topic and should not be considered legal advice. Legal situations may vary, and businesses should consult with legal professionals to address their specific concerns.

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