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    Switzerland and EU Amend Their Insurance Agreement

    July 21, 2018

    Switzerland and EU have revised their insurance agreement. The amendment involves technical changes to the agreement on direct insurance other than life assurance. Since both parties have modernized their respective solvency systems (the Swiss Solvency Test or SST and Solvency II) in recent years, the agreement had to be updated to reflect the new requirements (Agreement on Non-Life Insurance with EU, SR 0.961.1). The changes were agreed on July 03, 2018 and entered into force immediately. Insurance companies that were previously required to calculate and report Solvency I in addition to the SST are exempted from this requirement with immediate effect (Art. 22 of the Supervision Ordinance, SR 961.011).

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    Keywords: Europe, EU, Switzerland, Insurance, Insurance Agreement, Insurance Ordinance, Solvency II, ESMA

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