Regulatory Alerts2016-12-07
FINMA Circular 2017/2 Corporate governance – insurers
The Swiss Financial Market Supervisory Authority (FINMA) issued Circular 2017/2 to clarify corporate governance, risk management, and internal control requirements for insurers under the Insurance Supervision Act. The circular mandates that insurance companies implement clear governance principles, ensure board independence, and establish robust risk management and internal control systems with independent compliance and audit functions. It applies to all domestic and foreign insurers subject to supervision, with specific transitional provisions allowing until December 2019 for full implementation of certain board composition rules.
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