Regulatory Alerts2008-11-20
FINMA Circular 2008/15 Mergers of Health Insurers
The Swiss Financial Market Supervisory Authority (FINMA) issues this circular to define its supervisory role alongside the Federal Office of Public Health (BAG) regarding mergers, splits, conversions, and asset transfers of health insurers operating in the supplementary insurance sector. The document mandates that insurers submit specific documentation to the FINMA, including fusion contracts and balance sheets, and verifies that the acquiring entity holds the necessary licenses and sufficient bound assets. It clarifies that such transactions do not constitute a transfer of business under Art. 62 VAG, thereby excluding policyholder cancellation rights, while outlining post-merger reporting and fee obligations.
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