Regulatory Alerts1995-06-04
Added · Updated
Regulation No. 9 fixing the amount of administrative fines under Article 82 of the Law of 9 July 1975 on the control of insurance companies
Regulation No. 9 establishes specific daily administrative fine amounts for insurance companies failing to comply with the Law of 9 July 1975 on the control of insurance companies. The fines range from 5,000 to 50,000 francs for minor procedural or documentation failures, 7,500 to 75,000 francs for more serious breaches such as operating without authorization or obstructing data provision, and up to 2,000,000 francs or 0.08% of capital for severe violations like intentional misrepresentation or illegal lending to directors. The regulation also mandates a 5% surcharge per billion francs of premium income and a 50% increase for recidivism within five years.
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