Insurance Supervision: ISA and the Swiss Solvency Test — conclusion

Conclusion

Swiss insurance supervision has developed from the early federal supervision of 1885 to a modern risk-based regime administered by FINMA. The Insurance Supervision Act of 2004, its revision of 2024 and the Swiss Solvency Test form a framework that protects policyholders by combining risk-based capital requirements, tied assets, governance requirements and, since 2024, a restructuring regime. The SST, introduced before Solvency II, has proven its value in the financial crisis and in the low-interest-rate years, although its volatility and the burden of calculation have been criticised by the industry. The equivalence decision of the European Union of 2015 and the Berne Financial Services Agreement with the United Kingdom secure the access of Swiss insurers to foreign markets.

The supervisory framework also shapes the products that insurers can offer to their clients. The rules on qualified life insurance, the tied assets and the transparency of intermediaries are of particular importance for the private client business, in which life insurance serves as a planning instrument for wealthy families. The next chapter examines life insurance wrappers for private clients, their history and their modern use.

For general information only. This article does not constitute legal or tax advice, does not replace advice on an individual case and creates no lawyer-client relationship. It reflects the legal position as of August 2025.

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I am a Swiss attorney-at-law and also admitted as a solicitor in Hong Kong and in England & Wales, with almost 25 years of experience.

Together with my multilingual team, including Chinese, Japanese, Korean, Russian, Ukrainian and French native speakers, I advise companies and their owners from around the world on the full range of banking, corporate, commercial and tax law matters in Switzerland, including international tax planning, fiduciary services, and legal family office services including immigration & relocation or real estate investments. My practice has a particular focus on clients from growth and frontier markets in Greater China, Central Asia and the Caucasus, the rest of Asia, the Middle East, Africa and Latin America, and I equally advise clients from Europe and North America. Through an affiliated Swiss trust company, we also take care of the incorporation and ongoing administration of their companies and other structures, including accounting, tax returns and corporate secretarial services, and I serve as a professional director where required. With the support of a network of first-class cooperation partners, I also implement solutions worldwide.

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