Applying for authorisation
Institutions applying for authorisation prepare an application including legal (formation of the institution, executives), technical and financial components
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- make contact with the Insurance Institutions Department within the Licensing, Authorisation and Regulation Directorate to submit their plans and review the provisional implementation timetable;
- put together an application consisting of the following:
- a legal component relating to the formation of the institution and its executives, mainly consisting of:
=> the signed instruments of incorporation;
=> minutes from a meeting of the decision-making body seeking a licensing decision;
=> certification of payment of funds (share capital or “establishment fund”);
=> information about the fitness and properness, expertise and experience of persons tasked with running or overseeing the institution.- a technical and financial component consisting of:
=> a provisional three-year programme of operations;
=> detailed projections showing forecast sales, technical results, net profit, loss expectancy, technical provisions, coverage of regulated liabilities and solvency margin;
=> a description of the activities in which the institution plans to engage (target customers, distribution methods, etc.), a description of the reinsurance programme and a breakdown of the technical resources to be put in place to manage business. A specific procedure applies to reinsurance institutions, Swiss undertakings and undertakings whose registered office is not in a State that is a party to the EEA agreement.
Two copies of the completed application must be submitted to the Insurance Institutions Department, which may request further information or additional documents in view of the institution’s specific plans.
Reference texts:
| Insurance Code | Mutual Insurance Code | Social Security Code |
|---|---|---|
| L 211-8 ; L 211-8-1 ; R 211-2 | L 931-4 ; L931-4-1 ; R 931-2-1 |
Updated on: 06/25/2018 14:37