Swiss Insurance Association

The Swiss Insurance Association (SIA) is the umbrella organization representing the private insurance industry in Switzerland. SIA's membership includes small and large, national and international primary insurers and reinsurers. The member companies are committed to the association's following guiding principles:

to support free market entry and competition;
to provide quality, reliability, transparency and fair play in insurance;
to ensure security through professional underwriting and risk management;
to observe the Swiss Code of Best Practice and the SIX Swiss Exchange’s disclosure requirements;
to promote progressive employer practices.

Aims

The Swiss Insurance Association (SIA)

undertakes efforts to maintain and promote a liberal and socially acceptable market and competitive system;
is committed to an economically viable framework, particularly as regards occupational and private pension provision, insurance supervision and regulation, the marketing and sales of insurance products and accounting standards;
promotes trust and confidence in the insurance industry by pursuing an active, integrated communications policy;
creates value for its members by transferring knowhow and information as well as joint activities and communication;
provides comprehensive, targeted training modules for beginners and advanced professionals;
strives to prevent damages and losses through a variety of measures.

Member companies

Around 75 insurance companies belong to the Swiss Insurance Association (SIA), with a number of these being affiliated to one another as part of larger conglomerates. SIA member companies account for over 90% of the private insurance premiums generated in the Swiss market.

Political priorities

Swiss Solvency Test: As a non-EU country, it is particularly important for Switzerland to ensure consistency of content between the Swiss Solvency Test and the European Solvency II project.

Total revision of the Federal Act on Insurance Contracts (FAIC): The Federal Department of Finance entrusted what was then the Federal Office of Private Insurance (FOPI) with the task of drawing up legislation on the basis of the experts' draft. In particular, the revised FAIC should not unnecessarily limit the constitutional freedom of contract and should focus on the regulation of insurance-specific issues.

Revision of the Federal Act on Accident Insurance: The Federal Act on Accident Insurance and the associated Ordinance are to be revised so as to meet the requirements of a modern social insurance system.

Full insurance model: The parameters of mandatory occupational pension plans should no longer be determined politically, but strictly in line with insurance-specific criteria. The efficient three-pillar concept of the Swiss pension system should be retained, as the balanced interplay of social insurance in the first pillar and market-based solutions in the second and third pillars has stood the test of time.

Health insurance: The organisational freedom that exists in social health insurance and occupational pension provision should be preserved. Supplementary private health insurance, which allows for the possibility of generating profits, should be maintained and strengthened.

Monopolies: In the cantons of Bern and Glarus, the cantonal buildings insurers were granted extensive authority to expand their insurance activities based on corresponding statutory revisions. In order to preserve competition between insurers and freedom of choice for policyholders, state insurance monopolies should not be expanded at the expense of private insurers.

Structure

The SIA was established as an association pursuant to Art. 60ff of the Swiss Civil Code. The General Assembly is responsible for electing the key senior posts. The Executive Board formulates the association's aims and strategy, and oversees the work of the head office. In six committees and over 18 commissions, the highly qualified staff of member companies draw up solutions in the interests of the insurance industry as a whole. The head office houses seven departmental units, namely Finance & Regulation, Personal Insurance, Indemnity Insurance, Communication, Education, Services, and the General Secretariat.

Historical development

The first private insurance companies in Switzerland were founded back in the 19th century. Many of these companies are still active today, including Mobiliar (founded in 1826), Swiss Life (1857), Helvetia (1858), Bâloise (1863), Swiss Re (1863), Zurich Insurance (1872) and Axa Winterthur (1875). The “Association of Licensed Swiss Insurance Companies”, founded in 1900 with a membership of 21 insurance companies, was the forerunner of the SIA, which today numbers around 75 members.

Supervisory authority

The member companies of the SIA are subject to supervision by the Swiss Financial Market Supervisory Authority (FINMA). In keeping with the Federal Act on the Swiss Financial Market Supervisory Authority (FINMASA), which was approved by the Swiss Parliament on 22 June 2007, the Federal Office of Private Insurance (FOPI), the Swiss Federal Banking Commission (SFBC) and the Federal Money Laundering Control Authority (MLCA) were subsumed into FINMA as of 1 January 2009. For supervisory purposes, the health insurers specialising in mandatory basic insurance, the “Swiss Accident Insurance Fund, SUVA), the cantonal buildings insurance providers, and the autonomous pension funds are not deemed to belong to the insurance industry. The FINMA ensures the protection of policyholders, and in particular monitors the ability of insurance companies to meet their contractual commitments at all times. The SIA is in favour of a strong and competent supervisory authority.

Memberships

The SIA is a member of both national and international associations and organisations. As a representative of the Swiss insurance industry, the SIA promotes in particular the interests and concerns of its members vis-à-vis Economiesuisse, the Swiss Employers' Association and the Swiss Chamber of Commerce. Of particular significance is the SIA's membership of the European Insurance and Reinsurance Federation (Comité Européen des Assurances, CEA). Founded in 1953, this organisation is the umbrella association of national insurance company associations from more than 30 European countries.

External links

Website of the SIA

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