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Please make sure you view the key information alongside your search results. This section details information that must be considered before accepting a risk in the chosen country.

Disclaimer: Crystal is provided for information purposes; it does not constitute solicitation of business and is not intended to be a substitute for appropriate professional advice.

Switzerland** Please see Lloyd's Authorisation for details of Lloyd's licensing status

Pre-placement considerations

Lloyd's authorisation

Insurance

Lloyd's underwriters are licensed for all classes except life, sickness and legal expenses.

Last updated: 02 Sep 2016


Reinsurance

Lloyd's underwriters are permitted to write all classes of reinsurance business originating in Switzerland except life, sickness and legal expenses reinsurance.

Last updated: 02 Sep 2016

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Definition of risk location

Regulatory definition

Article 1 of the Insurance Supervisory Ordinance Swiss states that a risk is located in Switzerland when:

  • The policyholder (a natural or legal person) is domiciled or residing in Switzerland, or
  • The contract insures a person (a natural or legal person) domiciled or residing in Switzerland, or
  • The contract insures property situated in Switzerland (this includes vehicles, aircraft and ships that are generally operating in or physically present in Switzerland).

Reinsurance

Lloyd’s defines a Swiss reinsurance as “reinsurance (including retrocession) of an insurance company located in Switzerland”.

For general guidance on identifying the location of a risk please refer to the risk locator.

Last updated: 31 Aug 2016


Compulsory classes

The following classes are compulsory in Switzerland.
 
Third party liability insurance for or in connection with:
  • Aircraft (including hang gliders, paragliders, parachutes as well as balloons and aero-models weighing 0.5kg or more).
  • Cable cars, rail services and passenger transportation.
  • Clinical and non-clinical trials.
  • Doctors and other persons engaged in medical professions.
  • Export of waste which is subject to an authorization.
  • Finance providers and credit brokers engaged in the granting of consumer credits.
  • Hunters.
  • Insurance brokers.
  • Motor vehicles.
  • Nuclear installations.
  • Operators of calibration facilities.
  • Operators of installations that carry a particular environmental risk.
  • Organizers of air shows, motorsport and cycling events, nautical shows and shooting events.
  • Private security companies.
  • Providers of certification services in the area of electronic signatures.
  • Shooting associations.
  • Solicitors.
  • The handling of genetically modified organisms.
  • The handling of pathogenic organisms.
  • The handling of radioactive substances and of installations and equipment capable of emitting ionizing radiation.
  • The performance of xenotransplantation.
  • The transport by pipeline of liquid or gaseous fuels and the transport of combustible materials.
  • Travelling trades, fairgrounds and circuses.
  • Yachts and inland craft (including kitesurfing), or other financial security.

Property insurances:

  • Fire insurance for buildings. This is a compulsory class in all of the 26 cantons. Local cantonal insurance institutions have a monopoly in 19 of these cantons. It is compulsory for fire insurance for buildings to include cover for damage caused by natural forces.
  • Fire insurance for building contents. This is a compulsory class in seven cantons. Local cantonal insurance institutions have a monopoly in two of these cantons. It is compulsory for fire insurance for buildings to include cover for damage caused by natural forces.

Social insurances:

  • Disability insurance.
  • Military insurance.
  • Occupational benefits insurance.
  • Old-age and survivors insurance.
  • Statutory sickness insurance.
  • Statutory unemployment insurance.
  • Statutory personal accident insurance ("UVG"). Employers must insure all their employees in Switzerland against occupational accidents and illnesses and some non-occupational accidents.

The above list contains the main compulsory classes in Switzerland but it is not exhaustive.

Last updated: 02 Sep 2016

Class specific regulations

Property - fire and natural forces
Last updated: 02 Sep 2016


What's new

Lloyd's has decided to surrender its UVG licence.
Statutory Personal Accident insurance ("UVG")
Last updated: 13 Apr 2017


Tax - Overview

Summary of taxes applicable to insurance

  • Stamp duty The Swiss Confederation has the exclusive right to levy this tax. 5% levied on non-life insurance premiums or 2.5% levied on life insurance premiums and payable by the taker of insurance (policyholder)

  • Fire brigade charge The 26 Cantons have the exclusive right to levy this tax. It is a contribution for fire protection and fire fighting and to prevent damage caused by natural forces. Fire brigade charges are calculated on the sum insured at the rate of CHF 0.05 per mille. per annum.

The Lloyd's Swiss Office handles taxes centrally. For detailed information on taxes applicable to a particular risk please select the appropriate type of insurance using the "Tax by risk" option(s) under "Tailored search".

Taxes and global contracts

A global contract may give rise to tax exposures in a number of different jurisdictions. Compliance with tax requirements will normally require the premium to be apportioned between jurisdictions and may result in more than one country's tax being applied to the same premium. In addition tax liabilities may be triggered by a number of factors other than the location of a risk including, residence of insured, route of the business into Lloyd's and Lloyd's status in a jurisdiction.
Last updated: 26 Apr 2011

Routes into Lloyd's

Coverholders

Lloyd's requirements for a coverholder carrying on Swiss business

Binding authority held by a coverholder in Switzerland

Last updated: 31 Aug 2016

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Open market correspondents

Open market business through an insurance intermediary in Switzerland

Last updated: 24 Apr 2017


Intermediary regulation

Insurance intermediaries in Switzerland are subject to supervision by the Swiss Financial Market Supervisory Authority (FINMA). There are two categories of intermediary in Switzerland.
Last updated: 31 Aug 2016


Insurance documentation

Insurance documents

Contract certainty applies to general insurance contracts either entered into by a UK regulated insurer (such as Lloyd’s underwriters) or arranged through a UK regulated broker (such as Lloyd’s brokers based in the UK).

Lloyd's has developed Quality Assurance (QA) checks to help the market comply with this requirement.

Further information on contract certainty can be found on the Market Reform website.

Last updated: 04 Oct 2016


Market Reform contract guidance

This guidance on completing a Market Reform Contract (MRC) focuses on tax and regulatory checks.

It provides advice on completion of the Fiscal and Regulatory section, plus completion of headings in other sections relevant to fiscal and regulatory compliance.

The guidance below relates to insurance (ie not reinsurance).
Last updated: 31 Oct 2013


Language of contract

Most Swiss insurance contracts are produced in one of the Swiss official languages which are German, French and Italian. An insurance contract may be in another language if the policyholder agrees to this in writing.

Last updated: 08 Aug 2014


Choice of law

To meet contract certainty requirements, the insurance contract must contain a choice of law clause.

Last updated: 02 Sep 2016

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Jurisdiction

To meet contract certainty requirements, the insurance contract must contain a jurisdiction clause.
Last updated: 08 Aug 2014

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Service of suit

Insurance:

Insurance contracts must contain a service of suit clause that nominates the Lloyd’s General Representative for Switzerland to represent all the underwriters subscribing to the insurance in any litigation, with the right to substitute other attorneys in legal proceedings.

Reinsurance:

Service of suit clauses in Swiss reinsurance contracts may nominate any person who agrees to act in this capacity.

Last updated: 25 Sep 2015

Lloyd's representation and other contact details

Lloyd's representative

Graham West
Lloyd's General Representative for Switzerland
Seefeldstrasse 7
8008 Zurich
Switzerland

Tel: +41 (0)44 266 60 70
Fax: +41 (0)44 266 60 79
E-mail: graham.west@lloyds.com

Last updated: 31 Oct 2013