Under Article 3 Paragraph 5 of the Swiss Insurance Supervisory Ordinance of 9 November 2005 (ISO, SR 961.011), an insurance licence also includes authorisation to write reinsurance business in the same classes of business for which insurance authorisation has been given. As Lloyd's underwriters are not authorised to write life, sickness or legal expenses insurance, they are not permitted to write life, sickness or legal expenses reinsurance.
Annex 1 of the Insurance Supervisory Ordinance lists the following types of reinsurance in which a (re)insurer may be authorised. None of these categories apply to Lloyd's underwriters due to the above provision.
C1. Reinsurance for reinsurers (i.e., the reinsurer does not write any insurance business.)
C2. All branches of reinsurance for non-life insurers
C3. Captive reinsurance