The Swiss Financial Market Supervisory Authority (FINMA) is an independent regulator whose mandate is to supervise banks and insurance companies. It protects investors, debtors and insureds as well as the functioning of the financial markets.
FINMA is Switzerland’s financial market supervisory authority. Its tasks include the supervision and control of all areas of the Swiss financial industry, particularly insurance companies, banks and stock exchanges. The supervisory body is institutionally, functionally and financially independent in order to ensure objective supervision.
What does the financial market supervisory (FINMA) authority do in the insurance sector?
FINMA supervises Swiss health insurance companies to ensure that their supplementary insurance plans are all above board. Anyone wanting to offer supplementary health insurance in Switzerland requires approval from FINMA. Approval is only granted when the health insurers meet the requirements. Each health insurance company has to provide detailed information on the planned business, prove its solvency and ensure proper business management.