Federal Council brings revised Insurance Policies Act into force
Bern, 11.11.2020 - During its meeting on 11 November 2020, the Federal Council brought the revised Insurance Policies Act into force with effect from 1 January 2022. The Act governs the relationship between insurance companies and their clients.
On 19 June 2020, Parliament approved the revision of the Insurance Policies Act (IPA). The referendum deadline expired unused on 8 October 2020. The Federal Council has decided to bring the revised IPA into force with effect from 1 January 2022. This gives the insurance companies enough time to implement the large number of changes, especially those regarding product design, sales, claims handling and policy termination.
The revised Act brings improvements for clients and adjusts the provisions in line with changed circumstances. For example, a new 14-day right of revocation has been introduced for insurance policies, and long-dated policies can also be terminated after three years. The period of limitation for insurance claims is increased from two to five years. In addition, the Act has been amended to reflect current requirements of electronic business transactions.
Address for enquiries
State Secretariat for International Finance SIF
Tel.41 58 462 46 16, info@sif.admin.ch
Publisher
The Federal Council
https://www.admin.ch/gov/en/start.html
State Secretariat for International Financial Matters
http://www.sif.admin.ch