Eu Switzerland Insurance Agreement
At the end of this deadline, the EU, which has wanted a framework agreement for a decade, has foiled its threat to end the recognition of Swiss stock market rules, which has inspired EU investors in Switzerland. The current trade relationship between Switzerland and the EU is based on an important agreement (the EU, officially established in 1992) between Switzerland and the European Economic Community (EEC), the forerunner of the EU: a referendum in 2008, in which Swiss citizens voted on whether the existing agreement on the free movement of persons should be extended and extended to younger EU members. , is controversial. Bulgaria and Romania. Opponents of the measure launched a campaign that notoriously contained a widespread image of three black crows aggressively attacking a small map of Switzerland. Since Switzerland is neither a member of the European Union (EU) nor of the European Economic Area (EEA), the law of services and the possibility of applying for local passport fees do not apply. Although there are bilateral agreements between the European Union and Switzerland, there is not a single driver`s licence passport between the EEA Member States and Switzerland. The only exception is the bilateral agreement between Switzerland and the Principality of Liechtenstein, in which the two countries grant each other non-discriminatory insurance benefits. In addition, the EU-Swiss Direct Insurance Agreement of 10 October 1989, which sets out the necessary and sufficient conditions for insurers based in an EEA Member State to set up branches in Switzerland and vice versa, is in force. This agreement is particularly important for determining the jurisdiction in which insurance activity is granted.5 This agreement grants insurance companies in Switzerland and the EU, in branches other than life insurance, an establishment in the European Union or Switzerland. One of the conditions of the agreement is that an agency or branch must be licensed.
The same conditions of access and operation must apply in the host states of the contracting parties. The agreement determines who should supervise the agency or branch. More broadly, insurance law consists not only of these essential provisions, but also of the law of special matters. Examples include consumer protection legislation, data protection legislation and unfair competition legislation. The Swiss Solvency Test (SST), a new solvency scheme for private insurance, came into force in Switzerland in 2011. The EU Solvency II Directive, which came into force on 1 January 2016, also changed solvency requirements. Switzerland and the EU have amended the annexes to the insurance agreement in line with these updated solvency requirements. The amendments were adopted on July 3, 2018.
In 2015, the European Commission recognised the Swiss scheme for private insurance companies separate from the insurance contract as equivalent to EU law.