Federal Council adopts dispatch on total revision of Insurance Policies Act
Berne, 07.09.2011 - At its meeting today, the Federal Council adopted the dispatch on the total revision of the Insurance Policies Act (IPA). The applicable law is over a hundred years old and is no longer sufficient to meet the current needs of the modern insurance market.
The bill is based on the results of the consultation procedure, an extensive analysis of the implications of the legislative amendments and the preliminary decisions made by the Federal Council in February 2011. Insurance policies law will be adapted to the new circumstances in terms of both form and content. It will be given a modern and clear structure that is tailored to the changed market needs. A level playing field should be created for the contracting parties in insurance contracts. Consequently, greater transparency will be ensured by extended information obligations in the pre-contractual and contractual process. Furthermore, it should be possible for contracts concluded over-hastily to be revoked, and a routine three-year termination right will be introduced. The bill also contains a significant improvement regarding the provisions on delays (esp. late payment of premiums) and periods of limitation. In addition, thanks to the regulations on premium adjustment clauses, for example, account will be taken of the need to adapt the contract during its term under certain conditions.
Address for enquiries
Roland Meier
Media Spokesperson FDF
+41 31 322 60 86
roland.meier@gs-efd.admin.ch
Documents
Publisher
The Federal Council
https://www.admin.ch/gov/en/start.html
Federal Department of Finance
https://www.efd.admin.ch/efd/en/home.html
