Glossary of Swiss insurance brokerage
The terms of Swiss insurance brokerage, defined in one or two sentences.
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- Brokerage commission
Remuneration paid by the insurer to the intermediary for placing and managing a contract, often expressed as a percentage of the premium.
- Cancellation deadline
Last day on which cancellation must be made to take effect at the intended expiry date, given the contract’s notice period.
- Cancellation notice period
Minimum period between cancellation and the date it takes effect, set by the contract within the limits of the law. Check it in the general terms and conditions.
- Claim
Insured event for which a benefit is requested from the insurer.
- Commission statement
Periodic statement from the insurer listing, line by line, the commissions paid to the intermediary.
- Duty to inform
The intermediary’s obligation to inform the client, before the contract is concluded, in particular about its identity, status and remuneration; the details are set out in the Insurance Supervision Act and on FINMA’s website.
- EcoHub
Industry platform operated by EcoHub AG, which provides the IG B2B standards and carries exchanges between insurers and brokers.
- Expiry date
Date on which the contract ends or renews.
- General terms and conditions of insurance
The insurer’s standard contractual provisions, which set in particular the term, the cancellation notice period and the exclusions.
- ICA
Federal Act on Insurance Contracts, which governs relations between the insurer and the policyholder (conclusion, cancellation, claims).
- IG B2B for Insurers + Brokers
Neutral, non-profit association that defines the information and processes of digital exchanges between insurers and brokers.
- Insurance policy
Document that evidences the insurance contract and sets out its terms.
- ISA
Federal Act on the Supervision of Insurance Companies, which also governs the activity of intermediaries; its revised version has been in force since 1 January 2024.
- ISO
Ordinance on the Supervision of Private Insurance Companies, which implements the ISA.
- Policyholder
Person who concludes the contract with the insurer and pays the premium.
- Portfolio
All the contracts an intermediary manages for its clients.
- Premium notice
Insurer’s document stating the premium due for a period and its payment date.
- Professional liability insurance
Insurance covering damage the intermediary may cause to clients in the course of its work; it, or equivalent financial security, is required for registration.
- Register of intermediaries
Public register kept by FINMA, in which untied insurance intermediaries must be entered.
- Tied insurance intermediary
Intermediary not considered untied within the meaning of the Insurance Supervision Act, in particular because it acts on behalf of an insurer; it is not subject to mandatory registration.
- Untied insurance intermediary
Intermediary, often called a broker, who acts in the interest of the policyholder and must be entered in FINMA’s register.