Newsletter 163 from January 7, 2011 Insurance Wrappers

FINMA Newsletter 18 (2010) - Handling of Life Insurance Policies with Separately Managed Accounts / Portfolios (Insurance Wrappers)

FINMA Newsletter 18 (2010), which specifies the duties associated with the handling of life insurance policies with separately managed accounts / portfolios (insurance wrappers), was published on 30 December 2010. This Newsletter replaces FINMA Newsletter 9 (2010) dated 27 April 2010.

Due to the various issues that arose during implementation of the directives contained in Newsletter 9 (2010), the VQF expressly wishes to point out to its members that, in connection with insurance wrappers, as a consequence of the new regulation in the present Newsletter 18 (2010), only banks and securities dealers (pursuant to Article 2 paragraph 2 of the AMLA) are affected by the duties of due diligence listed therein.

According to FINMA, financial intermediaries in the sense of art. 2 para. 3 AMLA are exempt from the associated duties of due diligence.