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Changes to the Swiss Insurance Policies Act

Sep 15, 2021. Posted in Diverses

The revised Swiss Insurance Policies Act (VVG) will enter into force in Switzerland on 1 January 2022. What does this mean for you as a customer? How will you benefit? Find out about the law and the key amendments here.

General information about the Swiss Insurance Policies Act

 

What is the Swiss Insurance Policies Act?

The Swiss Insurance Policies Act is one of the most important laws for insurance companies. It governs the relationship between insurance companies and their customers. It enshrines all the rights and obligations of both parties.

 

Why are changes being made?

The Swiss Insurance Policies Act is already more than one hundred years old, so the legislature has decided to revise it. This revision will see the law adapted to modern needs and requirements. In future, customers will enjoy better consumer protection.

 

What policies do the changes apply to?

The changes to the Swiss Insurance Policies Act generally apply to new policies. The eased formal requirements and the new ordinary right of cancellation for property insurance will, however, apply to your existing insurance policies too.

 

When will the revised Swiss Insurance Policies Act come into effect?

The revised law will take effect as of 1 January 2022. At Generali Switzerland, depending on the policy, you can benefit from the new terms as early as autumn 2021. Ask your advisor or our customer service when taking out your policy.
 


Changes to the Swiss Insurance Policies Act

 

Formal requirements

Formal requirements are being eased. In future, a significant number of provisions will allow any form of communication, as well as letter form, that serves as written proof. One example of this is e-mail. The idea behind this is to facilitate more straightforward business transactions.

 

Right of revocation

You may now withdraw from a contract within 14 days. As mentioned under the formal requirements section, you can now do this via e-mail. What is important is that the selected form of communication serves as written evidence.

 

Ordinary right of cancellation


Property insurance, liability insurance and legal protection insurance: For multi-year policies, both contracting partners may now ordinarily terminate the contract with effect from the expiry of the third insurance year or subsequent insurance years.

 

Life insurance: As before, you can cancel life insurance policies after payment of the first annual premium.

 

Limitation period

You can now assert claims against us from an insurance contract up to five years after the occurrence of an event. Previously, this period only extended to two years after the occurrence of the event.

 

Direct right to make a third party liability insurance claim

Injured parties can now assert claims directly against the counterparty’s third party liability insurance. For instance, a landlord can refer directly to us with any claims arising from the repair of any tenant damage as your third party liability insurance provider.