GIPE-PUNE-OIIOI2 - DSpace@GIPE

'.. I~. [>RINCIPLES OF CONTROL. OVER
cautiena,.ry'deposits ofi~s:urance companie~, the regulation
of August 1921 which is supplementary to the two
l)fevi~l,!,sActs" alld the Act of 1930 relating to the
s~c;:urity' of claims. This last, Act however has, reference
exclusively to the indige~ous life offic;:es .. 11 .
The' controlling. authority ·is, the Bundesral (Federal
C;ouncil). For the' business in Switzerland foreign companies.have
to appoint a chief official with the power of'
~ttorney, and thi~ official must be a Swiss citizen and must
live in Switzerland (Act 1921, art. 15). The law, like
that in Italy. and unlike that in Germany, leaves no doubt
on the.. nationality, of the GeTieralbevolimaechtigter.
A caution has to be paid by all insurance companies.
home and. foreign. The only exception is represented by
tl1-ose' carrying on reinsurance.
The initial caution to be deposited by foreign companies
is as follows (Act 1921, art. 3): 18
(1) life 200,000 francs
(Re. 1 = 1.9fr. approximately).
(2) accident and liability 600,000 fr.
(3) S,re 100,000 fro
(4) transport .50,000 fro
(5) diverse, for each class 20,000 fro
. The payment is to be .made exclusively in Swiss values.
In addition to this first caution ,the foreign companies
~re required to make deposits every year.. These deposits.
vary according to the class of bu~i~ess (Act 1921, art 2) :19:
.. 17 Die prioaten Ve~sicheru';gsun~ernehmungen in- der 'Schwei:t im
;ah~e 1929(Be~n 1931), pp.:' j 18 ':119. '
18 Ibid., p. 117.
1~ Ibid., p. 117.