FINMA opens enforcement proceedings against Zurich Insurance

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FINMA has initiated the most severe regulatory measure against Zurich Insurance, appointing Deloitte as external investigator while Zurich is represented by law firm Homburger, after about a dozen employees were reportedly interviewed. The inquiry targets potential deficiencies in the company's internal control system, with particular scrutiny of the life insurance business and the Vita collective foundation, which manages more than CHF22 billion for about 150,000 insured. Authorities will examine whether administrative costs and reinsurance were charged at market prices, and the probe could affect fees, conflicts of interest, and a regulatory-sensitive reinsurance segment as Vita shifts to full autonomy in 2028.

FINMA has launched enforcement proceedings into Zurich's internal control system.