Supreme Court decides on ambiguous clauses in general insurance terms. The Federal Supreme Court recently issued a decision(1) on the rule of ambiguity in the context of the interpretation of general insurance terms. The court found that a provision which excludes accidents as a result of the deliberate causation of a crime or offence is neither considered unusual nor ambiguous, and can therefore be validly be relied upon by the insurer.
New Federal Supreme Court guidance. On October 16 2014 the Federal Supreme Court decided an appeal (4A_138/2014) against a Zurich Commercial Court decision and clarified important issues under mandatory Swiss company law.
General insurance terms integral to insurance agreement. In a recent decision the Federal Supreme Court held that general terms and conditions can be included in an insurance contract, even if the application makes no reference to the date of the terms and conditions and it remains unclear which version is applicable.
New limitations on cash pooling? Cash pooling is often used within a group of companies for financial management optimization purposes. However, a recent Zurich Commercial Court decision risks jeopardising the use of cash pooling by setting overly onerous standards for the characterisation of an intra-group payment in the
cash pool as a legally permitted intra-group loan.
This essay deals with the question of what reasons would warrant the application of the principle of iura novit curia (referring to the decision-maker’s duty to apply the law without any restrictions to the parties‘ pleadings) in international arbitration and to what extent it should be applied.
Insurance fraud through omission – qualified duty to act required. In a recently published decision the Federal Supreme Court quashed a criminal verdict of the Supreme Court of the Canton of Basel-Country and held that insurance fraud by omission requires a qualified duty of the perpetrator to act.
New rules for asset managers of Swiss professional pension insurances. An amendment to the Professional Pension Insurance Act came into force on January 1 2014. The revised provisions specify new requirements for the management of Swiss professional pension insurance assets.
Prescription period for paid sick day allowance clarified. In an extensive series of cases the Federal Supreme Court has laid out the rules regarding the applicable limitation periods in insurance law.
‚Fat cat‘ initiative revisited – government implements ordinanceIn. Spring 2013 Swiss voters approved the ‚fat cat‘ initiative by amending the Swiss Constitution (for further details please see „Voters say yes to ‚fat cat‘ initiative“). The federal government has adopted the respective implementing ordinance, which became effective on January 1 2014.
FINMA circular on market conduct rules extended to apply to insurers. Following the entry into force of the new Swiss rules on insider dealing and manipulation in the revised Stock Exchange Act and the implementation of the Stock Exchange Ordinance on May 1 2013, the Financial Market Supervisory Authority (FINMA) conducted a consultation process for an amended circular.
Standard form contract available online constitutes valid prorogation of jurisdiction. On July 1 2013 the Federal Supreme Court(1) clarified that the Lugano Convention 2007 (on jurisdiction and the recognition and enforcement of judgments in civil and commercial matters) offers the possibility to choose Switzerland as a neutral jurisdiction for companies domiciled in any of its member states (EU member states, Norway, Iceland and Switzerland), even if the companies are not domiciled in Switzerland.
Strict rules for disclosure of risk factors confirmed. In a recent decision the Federal Supreme Court dismissed the appeal of an insured individual who challenged the rescission of a private insurance contract for misrepresentation.