VAG Duty of Disclosure

With effect from January 1, 2006 the Swiss Federal Council has implemented the revised Insurance Supervision Act ISA (Versicherungsaufsichtsgesetz - VAG) and the associated supervision ordinance (SO) and the supervision ordinance of the Federal Office of Private Insurance (FOPI-SO). Insurance intermediaries are for the first time under government supervision, which is effected by the FINMA (Swiss Financial Market Supervisory Authority) of Bern. Article 40 of the Insurance Supervision Act defines an insurance intermediary as an individual who offers and/or enters into insurance contracts in the interests of insurance companies or other persons. This definition includes insurance brokers, neutral insurance consultants, as well as the sales department of insurance companies.

Duty of disclosure
For the first time, all insurance intermediaries are subject to the duty of disclosure according to article 45 of the Insurance Supervision Act. As insurance brokers, we are required to inform our clients about the following facts upon our first contact:

Identity and address
City Versicherungs-Kundendienst AG and City Beratungs-AG are public limited companies. The register numbersin the registry ofthe Swiss Financial Market Supervisory Authority (FINMA) are: 21179 (City Versicherungs-Kundendienst AG) and 21180 (City Beratungs-AG). The companies are headquartered in Bern.

Cooperation/Contractual relationships with insurance companies
City Versicherungs-Kundendienst AG and City Beratungs-AG are, in the meaning of the Swiss Insurance Supervision Law, neither legally nor commercially nor in any other way tied to an insurance company. The companies have cooperation agreements with all major insurance companies licensed in Switzerland (incl. health insurance companies and registered cooperative/collective trusts).

Reporting point in cases of liability
We execute our orders according to the best of our knowledge and ability and with the greatest possible care. We comply with the professional principles of the industrial association, Swiss Insurance Brokers Association (SIBA), as well as with our quality policy as part of regular analytical reports and lists of conclusions. In the case of complaints regarding negligence, errors or inaccurate information in the course of intermediary activities, please contact City Versicherungs-Kundendienst AG.