# VSB 20 Art. 42 — Life insurance policy with separate account/securities account (insurance wrapper) - **Rubric (DE):** Lebensversicherung mit separater Konto- / Depotführung (Insurance Wrapper) - **Rubric (EN):** Life insurance policy with separate account/securities account (insurance wrapper) - **Chapter:** 4. Kapitel — Feststellung des wirtschaftlich Berechtigten an den Vermögenswerten (3. Abschnitt: Besondere Feststellungspflichten) - **Scope:** Banks & securities firms (incorporated via [[GwV-FINMA Art. 35 - Identification, controlling person and beneficial|GwV-FINMA Art. 35]]) - **Status:** In force (since 1 January 2020) ## Description In four cases (Abs. 1), the policyholder (*Versicherungsnehmer*) of a life insurance and, if different, the actual premium payer (*effektiver Prämienzahler*) are to be established from the contracting party: (a) the assets come from an immediately preceding relationship of the policyholder or premium payer with the bank, or one in which that person was beneficial owner; (b) one of them has a power of attorney or right of information over the portfolio; (c) the assets are managed under an investment strategy agreed with the bank; (d) the insurer does not confirm that the product meets the requirements for a life insurance applicable in the policyholder's tax or domicile country, including the rules on biometric risks. This is done on *Formular I* (Abs. 2). A confirmation by the insurer that none of the cases applies, on which the bank opens a relationship, must also describe the product's features regarding lit. a–d (Abs. 3). If the bank finds during the relationship that either can otherwise influence individual investment decisions, directly or indirectly, that person is established in writing (Abs. 4). ## Context & interpretation The SBA commentary states that Art. 42 reproduces the content of FINMA-Mitteilung Nr. 18 on the treatment of life insurance policies with separate account/securities account. Where an operating legal person acts as fiduciary policyholder (for example an Italian *fiduciaria statica*), a *Formular K* need not be obtained, but the actual (non-fiduciary) premium payer must always be established. If that premium payer is an operating company, its controlling person is established on Formular K (Formular I and K then coexist), unless an exemption under Art. 22 ff. applies. ## FATF - [[FATF R.10 - Customer due diligence|FATF R.10]] — related: identification of the persons behind an insurance-wrapper relationship (policyholder and actual premium payer) on the contracting party's declaration. ## Swiss counterparts - [[GwV-FINMA Art. 65a - Insurance wrapper|GwV-FINMA Art. 65a]] — parallel rule for GwV-FINMA Title 5 entities with the same four cases (Abs. 1 Bst. a–d); it is addressed to the financial intermediary, who obtains a declaration from its contracting party, and prescribes no form. - [[VSB 20 Art. 28 - Information to be documented|VSB 20 Art. 28]] — Art. 28 Abs. 1, 2 and 4–7 apply analogously to Formular I (Art. 28 Abs. 8). - [[VSB 20 Art. 20 - Establishing the controlling persons|VSB 20 Art. 20]] — controlling persons of operating companies; per the commentary, where the effective premium payer is an operating company its controlling person is established on Formular K, unless an exemption under Art. 22 ff. applies. ## Part of - [[VSB 20]] ## Sources - VSB 20 (Vereinbarung vom 13. Juni 2018, in force 1.1.2020), Art. 42 - SBVg Kommentar zur VSB 20 (2020), Art. 42