The approval process of correspondents is regulated by art. 4 ff. of the Internal Regulations (agreement between bureaux of insurance).
The approval process serves to ensure a comprehensive and mutual exchange of information in international relations. It guarantees that approvals are granted consistently within the entire Green Card system. Moreover, the approval process allows to forward claims to the responsible correspondents without delay.
The process is initiated by a request submitted to the NBI by a Swiss insurer. The request has to contain the exact designation and the address of the correspondent. Furthermore, the precise date when representation shall begin must be mentioned.
The request must additionally be supported by a written confirmation that the proposed correspondent accepts the requested approval.
Request and confirmation are addressed to the foreign bureau of insurance by the NBI. The foreign bureau of insurance shall grant or refuse the approval within three months.
The foreign bureau of insurance verifies whether the conditions for an approval are met:
If all those conditions are met, the foreign bureau of insurance grants the approval and communicates the effective date of the new representation (by returning the completed form). If the foreign bureau of insurance does not reply within three months of receipt of the request, the approval shall be deemed granted implicitly.