René Schnieper, head of insurance division at the Swiss Financial Market Supervisory Authority, has decided to retire due to his age.

René Schnieper, head of insurance division at the Swiss Financial Market Supervisory Authority, has decided to retire due to his age, thus ending his professional career.  At the end of July 2014 he will be leaving the Swiss Financial Market Supervisory Authority FINMA.  The search for a replacement has started.

"During the past five years we have succeeded in building up a solid insurance supervisory regime. Now that the foundations have been laid, it is time to hand over responsibility and reduce my professional commitments," said Schnieper. 

The FINMA board of directors and the executive board thank Schnieper for the support he has given in setting up FINMA as a new authority, and also for his achievements in insurance supervision.   

Since the authority was launched on 1 January 2009, Schnieper has been a member of the FINMA executive board.  He helped to establish the newly-merged authority as head of the insurance division. 

Schnieper was responsible for shaping the way in which FINMA supervises insurance companies in terms of organization, subject matter and continuity, the regulator said.  

"Under René Schnieper's management, FINMA has consistently implemented its risk-based supervisory approach to insurance supervision, an approach which has been internationally recognized. A key milestone in his career at FINMA has been the introduction of the Swiss Solvency Test (SST) that started in 2011. René Schnieper's accomplishments have earned our thanks and gratitude," said Mark Branson, interim FINMA chief executive.  

The procedure for filling the post of head of insurance division has now been initiated by FINMA.