The partially amended Swiss Export Risk Insurance Act (SERV Act) entered into force on 1 Janu-ary 2016. The most significant amendment concerns the liquidity products working capital insur-ance, counter guarantee and refinancing guarantee, which had been temporarily introduced in connection with the federal stabilisation measures. Due to persistent high demand for these prod-ucts, they have now been transferred into ordinary law.
The amendments of the SERV Act also lead to modifications of the SERV Ordinance. The latter states that insurable exports must contain 50 per cent of Swiss value added (in substantiated ex-ceptional cases only 30 per cent). In view of the increasing globalization, the application of this provision is becoming more difficult. This is why an improved derogation was included in the Ordi-nance. Furthermore, the cover ratio of the supplier credit insurance, working capital insurance and counter guarantee have been adjusted.
The amendments in the Swiss Export Risk Insurance Act (SERV Act) were accepted in the National Council by both chambers in the final vote on 12 December 2014 with only two votes opposing it. The associated amendments in the SERV Ordinance were issued on 12 June 2015 by the Federal Council.
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