With life insurance policies offered in cooperation with AXA Winterthur, policyholders enjoy privileged protection. Insurance companies are obliged to cover claims under life insurance policies at all times as these are regarded as tied assets. If AXA Winterthur were to become insolvent, securities (mathematical reserve and surplus share) from ongoing contracts would primarily be transferred to another insurance company which would take over responsibility for continuing the policies. If no transfer to a new insurance company takes place, the entitled persons receive the contractually guaranteed redemption value. Insurance companies are subject to supervision by the Swiss Financial Market Supervisory Authority (FINMA), which ensures the solvency of insurers and protects insured persons against abusive practices.