Swiss regulator opens enforcement proceedings against Zurich Insurance

ZURICH, July 27 (Reuters) - Zurich Insurance said on Monday that Swiss finance regulator FINMA has opened enforcement proceedings against the company after some Swiss customers were sold policies at lower prices than those agreed on with the regulator. FINMA imposed a sales ban on some policies in Zurich's corporate life and pensions unit in Switzerland, which can for now only serve existing customers, the group said. It is unclear how long the proceedings, which were first reported by Swiss newspaper SonntagsBlick on Sunday, will last. FINMA said it does not comment on individual cases but investigates possible financial market law violations and takes action if necessary. Zurich Insurance's CEO Mario Greco told news agency Bloomberg the ban will have no impact on the group's bottom line. The firm is, however, laying off more than 12 employees following the investigations, he said.

(Reporting by Oliver Hirt and Marleen Kaesebier in Zurich; editing by Dave Graham and Tomasz Janowski)