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Governance, Risk and Compliance - The Finnish Insurance Industry

Governance, Risk and Compliance - The Finnish Insurance Industry

Summary

The Finnish insurance industry is supervised and regulated by the Finnish Financial Supervisory Authority (FIN-FSA). The FIN-FSA was established on January 1, 2009. It functions as a public agency, with autonomous powers and a separate budget. The competence rights of the FIN-FSA, its obligations and rights are stipulated in the FSA Act. It derives its power from the Act on Insurance Companies 2008 and Insurance Contracts Act 1994, which regulates the insurance operation and mediation in the country. The Insurance Contracts Act does not apply to reinsurance.

The Act on Insurance Companies 2008 was amended by the Law Amending the Insurance Companies Act, which came into effect from January 1, 2016, and the Insurance Contracts Act 1994, which came into effect from July 1, 1995. The FIN-FSA is supervised by the Parliamentary Supervisory Council. This new insurance act came with detailed guidelines to regulate the operations of (re)insurance companies and intermediaries, in line with standard EU legislation.

Key Takeaways

  • The Finnish insurance industry is regulated by the Financial Supervisory Authority
  • Solvency II came into force in Finland on January 1, 2016, and introduced new risk management standards for insurers
  • Composite insurance is not permitted in Finland. However, a life insurance company can underwrite accident and health insurance
  • Motor third-party liability insurance, workmen’s compensation insurance and air carriers and aircraft operators insurance are mandatory in Finland
  • Non-admitted insurance is not permitted in Finland. However, insurance and reinsurance companies from EEA/EU member states are permitted to operate without license
The report Governance, Risk and Compliance - The Finnish Insurance Industry, is the result of extensive research into the insurance regulatory framework in Finland. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. Including -
  • An overview of the insurance regulatory framework in Finland
  • The latest key changes, and changes expected in the country’s insurance regulatory framework
  • Key regulations and market practices related to different types of insurance product in the country
  • Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Finland
  • Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations
  • Details of the tax and legal systems in the country
Scope
  • The report covers details of the insurance regulatory framework in Finland.
  • The report contains details of the rules and regulations governing insurance products and insurance entities.
  • The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
  • The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
  • The report provides details of taxation imposed on insurance products and insurance companies.
Reasons to buy
  • Gain insights into the insurance regulatory framework in Finland.
  • Track the latest regulatory changes, and expected changes impacting the Finish insurance industry.
  • Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
  • Understand key regulations and market practices pertaining to various types of insurance product.


  • Introduction
    • What is this Report About?
    • Definitions
      • Table Insurance Industry Definitions
  • Governance, Risk and Compliance
    • Table Finland- Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulation
    • Legislation and Market Practice by Type of Insurance
      • Life insurance
        • Table Finland- Life Insurance Regulatory Framework
      • Property insurance
        • Table Finland- Property Insurance Regulatory Framework
      • Motor insurance
        • Table Finland- Motor Insurance Regulatory Framework
      • Liability insurance
        • Table Finland- Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
      • Motor third-party liability insurance
      • Workmen's compensation insurance
      • Air carriers and aircraft operators insurance
        • Table Finland - Minimum Cover for Aircraft Third-Party Liability Per Accident Per Aircraft
      • Professional indemnity insurance for alternative investment fund managers
      • Professional indemnity insurance for insurance intermediaries
      • Liability for ships with respect to oil pollution
      • Environmental liability insurance
    • Supervision and Control
      • Table Figure 1: Finland- Insurance Supervision and Control at Various Levels
      • International Association of Insurance Supervisors
      • European Insurance and Occupational Pensions Authority
      • Federation of European Risk Management Associations
      • Financial Supervisory Authority
      • The Federation of Finnish Financial Services
    • Non-Admitted Insurance Regulations
      • Overview
      • Intermediaries
      • Market practices
      • Fines and Penalties
    • Company Registration and Operations
      • Table Figure 2: Finland- Insurance Regulatory Frameworks for Company Registration and Operation
      • Type of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
      • Solvency margin
      • Reserve requirements
      • Investment regulations
      • Statutory return requirements
      • Fee structure
    • Taxation
      • Insurance premium or policy taxation
        • Table Finland- - Insurance Premium Taxation
      • Withholding taxes on premium paid overseas
      • Corporate tax
        • Table Finland- Corporate Tax Rates for the Financial Year 2018
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution
  • Appendix
    • Methodology
    • Contact GlobalData
    • About GlobalData
      • Table Figure 3: About GlobalData
    • GlobalData's Services
    • Disclaimer

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