Finland Insurance Industry – Governance, Risk and Compliance
All the vital news, analysis, and commentary curated by our industry experts.
Finland Insurance Industry Report Overview
The Finland insurance industry research report 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. The report provides insights into the governance, risk, and compliance framework pertaining to the insurance industry in Finland, including an overview of the insurance regulatory framework in Finland.
The report also covers 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 products in the country, rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in the country, key parameters including licensing requirements permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations, and details of the tax and legal systems in the country.
|Key Regulatory Body||Finnish Financial Supervisory Authority (FIN-FSA)|
|Key Bodies||International Association of Insurance Supervisors (IAIS), European Insurance and Occupational Pension Authority (EIOPA), Federation of European Risk Management Associations (FERMA), Federation of Finnish Financial Services (FFI)|
For more information on the key market insights, download a free sample report
Finland Insurance Industry Segmentation by Key Regulatory Bodies
The key regulatory bodies that oversee the Finland insurance industry are Finnish Financial Supervisory Authority (FIN-FSA), International Association of Insurance Supervisors (IAIS), European Insurance and Occupational Pension Authority (EIOPA), Federation of European Risk Management Associations (FERMA), and Federation of Finnish Financial Services (FFI) among others.
Finnish Financial Supervisory Authority (FIN-FSA): The FIN-FSA is responsible for the supervision and regulation of the Finnish insurance industry. The FIN-FSA was established on January 1, 2009, following the merger of the Financial Supervision Authority and the Insurance Supervisory Authority. FIN-FSA works in cooperation with the Bank of Finland. The Insurance Supervisory Authority was established in 1999 and started its operations with support from the Ministry of Social Affairs and Health. The Financial Supervisory Authority is supervised by the Parliamentary Supervisory Council.
International Association of Insurance Supervisors (IAIS): The IAIS formulates and issues global insurance principles, standards, and guidance; it provides training and support on issues related to insurance supervision and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability. It holds an annual conference where supervisors, industry representatives, and other professionals discuss developments in the insurance industry and topics affecting insurance regulation.
European Insurance and Occupational Pensions Authority (EIOPA): The EIOPA which is a part of the European System of Financial Supervision is an independent advisory body to the European Parliament and the Council of the EU.The main responsibilities of the EIOPA are to support the financial system’s stability, transparency of markets and financial products, and protection of insurance policyholders, pension scheme members and beneficiaries of all European member states. One of the main responsibilities of the EIPOA is the preparation of the new supervisory regime for insurance and reinsurance undertakings in the EU (Solvency II).
For more insights on the Finland insurance industry dynamics, download a free sample report
- 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.
- The Financial Supervisory Authority regulates the Finnish insurance industry.
- 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 a license.
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Finland.
- Track the latest regulatory changes, and expected changes impacting the Finnish 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 products.
Table of Contents
Supervision and Control
Non-Admitted Insurance Regulations
Company Registration and Operation
Foreign Direct Investment / Ownership
Minimum Capital Requirements
Statutory Return Requirements
Tax on Insurance Premium
Corporate Income Tax
Corporate Capital Gains Tax
Value Added Tax
Frequently asked questions
Who is the key regulator in the Finland Insurance industry?
Finnish Financial Supervisory Authority (FIN-FSA) is the main regulatory body in the Finland insurance industry.
What are the different compulsory insurance in Finland insurance industry?
Some of the key compulsory insurances in the Finland insurance industry are motor third-party liability insurance, aviation liability insurance, marine liability insurance, professional indemnity insurance, and social security insurance among others.
What are the other regulators in the Finland insurance industry?
IAIS, EIOPA, FERMA, FFI are some of the other regulators in the Finland insurance industry.
What is the corporate income tax rate in Finland insurance industry?
Both resident and non-resident companies are subject to a corporate tax of 20%.
Tel +44 20 7947 2745
Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.
Business Intelligence & Marketing Manager, SAL Heavy Lift
“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.
GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”
Market Analyst & Management, Liebherr-Werk
“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”
Head of Key Accounts, Saab AB
Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.
Marketing Intelligence Manager, Portugal Foods
Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.
Head of Customer Insight and Research, Standard Chartered
Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.
I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.
I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.
Head of Consumer Sensory Insights, Givaudan
“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.
Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”
Senior Account Manager, TSYS
GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise. The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.
I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.
One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.