Finland Insurance Industry – Governance, Risk and Compliance

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.

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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).

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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.

Key Highlights

• 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.