Insurance intermediaries

What is an insurance intermediary?

An insurance intermediary may, for example, compare and present insurance options to the customer, make offers on insurance contracts, or assist in filing claims in the event of damage or loss.

What is an insurance agent?

An insurance agent may represent one or more insurance companies. Agents sell the insurance of the insurance companies they represent and act on behalf of and at the risk of the insurance company. Agents receive their remuneration from the insurance companies whose insurance they sell.

What is an insurance broker?

Insurance brokers act only in their customers’ interests on the basis of a service agreement concluded with the customer. Insurance brokers are independent of insurers and they cannot accept remuneration from insurance companies.

What information should an insurance intermediary give me?

Insurance intermediaries must inform you whether they are an insurance agent or an insurance broker. If they are an insurance intermediary, they must inform you what companies they represent.

Insurance intermediaries must state, for example, in which register of insurance intermediaries they are listed and how this registration can be checked. Customers must also be notified about the procedure for raising complaints against the insurance intermediary.

Customers must be appropriately notified by insurance agents before an insurance contract is entered into, and by insurance brokers before a service agreement is entered into, and also, where necessary, when the contract or agreement is changed or renewed.

Who can be an insurance intermediary?

Only insurance intermediaries listed in the register of insurance intermediaries maintained by the Financial Supervisory Authority, or insurance intermediaries registered in another EEA member state, may provide insurance mediation services in Finland.

Natural persons registered as insurance brokers must possess adequate professional competence, as demonstrated by the insurance broker’s exam.