Insurance supervision
The insurance supervision of the Financial Supervisory Authority (FIN-FSA) has overall responsibility for prudential supervision of the insurance sector. The objective of supervision is to ensure that the entities have the financial means to fulfil their obligations, such as payment of insurance claims and pensions.
Insurance supervision supervises
- life and non-life insurance companies’ and pension institutions’
- solvency and financial position
- internal governance and risk management procedures
- underwriting risks, such as the calculation and adequacy of technical provisions
- investment risks
- unemployment funds’
- finances and solvency
- governance
- codes of conduct in customer relationships and application practices
Insurance supervision supervises the accuracy of financial statement data of supervised entities in the insurance sector from the standpoint of regulations and guidelines issued separately for the insurance sector. In addition, insurance supervision is responsible for international cooperation, such as EIOPA (European Insurance and Occupational Pensions Authority) work and college of supervisors cooperation, within its own field of competence.
We also supervise insurance providers’ compliance with agreed practices and consumer protection rules. See the Consumer protection site.
Financial Supervisory Authority's list of supervised entities
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Financial Supervisory Authority to conduct stress tests for insurance and pension sectors
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Financial Supervisory Authority will focus in 2024 on risk resilience of supervised entities in a changing operating environment and on soundness of governance
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Financial Supervisory Authority calls for enhanced monitoring of disruptions and abnormal observations
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FIN-FSA invites comments on regulations and guidelines on customer due diligence related to compliance with sanctions regulation and freezing orders – consultation closes on 22 September 2023
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Thematic review of reports by life insurance undertakings’ actuarial functions in 2021 – better reports to support the board of directors’ work
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Subdued economic outlook is weakening the financial sector's operating environment – real estate market risks particularly increasing
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Public warning to Pohjola Insurance Ltd for non-compliance with time limits under Workers’ Compensation Act and provisions concerning system of governance
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Finnish financial sector has so far withstood the effects of the coronavirus pandemic well - operating environment remains uncertain, however
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Financial Supervisory Authority extends the validity of its profit distribution recommendation until 1 January 2021 and clarifies expectations related to capital and liquidity buffers
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Report on anti-money laundering and its implementation in Europe emphasises need for sufficient supervision resources and importance of international cooperation
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Recording and presentation of the FIN-FSA’s reporting webinar have been published | National reporting (Virati)
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Data collections have been added to the Reporter portal of the new Financial Supervisory Authority Reporting System | National reporting (Virati)
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Invitation to Reporting Webinar | National reporting (Virati)
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Data collections have been added to the Validation service of the new Financial Supervisory Authority Reporting System | National reporting (Virati)
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Recording and presentation of the FIN-FSA’s reporting webinar have been published | EBA EIOPA ESMA National reporting (Virati)