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
-
Sending confidential information to FIN-FSA as secure email
-
FIN-FSA’s findings from supervision of non-life and life insurance companies in 2020
-
Summary of assessment of money laundering risk concerning the life insurance sector has been published
-
FIN-FSA letter to the Ministry of Social Affairs and Health on conditions in the financial markets
-
Amendments to Regulations and guidelines 1/2011 ‘Submission of electronic supervisory data of an entity operating in the insurance markets to the FIN-FSA’
-
Finnish financial sector has so far withstood the effects of the coronavirus pandemic well - operating environment remains uncertain, however
-
Financial Supervisory Authority extends the validity of its profit distribution recommendation until 1 January 2021 and clarifies expectations related to capital and liquidity buffers
-
Report on anti-money laundering and its implementation in Europe emphasises need for sufficient supervision resources and importance of international cooperation
-
Financial sector’s capital position as at 31 March 2019: Finnish financial sector’s capital position remained good
-
Financial Supervisory Authority strengthens anti-money laundering supervision – European supervision will also be enhanced
-
Solvency II validations have been updated for life and non-life insurance reporting | EIOPA
-
New FIN-FSA Reporting Application and EBA, EIOPA and AIFMD workbooks downloadable from the Jakelu Distribution Service | EBA EIOPA ESMA
-
Invitation to Reporting Webinar
-
EIOPA has released Solvency II Taxonomy version 2.5.0 for life and non-life insurance companies | EIOPA
-
Solvency II validations have been changed for life and non-life insurance reporting | EIOPA