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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Thematic assessment: Insurance companies must ensure the good repute of their agents
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A summary of the FIN-FSA’s risk assessment of money laundering and terrorist financing for capital market participants has been published
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Amendment to regulations and guidelines 9/2014 on the introduction of the LEI code
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European Commission has published several new interpretation recommendations on financial sanctions
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Thematic review of the use of new technologies and related risks
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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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Financial sector’s capital position as at 31 March 2019: Finnish financial sector’s capital position remained good
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Financial Supervisory Authority strengthens anti-money laundering supervision – European supervision will also be enhanced
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Survey on Financial Supervisory Authority’s new Reporting System for reporters - The response time has been extended until May 5, 2023 | EBA EIOPA Virati
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Invitation to Reporting Webinar | EBA EIOPA National reporting (Virati)
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Survey on Financial Supervisory Authority’s new Reporting System for reporters | EBA EIOPA Virati
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Data collections and discussion functionality have been added to the Reporter Portal of the new Financial Supervisory Authority Reporting System | EBA EIOPA National reporting (Virati)
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The Reporter portal will be out of service on Monday 3th of April 2023 starting at 7:30 a.m. | EBA EIOPA National reporting (Virati)