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
- 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
Amendment to Regulations and guidelines 1/2011 "Submission of electronic supervi-sory data of an entity operating in the insurance markets to the FIN-FSA"
Reporting on risks and controls concerning anti-money laundering and countering the financing of terrorism – data to be submitted by 31 March 2019
Updates to FIN-FSA regulations and guidelines due to national transposition of MiFID II
Finnish insurance sector would maintain its solvency in weakening of investment markets
Financial sector's capital position as at 30 September 2018: Capital position of the Finnish financial sector has remained strong – banking sector capital adequacy will weaken as a result of Nordea’s re-domiciliation
Financial position and risks of supervised entities as at 30 June 2018: Finnish financial sector stable − but contingencies must be made for abrupt corrections
FIN-FSA issues public warning to pension fund Reka Eläkekassa for omissions concerning risk management of investment activities and organisation of corporate governance
FIN-FSA appoints an authorised representative to oversee the ongoing activities of Pohjantähti Mutual Insurance Company
Observations on annual Solvency II reporting | EIOPA
New FIN-FSA Reporting Application workbooks for COREP OF, FINREP9 and Solvency II downloadable from the Jakelu Distribution Service | EBA EIOPA
New VM and VE workbooks for insurance sector downloadable from Jakelu Distribution Service | National reporting (Virati)
New version of FIN-FSA’s Reporting Application downloadable from Jakelu Distribution Service | EBA EIOPA ESMA
Reporting application and Excel workbooks for reporting of risks and controls concerning anti-money laundering and countering the financing of terrorism downloadable from Jakelu Distribution Service | National reporting (Virati)