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
Principles for determining the size of penalty payments and administrative fines
EBA, EIOPA and ESMA launch consultations on technical standards on the reporting of intra-group transactions and risk concentration for Financial Conglomerates – the consultation runs until 15 August 2019
EBA issued Guidelines on the STS criteria for securitisation
Amendments to the Guidelines on the management of interest rate risk arising from non-trading activities to take effect on 30 June 2019
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"
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
FIN-FSA Annual Report 2018: Supervision of anti-money laundering and digitalisation has been strengthened
FIN-FSA imposes penalty payments to three companies for delays in notification of major holdings
Finnish insurance sector would maintain its solvency in weakening of investment markets
Questionnaire on the use of FIN-FSA’s Reporting Applications
DPM and Taxonomy 2.4.0 Public Working Draft released and available for comments | EIOPA
Checks related to the acceptable time frame for supervisory reporting implemented in the FIN-FSA’s production environment
New data quality checks are tested in the testing environment during weeks 19–21
New FIN-FSA Reporting Application workbooks for Pension Fund downloadable from the Jakelu Distribution Service | EIOPA