FIN-FSA issues public warning to Finnish P&C Insurance Ltd for breach of risk management requirements
The Financial Supervisory Authority (FIN-FSA) has issued Finnish P&C Insurance Ltd a public warning for breach of several of the risk management requirements set out in the Insurance Companies Act and the Commission Delegated Regulation on supplementing the Solvency II Directive. The FIN-FSA became aware of the failures during its inspection of the management of investment risks in 2016.
The major shortcomings in investment risk management were related to the independence of the risk management function, investment risk limitation and reporting, and management of interest rate risk.
The public warning is not yet legally binding. The company has the right to appeal the decision of 30 October 2017 to the Market Court within 30 days of receipt of notice of the decision.
For further information, please contact
- Sonja Lohse, Chief Advisor
- Requests for interviews are coordinated by FIN-FSA Communications, tel. +358 9 183 5030, weekdays 9.00–16.00
- Decision by the FIN-FSA (in Finnish, pdf)