Administrative fine of EUR 80,000 imposed on Fennia Life Insurance Ltd for incorrect reporting
The Financial Supervisory Authority (FIN-FSA) has imposed an administrative fine of EUR 80,000 on Fennia Life Insurance Ltd. The company had provided the FIN-FSA with incorrect information relating to the Solvency Capital Requirement and the solvency ratio for more than eight years.Fennia Life Insurance Ltd (formerly Sb Life Insurance Ltd) provided the FIN-FSA with incorrect information in the S2 AES Annual reports for 2016–2023 and in the S2 QES Quarterly reports for Q1/2016–Q3/2024 during the period from 26 May 2016 to 4 November 2024. The failure resulted from errors in the calculation of the capital requirement for life-expense risk and of the mass lapse risk.
The reporting requirements are based on the Insurance Companies Act and on the Commission Delegated Regulation and the Commission Implementing Regulations adopted under the Solvency II Directive. The objective of the regulation is to enable effective supervision by the FIN-FSA.
An administrative fine was imposed on the company for the omission. The amount of the administrative fine was based on a comprehensive assessment, considering the nature, extent and duration of the malpractice. The administrative fine is payable to the State.
The decision of the FIN-FSA is not yet legally binding. The company is entitled to appeal the decision to the Helsinki Administrative Court within 30 days of receipt of notice of the decision. Information on the legal validity of the decision is available on the FIN-FSA website.
For further information, please contact:
Janne Häyrynen, Head of Unit, Legal. Requests for interviews are coordinated by FIN-FSA Communications, tel. +358 9 183 5030, weekdays 9:00–16:00.
Appendix
FIN-FSA decision (pdf, in Finnish)
See also