Finland Insurance Industry Governance, Risk and Compliance Report 2019 – ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)-- The "Governance, Risk and Compliance - The Finnish Insurance Industry" report has been added to ResearchAndMarkets.com's offering.

The report "Governance, Risk and Compliance - The Finnish Insurance Industry" is the result of extensive research into the insurance regulatory framework in Finland. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The Finnish insurance industry is supervised and regulated by the Finnish Financial Supervisory Authority (FIN-FSA). The FIN-FSA was established on January 1, 2009. It functions as a public agency, with autonomous powers and a separate budget. The competence rights of the FIN-FSA, its obligations and rights are stipulated in the FSA Act. It derives its power from the Act on Insurance Companies 2008 and Insurance Contracts Act 1994, which regulates the insurance operation and mediation in the country. The Insurance Contracts Act does not apply to reinsurance.

The Act on Insurance Companies 2008 was amended by the Law Amending the Insurance Companies Act, which came into effect from January 1, 2016, and the Insurance Contracts Act 1994, which came into effect from July 1, 1995. The FIN-FSA is supervised by the Parliamentary Supervisory Council. This new insurance act came with detailed guidelines to regulate the operations of (re)insurance companies and intermediaries, in line with standard EU legislation.

Key Takeaways

• The Finnish insurance industry is regulated by the Financial Supervisory Authority
• Solvency II came into force in Finland on January 1, 2016, and introduced new risk management standards for insurers
• Composite insurance is not permitted in Finland. However, a life insurance company can underwrite accident and health insurance
• Motor third-party liability insurance, workmen's compensation insurance and air carriers and aircraft operators insurance are mandatory in Finland
• Non-admitted insurance is not permitted in Finland. However, insurance and reinsurance companies from EEA/EU member states are permitted to operate without license

Scope

• The report covers details of the insurance regulatory framework in Finland.
• The report contains details of the rules and regulations governing insurance products and insurance entities.
• The report lists and analyzes key trends and developments pertaining to the country's insurance regulatory framework.
• The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
• The report provides details of taxation imposed on insurance products and insurance companies.

Key Topics Covered:

1 INTRODUCTION

1.1 What is this Report About?

1.2 Definitions

2 GOVERNANCE, RISK AND COMPLIANCE

2.1 Legislation Overview and Historical Evolution

2.2 Latest Changes in Regulation

2.3 Legislation and Market Practice by Type of Insurance

2.3.1 Life insurance

2.3.2 Property insurance

2.3.3 Motor insurance

2.3.4 Liability insurance

2.3.5 Marine, aviation and transit insurance

2.3.6 Personal accident and health insurance

2.4 Compulsory Insurance

2.4.1 Motor third-party liability insurance

2.4.2 Workmen's compensation insurance

2.4.3 Air carriers and aircraft operators insurance

2.4.4 Professional indemnity insurance for alternative investment fund managers

2.4.5 Professional indemnity insurance for insurance intermediaries

2.4.6 Liability for ships with respect to oil pollution

2.4.7 Environmental liability insurance

2.5 Supervision and Control

2.5.1 International Association of Insurance Supervisors

2.5.2 European Insurance and Occupational Pensions Authority

2.5.3 Federation of European Risk Management Associations

2.5.4 Financial Supervisory Authority

2.5.5 The Federation of Finnish Financial Services

2.6 Non-Admitted Insurance Regulations

2.6.1 Overview

2.6.2 Intermediaries

2.6.3 Market practices

2.6.4 Fines and Penalties

2.7 Company Registration and Operations

2.7.1 Type of insurance organization

2.7.2 Establishing a local company

2.7.3 Foreign ownership

2.7.4 Types of license

2.7.5 Capital requirements

2.7.6 Solvency margin

2.7.7 Reserve requirements

2.7.8 Investment regulations

2.7.9 Statutory return requirements

2.7.10 Fee structure

2.8 Taxation

2.8.1 Insurance premium or policy taxation

2.8.2 Withholding taxes on premium paid overseas

2.8.3 Corporate tax

2.8.4 VAT

2.8.5 Captives

2.9 Legal System

2.9.1 Introduction

2.9.2 Access to court

2.9.3 Alternative dispute resolution

3 APPENDIX

For more information about this report visit https://www.researchandmarkets.com/research/7zfpvd/finland_insurance?w=4

View source version on businesswire.com: https://www.businesswire.com/news/home/20190219005471/en/

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Related Topics: Insurance

Source: Research and Markets