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
Financial Supervisory Authority’s findings in supervision of life and non-life insurance companies during 2019
Regulations and guidelines 8/2014 Management of operational risk in supervised entities of the financial sector updated
Financial Supervisory Authority permits temporary exemptions for implementation of strong customer authentication in online card payments
EIOPA launches two consultations: outsourcing to cloud service providers and Solvency II supervisory reporting and public disclosure
EBA published a consultation on 27 June on its technical standards related to market risk as well as a data collection and roadmap to upcoming regulation
Financial Supervisory Authority seminar: Digitalisation, artificial intelligence and data use are transforming financial services. What does this mean for the customer?
Financial Supervisory Authority: Pension insurance companies must remain within their field of business
Financial position and risks of supervised entities as at 30 June 2019: Weaker economic cycle weighs on the Finnish banking and insurance sector
Report on anti-money laundering and its implementation in Europe emphasises need for sufficient supervision resources and importance of international cooperation
Financial sector’s capital position as at 31 March 2019: Finnish financial sector’s capital position remained good
EIOPA has published an updated list of validation rules and a List of known issues document | EIOPA
Updated encryption software for CSV-based reporting applications available for download in the Jakelu distribution service | National reporting (Virati)
New version of FIN-FSA’s Reporting Application downloadable from Jakelu Distribution Service | EBA EIOPA ESMA
Updated workbooks and instructions for the RA data collection published | National reporting (Virati)
New FIN-FSA Reporting Application workbooks for Pension Fund downloadable from the Jakelu Distribution Service | EIOPA