Insurance

Insurance supervision

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
    • governance
    • 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