Employee pension insurance
The Employee Pension Institutions Division of the Financial Supervisory Authority (FIN-FSA) is responsible for supervising the solvency of employee pension companies, company pension funds, insurance funds and statutory pension institutions. In addition, we participate actively in the preparation and enforcement of regulations relating to pension institutions.
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Amendment to regulations and guidelines 9/2014 on the introduction of the LEI code
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European Commission has published several new interpretation recommendations on financial sanctions
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Thematic review of the use of new technologies and related risks
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Financial Supervision Authority calls for enhanced monitoring of cyber security
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Financial Supervision Authority urges supervised entities to ensure that guidelines and systems for compliance with sanctions are up-to-date
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Finnish financial sector has so far withstood the effects of the coronavirus pandemic well - operating environment remains uncertain, however
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Financial Supervisory Authority extends the validity of its profit distribution recommendation until 1 January 2021 and clarifies expectations related to capital and liquidity buffers
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Report on anti-money laundering and its implementation in Europe emphasises need for sufficient supervision resources and importance of international cooperation
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Financial sector’s capital position as at 31 March 2019: Finnish financial sector’s capital position remained good
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Financial Supervisory Authority strengthens anti-money laundering supervision – European supervision will also be enhanced
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Solvency II DPM and Taxonomy 2.7.0 and 2.8.0 Public Working Draft versions are available for feedback | EIOPA
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Proposed ITS amendments on Solvency II reporting and disclosure requirements for non-life and life insurance undertakings submitted to the Commission | EIOPA
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Description of machine-language data transmission of XBRL format reports (EBA and EIOPA) of Financial Supervisory Authority’s new reporting system has been published | EBA EIOPA
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Development of the FIN-FSA Reporting Application has ended | EBA EIOPA ESMA
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New version of FIN-FSA Reporting Application downloadable from Jakelu Distribution Service | EIOPA
See also
The objectives of the work of the Financial Supervisory Authority (FIN-FSA) include ensuring the stable operation of pension institutions, safeguarding the interests of the insured, and general confidence in the functioning of financial markets. In practice, the FIN-FSA implements supervision by conducting investigations and narrowly focused inspections, and through ongoing supervision. Ongoing supervision refers to the regular supervision of pension institutions based on the electronic or other reports supplied by the pension institutions, contacts, meetings and other general monitoring and supervision of activities. In addition, the FIN-FSA must be notified or the FIN-FSA’s consent or authorisation must be requested for certain measures, such as outsourcing, changes to the rules, insurance portfolio transfers, and fit and proper reports.
Supervision of institutions for occupational retirement provision (IORPs) is mainly the responsibility of the FIN-FSA’s Employee Pensions Institutions division. The division has a total of nearly 200 supervised entities. The FIN-FSA also applies a risk-based approach to the allocation of supervision resources. In practice, this means that the size and operational risk level of the supervised entity are taken into consideration when deciding on supervision. Both quantitative indicators and qualitative assessments, for example of governance, including outsourcing, are taken into account when assessing the level of operational risk. The FIN-FSA regularly conducts stress tests in which it assesses the effects of changes in the investment environment on the financial situation of pension institutions. In the case of IORPs, stress tests are conducted at least once a year.
The FIN-FSA maintains contact with supervised entities, monitors reporting and otherwise targets supervision in accordance with risk-based principles. If information received about a supervised entity’s activities gives rise to questions, they are investigated. If shortcomings are significant, they are subjected to inspection. An inspection may also be based on something other than an observed shortcoming. The supervised entity is given written feedback on the outcome of the inspection.
Significant irregularities might lead to sanctions. Statutory sanctions are, as a rule, only imposed in connection with more serious offences. The FIN-FSA may also use other means of supervision to remedy observed shortcomings. The measures used must always be proportionate to the pursued objective. An inspection is the normal prerequisite for the initiation of a sanctioning process (with the exception of administrative fines for delays in reporting). With regard to sanctioning, the Director General’s Staff of the FIN-FSA plays a key role, in addition to the supervisory department. The motive for an inspection, however, is to clarify the issue in question and is not in itself aimed at sanctioning.