Legislative initiative to enhance the competence requirements of board members and management of pension insurance companies

The regulations governing the professional competence and experience of board members and management of pension insurance companies are, in view of the importance of the companies’ activities, partly inadequate and disproportionate compared with those of other insurance companies, company pension funds and industry-wide pension funds.

Competence requirements are required for the board members and the managing director of pension insurance companies, but not for the executive management, who in practice are responsible for the preparatory work undertaken in the company to support the company's senior management and as the basis for expert and responsible decision-making.

In a legislative initiative made to the Ministry of Social Affairs and Health, the FIN-FSA proposes that professional competence and experience requirements for pension insurance companies be amended to better correspond with the current competence requirements in life and non-life insurance companies and a number of institutions for occupational retirement provision.

At the same time, the FIN-FSA should be empowered to issue regulations regarding the content and fulfilment of the above-mentioned competence and experience requirements.

For further information, please contact:

Kaisa Forsström, Head of Department, Insurance Supervision. Requests for interviews are coordinated by FIN-FSA Communications, tel. +358 9 183 5030, weekdays 9.00–16.00.

See also:

Legislative initiative (in Finnish)