Supervision release 9 March 2023 – 15/2023

Thematic assessment: Insurance companies must ensure the good repute of their agents

In autumn 2022, the Financial Supervisory Authority (FIN-FSA) conducted a thematic assessment examining the consideration of and procedures for requirements related to the professional qualifications and the good repute of agents acting on behalf and under the responsibility of insurance companies.

The subject of the thematic assessment was non-life insurance companies in whose business model agents play a significant role. The goal of the thematic assessment was to ascertain how insurance companies fulfil regulatory obligations in the training of their agents, how they have taken the requirements for good repute into consideration, and the means by which they endeavour to monitor their implementation.

Thematic assessment findings

  • The companies’ professional qualification training meets the regulatory requirements.
  • There is room for improvement in competence related to the use of the statutory Register of Insurance Intermediaries system and in the instruction of agents. This area of competence includes an agent’s obligation to notify the FIN-FSA immediately about changes in register information and termination of operations.
  • In some companies, monitoring of good repute has been completely outsourced to the FIN-FSA.
  • In addition, the thematic assessment identified a need to update or introduce companies’ forms on good repute and to apply other good practices that would enable insurance companies themselves to take issues related to the good repute of their agents better into account and to play their part in meeting their obligations.

Training event for companies, based on the thematic assessment

In the spring of 2023, the FIN-FSA will organise a training event intended for insurance companies’ agent contact persons and those responsible for agent activities as well as for persons who instruct and train agents. Information about the event will be sent to the companies during March. Based on the thematic assessment, some targeted clarification requests will also be made during spring 2023 and, if necessary, the companies’ contact persons will be given detailed training on the Register of Insurance Intermediaries system.

For further information, please contact

Maarit Lensu, Market Supervisor, telephone +358 9 183 5558 or maarit.lensu(at)