Finland Insurance Industry Governance, Risk and Compliance Report 2019 – ResearchAndMarkets.com

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Finland Insurance Industry Governance, Risk and Compliance Report 2019 – ResearchAndMarkets.com


DUBLIN–(BUSINESS WIRE)–The“Governance,
Risk and Compliance – The Finnish Insurance Industry”
report
has been added toResearchAndMarkets.com’soffering.

The report “Governance, Risk and Compliance – The Finnish Insurance
Industry” is the result of extensive research into the insurance
regulatory framework in Finland. It provides detailed analysis of the
insurance regulations for life, property, motor, liability, personal
accident and health, and marine, aviation and transit insurance. The
report specifies various requirements for the establishment and
operation of insurance and reinsurance companies and intermediaries.

The Finnish insurance industry is supervised and regulated by the
Finnish Financial Supervisory Authority (FIN-FSA). The FIN-FSA was
established on January 1, 2009. It functions as a public agency, with
autonomous powers and a separate budget. The competence rights of the
FIN-FSA, its obligations and rights are stipulated in the FSA Act. It
derives its power from the Act on Insurance Companies 2008 and Insurance
Contracts Act 1994, which regulates the insurance operation and
mediation in the country. The Insurance Contracts Act does not apply to
reinsurance.

The Act on Insurance Companies 2008 was amended by the Law Amending the
Insurance Companies Act, which came into effect from January 1, 2016,
and the Insurance Contracts Act 1994, which came into effect from July
1, 1995. The FIN-FSA is supervised by the Parliamentary Supervisory
Council. This new insurance act came with detailed guidelines to
regulate the operations of (re)insurance companies and intermediaries,
in line with standard EU legislation.

Key Takeaways

  • The Finnish insurance industry is regulated by the Financial
    Supervisory Authority
  • Solvency II came into force in Finland on January 1, 2016, and
    introduced new risk management standards for insurers
  • Composite insurance is not permitted in Finland. However, a life
    insurance company can underwrite accident and health insurance
  • Motor third-party liability insurance, workmen’s compensation
    insurance and air carriers and aircraft operators insurance are
    mandatory in Finland
  • Non-admitted insurance is not permitted in Finland. However, insurance
    and reinsurance companies from EEA/EU member states are permitted to
    operate without license

Scope

  • The report covers details of the insurance regulatory framework in
    Finland.
  • The report contains details of the rules and regulations governing
    insurance products and insurance entities.
  • The report lists and analyzes key trends and developments pertaining
    to the country’s insurance regulatory framework.
  • The report analyzes the rules and regulations pertaining to the
    establishment and operation of insurance businesses in the country.
  • The report provides details of taxation imposed on insurance products
    and insurance companies.

Key Topics Covered:

1 INTRODUCTION

1.1 What is this Report About?

1.2 Definitions

2 GOVERNANCE, RISK AND COMPLIANCE

2.1 Legislation Overview and Historical Evolution

2.2 Latest Changes in Regulation

2.3 Legislation and Market Practice by Type of Insurance

2.3.1 Life insurance

2.3.2 Property insurance

2.3.3 Motor insurance

2.3.4 Liability insurance

2.3.5 Marine, aviation and transit insurance

2.3.6 Personal accident and health insurance

2.4 Compulsory Insurance

2.4.1 Motor third-party liability insurance

2.4.2 Workmen’s compensation insurance

2.4.3 Air carriers and aircraft operators insurance

2.4.4 Professional indemnity insurance for alternative investment fund
managers

2.4.5 Professional indemnity insurance for insurance intermediaries

2.4.6 Liability for ships with respect to oil pollution

2.4.7 Environmental liability insurance

2.5 Supervision and Control

2.5.1 International Association of Insurance Supervisors

2.5.2 European Insurance and Occupational Pensions Authority

2.5.3 Federation of European Risk Management Associations

2.5.4 Financial Supervisory Authority

2.5.5 The Federation of Finnish Financial Services

2.6 Non-Admitted Insurance Regulations

2.6.1 Overview

2.6.2 Intermediaries

2.6.3 Market practices

2.6.4 Fines and Penalties

2.7 Company Registration and Operations

2.7.1 Type of insurance organization

2.7.2 Establishing a local company

2.7.3 Foreign ownership

2.7.4 Types of license

2.7.5 Capital requirements

2.7.6 Solvency margin

2.7.7 Reserve requirements

2.7.8 Investment regulations

2.7.9 Statutory return requirements

2.7.10 Fee structure

2.8 Taxation

2.8.1 Insurance premium or policy taxation

2.8.2 Withholding taxes on premium paid overseas

2.8.3 Corporate tax

2.8.4 VAT

2.8.5 Captives

2.9 Legal System

2.9.1 Introduction

2.9.2 Access to court

2.9.3 Alternative dispute resolution

3 APPENDIX

For more information about this report visit https://www.researchandmarkets.com/research/7zfpvd/finland_insurance?w=4

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