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Governance, Risk and Compliance - The Finnish Insurance Industry

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  • 72 Pages
  • January 2020
  • Region: Finland
  • GlobalData
  • ID: 3337355
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Governance, Risk and Compliance - The Finnish Insurance Industry


The 'Governance, Risk and Compliance - The Finnish Insurance Industry' report 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 report brings together the research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

Key Highlights

  • The Financial Supervisory Authority regulates the Finnish insurance industry.
  • 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

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Finland, including -
  • An overview of the insurance regulatory framework in Finland.
  • The latest key changes, and changes expected in the country’s insurance regulatory framework.
  • Key regulations and market practices related to different types of insurance product in the country.
  • Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Finland.
  • Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
  • Details of the tax and legal systems in the country.


  • 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.

Reasons to buy

  • Gain insights into the insurance regulatory framework in Finland.
  • Track the latest regulatory changes, and expected changes impacting the Finnish insurance industry.
  • Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
  • Understand key regulations and market practices pertaining to various types of insurance product.

Table of Contents

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 (ADR)
3 Appendix
3.1 Methodology
3.2 Contact Us
3.3 About the Author
3.4 Author's Services
3.5 Disclaimer
List of Tables
Table 1: Insurance Industry Definitions
Table 2: Finland - Insurance Regulatory Framework Key Features
Table 3: Finland - Life Insurance Regulatory Framework
Table 4: Finland - Property Insurance Regulatory Framework
Table 5: Finland - Motor Insurance Regulatory Framework
Table 6: Finland - Liability Insurance Regulatory Framework
Table 7: Finland - Minimum Cover for Aircraft Third-Party Liability per Accident per Aircraft
Table 8: Finland - Insurance Premium Taxation
Table 9: Finland - Corporate Tax Rates for the Financial Year 2019
List of Figures
Figure 1: Finland - Insurance Supervision and Control at Various Levels
Figure 2: Finland - Insurance Regulatory Frameworks for Company Registration and Operation