Market Research Report
Governance, Risk and Compliance - The Swedish Insurance Industry
|Published by||GlobalData||Product code||409950|
|Published||Content info||64 Pages
Delivery time: 1-2 business days
|Governance, Risk and Compliance - The Swedish Insurance Industry|
|Published: November 18, 2019||Content info: 64 Pages||
The Swedish Financial Supervisory Authority- (Finansinspektionen - FI), an agency under the Ministry of Finance, is the competent authority responsible for supervising the activities of the insurance industry. Following a merger between the Private Insurance Supervisory Service and the Bank Inspection Board in 1991, the FI took over the task of insurance supervision. Its responsibilities include maintaining financial stability, regulating market behavior, combating illegal practices and protecting consumer interests. Insurance and reinsurance companies are obliged to provide the FI with information about their financial status, and the FI can conduct an on-site inspection of an insurer's operations at any time.
The Insurance Business Ordinance 2011, Insurance Business Act 2010, and the Insurance Contract Act 2005 govern insurance and reinsurance companies in the country. The latest amendments in the three key laws came into force in January 2016. The Insurance Business Act 2010 enacted on April 4, 2011, replaced the Insurance Business Act 1982. The Act stipulates provisions for licensing, financial requirements, policy terms and conditions, and penalties for offenders. The Act on Insurance Mediation 2005 supervises and regulates intermediaries in the Swedish insurance and reinsurance industry.
There is no separate law for the reinsurance industry. The law regulating insurance companies also governs reinsurance companies; however, the Insurance Contract Act does not apply to reinsurance contracts.
The report "Governance, Risk and Compliance - The Swedish Insurance Industry" is the result of extensive research into the insurance regulatory framework in Sweden. 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 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.