The outcome of personal injury claims can have a considerable effect on the injured party. Some injured parties do not have confidence for the claims handling process at insurance undertakings. Given the total number of personal injury claims, there are relatively few complaints regarding claims handling.
FI is establishing a fintech innovation centre that will provide information to and maintain a dialogue with companies conducting innovation-based business. This centre and additional initiatives are presented in FI's report to the Government regarding an assignment.
The Swedish economy continues to be strong and interest rates are extremely low, which contributes to high asset prices and low risk premiums. As global interest rates rise in the future, there is a risk for an abrupt increase in risk premiums and a fall in asset prices, which could be stressful for the financial system.
Finansinspektionen (FI) received a mandate from the Government to propose a capital requirement regulation for undertakings providing occupational retirement. The objective is to provide comprehensive protection for consumers (beneficiaries) while at the same time enabling effective management of occupational pensions.
In order for an insurance firm to be able to fulfil its obligations to its customers, the firm needs to have sufficient capital to manage its risk, good internal governance and good control of its risks. Ensuring that these requirements are met is the focus of FI’s supervision of insurance firms.
Finansinspektionen (FI) has identified extensive quality deficiencies in the reporting of insurance firms. These deficiencies are a sign that the internal governance and control of many of the firms’ reporting procedures are unsatisfactory. Through this document, FI provides guidance for insurance firms for how they can strengthen their reporting procedures.
On 1 August, the new Money Laundering Act entered into force as well as FI’s new regulations. According to these new regulations, firms under FI’s supervision must report data that enables FI to assess the risk that firms will be used for money laundering and the financing of terrorism.
Erik Thedéen visited the Committee on Finance today for a Q&A session. He discussed the unprecedented economic conditions that Sweden is currently experiencing.
It is likely that automated services will play a greater role on the financial market. Finansinspektionen (FI) views an online market with simplified investment advice as a step in the right direction in terms of achieving an independent market for investment advice that reaches a wide number of consumers.
FI Director General Erik Thedéen’s speech at the Terminsstart Pension conference on 15 February 2017.
FI has identified a number of quantitative indicators that point toward factors in the insurance sector that could have an effect on financial stability. These indicators show that there was good resilience in the insurance sector at the end of the year.
FI has observed deficiencies in the insurance undertakings' practical management of surplus and in their internal guidelines for and information to their customers about their surplus management.
Finansinspektionen is monitoring the developments following the EU referendum in the UK. We are continuing to maintain a dialogue with the Ministry of Finance, the Riksbank and the Swedish National Debt Office and keep close contact with the Swedish banks. FI always has contingency plans in place to take measures that will contribute to financial stability.
The objective of Finansinspektionen's supervision of insurance undertakings is to monitor their ability to fulfil their commitments to customers, and to monitor that customers receive comprehensible and accurate information. This report focuses on the first of the above-mentioned primary objectives.
The European Insurance and Occupational Pensions Authority, EIOPA, has conducted EU-wide stress tests to assess the resilience of European insurance undertakings to adverse market developments. In the Swedish part of the exercise, ten large insurance groups and insurance companies, who account for more than half of the Swedish insurance market, participated.
Swedish banks are relatively strong, but they continue to be vulnerable to disruptions on the financial markets, and the development within the Euro zone continues to represent a risk to the Swedish financial system.
Many of the development trends in today’s financial markets raise important issues for FI. For consumers, greater mobility and increasingly complex financial products represent not only more opportunities but also higher risks. FI needs to bring attention to these risks and resolve them.
Finansinspektionen finds that guidelines from the European supervisory authorities addressed to competent authorities or financial market participants are equivalent to Swedish general guidelines.
Finansinspektionen’s (FI’s) 2012 risk report 2012 continues to focus on unease on financial markets, where the greatest risk to the Swedish financial system is still a deepened sovereign debt crisis in Europe. Because of low market rates, life insurance undertakings are under pressure, and FI now sees a risk of consumers ending up in a squeeze as the firms review their commitments. This year too, FI views the financial advice market with concern. In this market, consumers are being invited to invest in complex products while advisors receive commissions.
The issues presented in this year’s Supervision Report stem from the work on financial consumer protection, financial stability and the requirements on company owners and management. In addition, the report discusses the increased international work, primarily within the EU.