Neat and orderly? - a review of 150 insurance intermediaries

Four out of five of the reviewed insurance intermediaries* do not adhere to the rules that by law pertain to their business. By law, insurance intermediaries must check employees’ conscientiousness and competence, and the checks must be documented. They must also establish internal rules to prevent money laundering.

Finansinspektionen's review comprised 150 of the 650 insurance intermediaries that are licensed by FI. The results show that only one-fifth of insurance intermediaries completely fulfill requirements for their business. This one-fifth has internal rules to prevent money laundering, and has documented their employees' competence and repute.

Finansinspektionen is very concerned that as many as 120 of the reviewed insurance intermediaries demonstrated deficiencies. Many lack correct documentation of employee competence, and some are unable to show that they possess the requisite training. Some intermediaries also lack internal rules to prevent money laundering. FI is now investigating the possibility of imposing sanctions in certain cases.

Due to the deficiencies that came to light during the investigation, Finansinspektionen will now inspect insurance intermediaries that were not included in this investigation.

Consumer protection is the point of departure for Finansinspektionen's regulation of insurance intermediaries.


  • insurance intermediaries must be licensed by Finansinspektionen
  • an insurance intermediary must be tested in order to prove that s/he has the requisite
  • knowledge and competence
  • the Insurance Mediation Act went into effect in 2005 as part of EU harmonization
  • insurance mediation is also governed by the Acts on Measures against Money Laundering
  • and Financing of Particularly Serious Crimes in certain circumstances (i.e. terrorist financing).
  • insurance intermediaries were previously called insurance brokers

*"Insurance intermediary" refers both to legal entities with employees and to physical persons with their own license. The investigation did not include tied insurance intermediaries that need to register at the Swedish Companies Registration Office (Bolagsverket), but that do not require
licensing from Finansinspektionen.

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