Regulatory AlertsRegulations and general guidelines regarding information about insurance and occupational pensions
The Swedish Financial Supervisory Authority issued these regulations to mandate specific information disclosures for life insurance and occupational pension products, including financial strength and return history. The rules apply to both domestic and foreign insurance undertakings targeting Swedish consumers and establish general guidelines for key investor information documents. Subsequent amendments have expanded information requirements for policy transfers and unit-linked insurance while excluding certain pension foundations and foreign institutions from the original scope.
Regulations and general guidelines regarding information about insurance and occupational pensions
In force from 2012-04-01
Summary
The regulations regulate information regarding insurance and occupational pensions and contain general guidelines for key investor information documents for life insurance as a type of savings. The key investor information document should contain information about the insurance undertaking's financial strength and relevant return history for the product offered by the undertaking. Fee disclosures in the key investor information document are another important point in the general guidelines.
The basis for the regulations is the EU Directive on life insurance and non-life insurance and the Directive on occupational pension institutions. Because these regulations and general guidelines are an important part of the Swedish regulations for consumer protection, they shall also apply to foreign insurance undertakings that target Swedish consumers.
The regulations repeal FFFS 2011:35 regarding information about life insurance and occupational pensions and FFFS 2011:36 regarding information related to non-life insurance.
Amendments
The amendments entail that the term occupational pension insurance in the regulations also includes insurance for self-employed, which is in line with how the term is defined in the Occupational Pension Undertakings Act (2019:742).
The amendments enter into force on 6 July 2021. Amendment 2021:6
When the Second Occupational Pension Directive is implemented into Swedish law, FI will include regulations on information that foreign institutions for occupational retirement provision must submit according to the new regulations on institutions for occupational retirement provision, FFFS 2019:21. Therefore, as of 1 January 2020, the regulations in FFFS 2011:39 no longer apply to foreign institutions for occupational retirement provision. Amendment 2019:25
In conjunction with the implementation of the Second Occupational Pension Directive for pension foundations, FI is introducing provisions in new regulations, FFFS 2019:19, on information that pension foundations must provide. These regulations therefore do not apply to pension foundations as of 15 December 2019. Amendment 2019:20
The information requirement for an insurance undertaking that provides life insurance or occupational pension insurance is expanded in conjunction with offers to transfer an insurance amount within the same insurance undertaking or insurance group or offers for significant changes to the terms and conditions. Finansinspektionen is also supplementing the general guidelines regarding the form of the information. All other changes are editorial in nature and intend to clarify or correct grammatical errors in the basic regulation. amendment 2013:5
The amendments expand the requirements on the insurance undertakings in terms of providing information before issuing unit-linked insurance or deposit insurance. All other changes are editorial in nature an intend to correct grammatical errors in the basic regulation. amendment 2012:2
Documents
FFFS 2011:39
FFFS 2011:39 (consolidated version)
Changes
Number
FFFS 2021:6
Date
2021-07-06
Heading
FFFS 2021:6
Number
FFFS 2019:25
Date
2020-01-01
Heading
FFFS 2019:25
Number
FFFS 2019:20
Date
2019-12-15
Heading
FFFS 2019:20
Number
FFFS 2015:18
Date
2016-01-01
Heading
FFFS 2015:18
Number
FFFS 2013:5
Date
2013-07-01
Heading
FFFS 2013:5
Number
FFFS 2012:2
Date
2012-07-01
Heading
FFFS 2012:2