Regulatory AlertsFinansinspektionen’s regulations regarding transitional rules for insurance business
Finansinspektionen issues regulations establishing conditions for insurance undertakings to apply for permission or exemptions from specific Solvency II Directive rules during the transitional period. The document also introduces rules for life insurance undertakings regarding occupational pension business, corporate governance, group oversight, and limited-scope activities. These provisions were amended to align with EU-wide supervision reporting requirements and entered into force on February 1, 2016.
Finansinspektionen’s regulations regarding transitional rules for insurance business
In force from 2016-01-01
Summary
The Solvency II Directive contains a number of rules that will apply for a transitional period. The majority of the transitional provisions are gathered in these transition regulations. The transitional provisions entail that insurance undertakings are able to apply for permission for and exemption from application of some of the rules in the SII Directive. FI regulates in the regulations the conditions for such permission and exemption.
Finansinspektionen also introduces regulations for life insurance undertakings that apply the Insurance Business Act's (2010:2043) transition regulation for business pertaining to occupational pension insurance. Finansinspektionen's regulations contain rules for applying the statutory provisions regarding corporate governance and group oversight. The regulations also contain rules on the definition of other life insurance activities of limited scope.
Amendments
The regulations have been changed due to the publication of Commission Implementing Regulations (EU) 2015/2450 and 2015/2452 in the European Union's Official Journal on 31 December 2015. The amendments entail references to the provisions regarding the EU-wide supervision reporting and the publication of the implementing regulations mentioned above. It is now clear which information is included in the reporting that occurs in accordance with the transition provision.
The amendments enter into force on 1 February 2016. amendment 2016:5
Documents
FFFS 2015:21
FFFS 2015:21 (consolidated version)
Changes
Number
FFFS 2016:5
Date
2016-02-01
Heading
FFFS 2016:5