Regulatory Alerts2022-02-23
Finansinspektionen’s regulations regarding the EUR rate in the area of insurance
Finansinspektionen issued regulations establishing the specific exchange rate methodology for converting Euro amounts to Swedish kronor within the insurance and occupational pension sectors. The rules mandate that the conversion rate be determined by the value published in the Official Journal of the European Union, referencing the final day of October for each calendar year. These provisions apply to various Swedish insurance and pension acts and entered into force on 1 November 2020.
Finansinspektionen’s Regulatory Code Publisher: Finansinspektionen, Sweden, www.fi.se ISSN 1102-7460 This translation is furnished solely for information purposes. Only the printed version of the regulation in Swedish applies for the application of the law. 1 Finansinspektionen’s regulations regarding the EUR rate in the area of insurance; decided on 13 October 2020. Finansinspektionen prescribes the following pursuant to Chapter 7, section 2, second paragraph of the Insurance Business Ordinance (2011:257). Section 1 These regulations apply under the application of a) Undertakings of Foreign Insurers and Institutions for Occupational Retirement Provision in Sweden Act (1998:293), b) Insurance Business Act (2010:2043), c) Occupational Pension Undertakings Act (2019:742), d) Finansinspektionen’s regulations prescribed pursuant to the Insurance Business Ordinance (2011:257), or e) Finansinspektionen’s regulations prescribed pursuant to the Occupational Pension Undertakings Ordinance (2019:809). Section 2 When translating into SEK an amount that in a regulation pursuant to section 1 has been stated in EUR, one euro as of 31 December every year shall be considered to correspond to the value in Swedish krona that has been published in the Official Journal of the European Union and that refers to the immediately preceding final day in the month of October.
These regulations shall enter into force on 01 November 2020. ERIK THEDÉEN Nanny Hiort FFFS 2020:14 Published on 19 October 2020