Regulatory AlertsFinansinspektionen’s regulations regarding insurance distribution (FFFS 2018:10)
Finansinspektionen issued regulations implementing the Insurance Distribution Directive to govern how insurance distributors conduct business and interact with clients. The rules mandate specific requirements for authorization, employee competence, impartial advice, and remuneration, while introducing special provisions for insurance-based investment products and pension insurance. Subsequent amendments have increased liability insurance coverage amounts and added disclosures regarding pan-European personal pension products, with changes entering into force between 2020 and 2024.
Finansinspektionen’s regulations regarding insurance distribution
In force from 2018-10-01
Summary
The regulations contain rules on how insurance distributors shall conduct their business and interact with their clients. The rules apply to, for example, the contents of the authorisation application, required knowledge and competence, remuneration systems for employees, advice based on impartial and personal analysis, and special provisions for distribution of insurance-based investment products and some pension insurance.
The new regulations are part of the implementation of the Insurance Distribution Directive (IDD).
The regulations enter into force on 1 October 2018, with some exceptions.
Amendments
The amendments raise the amounts that an insurance intermediary's liability insurance shall cover. The objective is to maintain an even level of protection in the liability insurance over time. Amendment 2024:13
FI adds a disclosure that there are additional provisions set out in Finansinspektionen's regulations (FFFS 2022:20) regarding a pan-European personal pension product for insurance distributors that are PEPP providers or PEPP distributors pursuant to Regulation (EU) 2019/1238 of the European Parliament and of the Council of 20 June 2019 on a pan-European Personal Pension Product (PEPP).
The amendments enter into force on 1 January 2023. Amendment 2022:27
The amendments raise the amounts that an insurance intermediary's liability insurance shall cover. The objective is maintain an even level of protection in the liability insurance over time. A number of editorial changes were also made. Amendment 2020:4
Documents
FFFS 2018:10
Changes
Number
FFFS 2024:13
Date
2024-10-09
Heading
FFFS 2024:13
Number
FFFS 2022:27
Date
2023-01-01
Heading
FFFS 2022:27
Number
FFFS 2020:4
Date
2020-06-12
Heading
FFFS 2020:4