Regulatory Alerts2021-01-01 | FIN-FSA Regulations and guidelines 9/2021Basis for Calculating the Liability of Funeral and Divorce Benefit Funds
The Finnish Financial Supervisory Authority (FIN-FSA) issued Regulation and Guidelines 9/2021, effective January 1, 2022, establishing the actuarial calculation basis for the liabilities of funeral and divorce benefit funds. The document specifies the technical calculations and underlying assumptions required for these specific insurance entities to ensure accurate financial reporting. Although the full text is only available in Finnish and Swedish, the regulation mandates compliance with these new actuarial standards for the affected funds.
These regulations and guidelines are unfortunately available only in Finnish and Swedish. Please find a link to the Swedish version here.
Regulations and Guidelines 9/2021 (pdf)
Basis for Calculating the Liability of Funeral and Divorce Benefit Funds
Effective from 1.1.2022
Regulation on the actuarial calculations of funeral and divorce benefit funds and the calculation bases underlying them
More information
Comments received in response to the request for comments dated 24.8.2021:
Comments received in response to the request for comments dated 24.8.2021 (ref. no. FIVA 17/01.00/2021)
Summary of comments
FIN-FSA regulations and guidelines
Commencement of activities
Payment institutions and persons providing payment services without a license
Consumer credit providers and peer-to-peer lending intermediaries
Organisation of supervised entities’ operations
Organization and procedures for investment fund activities
Outsourcing in supervised entities belonging to the financial sector
Reporting of mortgage bank operations
Managers of alternative investment funds
Organization and procedures for investment services activities
Preventing Money Laundering and Terrorist Financing
Customer due diligence related to compliance with sanctions regulation and national freezing orders
Risk management
Risk reporting by credit institutions
Reporting of funding plans
Management of operational risk in supervised entities of the financial sector
Management of credit risk and assessment of creditworthiness by supervised entities in the financial sector
Risk management concerning mortgage bank operations
Accounting, financial statements and management report
Regulations and guidelines on accounting, financial statements and management report: Insurance companies, occupational pension insurance companies, insurance associations, insurance ownership companies, branches of third-country insurance companies and pension institutions established by law
Regulations and guidelines on accounting, financial statements and management report: Pension funds and pension foundations
Regulations on accounting, financial statements and management report: Sickness funds and funeral and divorce benefit funds
Financial sector regulations and guidelines on reporting of financial information (FINREP)
Accounting, financial statements and management report of the financial sector
Capital adequacy
Common European Reporting (COREP)
Regulations and Guidelines related to the Capital Requirements Regulation
Prudential reporting for investment firms (IF)
Conduct of Business
Methods used to calculate the maximum compensation charged for early repayment of housing loans
Disclosure of expenses and returns of long-term savings agreements and insurance policies
Calculation of maximum loan-to-value ratio
Procedures to be followed in banking services
Management of default risks in consumer lending
Operations of securities markets
Takeover bid and the obligation to launch a bid
Public insider register of market counterparties, occupational pension insurance companies and fund management companies
Trading counterparties from third countries
Regulations and guidelines on disclosure obligation
Insurance operations