Regulatory Alerts2020-10-05
Regulations amending Finansinspektionen’s regulations regarding insurance business (FFFS 2020:7)
Finansinspektionen issued regulations amending its existing insurance business rules to align with the Institutions for Occupational Retirement Provision Ordinance. The amendments repeal current Chapter 1, section 3, renumber section 4 to section 3, and update the scope of application to include insurance associations and group-level requirements. Additionally, the rules mandate that insurance undertakings submit specific written information from Appendices 2a and 2b when applying for authorization or providing notifications under the Insurance Business Act.
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 Regulations amending Finansinspektionen’s regulations and general guidelines (FFFS 2015:8) regarding insurance business; decided on 17 June 2020. Finansinspektionen prescribes pursuant to Chapter 5, sections 9 and 10 of the Institutions for Occupational Retirement Provision Ordinance (2019:809) in respect of Finansinspektionen’s regulations and general guidelines (FFFS 2015:8) regarding insurance business in part that current Chapter 1, section 3 shall be repealed, in part that current Chapter 1, section 4 shall be designated Chapter 1, section 3, in part that Chapter 1, section 2 and Chapter 10, section 2 shall have the following wording. Chapter 1 Section 2 These regulations apply to
- insurance companies,
- mutual insurance companies, and
- insurance associations. The regulations also apply to the appropriate extent at group level for such a group as referred to in Chapter 19 of the Insurance Business Act (2010:2043). Chapter 10 Section 21 An insurance undertaking, when applying for authorisation pursuant to Chapter 2 of the Insurance Business Act (2010:2043), shall submit in writing the information set out in Appendices 2a and 2b. Information in accordance with the first paragraph shall also be submitted in connection with such notification as set out in Chapter 10, section 5, second paragraph of the Insurance Business Act.
These regulations shall enter into force on 01 July 2020. 1 The change entails in part that the third paragraph has been removed. FFFS 2020:7 Published 24 June 2020
FFFS 2020:7 2 ERIK THEDÉEN Anna Wedin