Regulatory Alerts2016-10-24
Regulations Amending Information Requirements for Insurance and Occupational Pensions (FFFS 2015:18)
Finansinspektionen amends its existing regulations to establish comprehensive disclosure requirements for insurance undertakings, foreign insurers, pension funds, and foreign occupational retirement institutions operating in Sweden. The updated rules mandate detailed pre-contractual, annual, and payment-period information for policyholders and beneficiaries, covering premiums, fees, bonus distributions, investment options, and value transfers, while introducing precise definitions for terms like allocated bonus, solvency ratio, and depository insurance. These provisions apply across life, non-life, and occupational pension products, with specific appendices outlining fund reporting and complaint handling procedures, and will enter into force between January 2016 and January 2019 depending on the section.