Regulatory Alerts2020-04-21
Regulations amending Finansinspektionen’s regulations regarding insurance business fees for surrender and transfer
Finansinspektionen issued regulations amending its insurance business guidelines to insert a new chapter governing fees for policy surrenders and transfers. The rules permit insurance undertakings to include specific direct administrative costs, such as staff, print-outs, and data expenses, when calculating charges for processing these requests. These regulations entered into force on 1 March 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 Regulations amending Finansinspektionen’s regulations and general guidelines (FFFS 2015:8) regarding insurance business; decided on 19 February 2020. Finansinspektionen prescribes pursuant to Chapter 7, section 2, point 16 of the Insurance Business Ordinance (2011:257) that a new chapter, Chapter 14, will be inserted into Finansinspektionen’s regulations and general guidelines (FFFS 2015:8) regarding insurance business with the following wording. Chapter 14 Fees for surrender and transfer Section 1 Provisions regarding surrender and transfer are set out in Chapter 4 of the Insurance Business Act (2010:2043). Section 2 An insurance undertaking, when calculating direct costs for administrative processing of surrenders and transfers pursuant to Chapter 4, section 17c of the Insurance Business Act, may consider the following costs if they refer to measures taken to fulfil a request for surrender or transfer:
- staff costs,
- costs for print-outs, postage and digital distribution, and
- data costs.
These regulations shall enter into force on 01 March 2020. ERIK THEDÉEN William Svärd FFFS 2020:1 Published 25 February 2020