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Finansinspektionen’s regulations regarding transitional rules for insurance business

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governance
insurance

Finansinspektionen issues regulations establishing conditions for insurance undertakings to apply for permission or exemptions from specific Solvency II Directive rules during the transitional period. The document also introduces rules for life insurance undertakings regarding occupational pension business, corporate governance, group oversight, and limited-scope activities. These provisions were amended to align with EU-wide supervision reporting requirements and entered into force on February 1, 2016.

SwedenFinansinspektionen

Finansinspektionen’s regulations regarding transitional rules for insurance business

In force from 2016-01-01

Summary

The Solvency II Directive contains a number of rules that will apply for a transitional period. The majority of the transitional provisions are gathered in these transition regulations. The transitional provisions entail that insurance undertakings are able to apply for permission for and exemption from application of some of the rules in the SII Directive. FI regulates in the regulations the conditions for such permission and exemption.

Finansinspektionen also introduces regulations for life insurance undertakings that apply the Insurance Business Act's (2010:2043) transition regulation for business pertaining to occupational pension insurance. Finansinspektionen's regulations contain rules for applying the statutory provisions regarding corporate governance and group oversight. The regulations also contain rules on the definition of other life insurance activities of limited scope.

Amendments

The regulations have been changed due to the publication of Commission Implementing Regulations (EU) 2015/2450 and 2015/2452 in the European Union's Official Journal on 31 December 2015. The amendments entail references to the provisions regarding the EU-wide supervision reporting and the publication of the implementing regulations mentioned above. It is now clear which information is included in the reporting that occurs in accordance with the transition provision.

The amendments enter into force on 1 February 2016. amendment 2016:5

Documents

FFFS 2015:21

FFFS 2015:21 (consolidated version)

Changes

Number

FFFS 2016:5

Date

2016-02-01

Heading

FFFS 2016:5

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Directive 2009/138/EC of theEuropean Parliament and of the Co…2009 · EUDirective 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (recast) (Text with EEA relevance) (2009-11-25)Directive 2011/89/EU of theEuropean Parliament and of the Co…2011 · EUDirective 2011/89/EU of the European Parliament and of the Council of 16 November 2011 amending Directives 98/78/EC, 2002/87/EC, 2006/48/EC and 2009/138/EC as regards the supplementary supervision of financial entities in a financial conglomerate Text with EEA relevance (2011-11-16)Directive 2014/51/EU of theEuropean Parliament and of the Co…2014 · EUDirective 2014/51/EU of the European Parliament and of the Council of 16 April 2014 amending Directives 2003/71/EC and 2009/138/EC and Regulations (EC) No 1060/2009, (EU) No 1094/2010 and (EU) No 1095/2010 in respect of the powers of the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and the European Supervisory Authority (European Securities and Markets Authority) (2014-04-16)Regulation No. 21 of 2015Not in RegAlertRegulation No. 21 of 2015 — Not in RegAlertFinansinspektionen’sregulations regarding transit…this documentFinansinspektionen’s regulations regarding transitional rules for insurance business
amendssupersedesissued underrefers todashed card: not in RegAlert (or proposed)arrows run from the older text to the one that changes it
The links and the sentences they come from (4)
Amends
  • Regulation No. 21 of 2015Not in RegAlert

    “FFFS 2015:21”

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