Supervision of the insurance sector
The insurance sector is supervised to safeguard the interests of the insured and the beneficiaries. Statutory insurance provision is supervised by the following:
The Finnish Centre of Pensions ensures that
- employers meet their obligations to take out insurance pursuant to the Employee Pensions Act
- entrepreneurs take out pension insurance pursuant to the Self-Employed Persons' Pensions Act.
The occupational safety and health authorities and the Federation of Accident Insurance Institutions exercise oversight to ensure that employers take out statutory insurance for their employees against accidents at work and occupational diseases.
- Federation of Accident Insurance Institutions
- Regional State Administrative Offices (Occupational Safety and Health Administration)
In connection with traffic surveillance, vehicle inspection agents and the police ascertain that vehicles have valid motor insurance. Finnish Motor Insurers' Centre pays the compensation for damage to the innocent party when a traffic accident is caused by an uninsured vehicle. The Centre collects a fee for neglect of the owner of the uninsured vehicle.
The Finnish Patient Insurance Centre pays patients compensation for patient injuries if the relevant health care actor is not insured. An actor having neglected taking out insurance will be obliged to pay an increased insurance premium in arrears.
ELY Centres (Centres for Economic Development, Transport and the Environment) ensure that organisations whose activities may harm the environment are covered by environmental impairment liability insurance. The Finnish Environmental Insurance Centre pays for the damages caused by an uninsured actor. A penalty premium will be collected for neglect.
The Financial Supervisory Authority overseas insurance providers
The activities of insurance providers are overseen by the Financial Supervisory Authority, which operates in connection with the Bank of Finland. It was formed in early 2009 as the former Insurance Supervisory Authority, which operated under the Ministry of Social Affairs, merged with the Financial Supervisory Authority of that time.
Ensuring insurance companies' financial ability to pay compensation plays a key role in the oversight activities.