In Finland, private insurance institutions handle both statutory and voluntary insurance. Operating in the insurance sector is subject to authorisation. Authorisations for employment pension companies are granted by the government, while authorisations for other insurance companies are issued by the Financial Supervisory Authority.
The authorisations only apply to certain classes of insurance, or groups of classes. A non-life insurance company cannot engage in life insurance activities. On the other hand, a life insurance company may not grant other types of cover than life insurance policies and voluntary accident and health insurance policies associated with them. A non-life or a life insurance company cannot provide statutory employment pension insurance.
In addition to insurance companies, the following operate in the insurance sector:
- insurance pools
- pension and other insurance funds
- unemployment funds, and
- certain pension institutes established by virtue of law (the Farmers' Social Insurance Institution and the Seafarers' Pension Fund).
Authorisations for unemployment funds are granted by the Ministry of Social Affairs and Health.
In addition to private pension institutions, social insurance is managed by the Social Insurance Institution of Finland (Kela), Keva and the State Treasury.