In Finland, private insurance institutions handle both statutory and voluntary insurance. Operating in the insurance sector is subject to authorisation. The Government issues authorisation for statutory earnings-related pension insurers, while the Financial Supervisory Authority (FIN-FSA) issues authorisation for other insurance companies.
Authorisations are granted by insurance classes and sub-classes in accordance with the Act on Insurance Classes.
In addition to insurance companies, the following operate in the insurance sector:
- private pension and other insurance institutions
- unemployment funds, and
- pension institutions established by 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, statutory earning-related pension insurance is managed by Keva and the State Treasury.