Insurance legislation and oversight

Insurance business in Finland is subject to licence.

The government grants licences to authorised pension insurance companies that manage earnings-related pension insurance.The Financial Supervisory Authority grants licences to other insurance companies. The Financial Supervisory Authority also supervises the activities of insurance institutions.

The licences consolidate the division of insurance categories or groups of categories: an accident insurance company may not also provide life insurance, and visa versa, and accident insurance and life insurance companies may not deal with statutory earnings-related pension insurance.

Finnish insurance legislation contains separate laws on insurance companies, foreign insurance companies, authorised pension insurance companies, insurance associations, insurance brokers, and contracts.

There is also a range of mechanisms for overseeing the performance of statutory insurance arrangements.

Authorities and other organisations

The Finnish Centre for Pensions supervises the fulfilment of employer insurance obligations to employees. 

Insurance Institutions supervise employer obligations to employees in matters of accident insurance covering workplace accidents and occupational diseases.

Motor vehicle inspection workers and the police supervise motor liability insurance.

The Finnish Patient Insurance Centre pays damages to patients if health care professionals do not have insurance cover.

Centres for Economic Development, Transport and the Environment ensure that companies whose activities may be an environmental hazard have environmental accident insurance.