Recent news

We list here recent news from the insurance sector.

2021

Erik Thedéen: Crypto-assets today and in the future

” Ultimately, this is about energy efficiency. Energy is a scarce resource, and as a society, we have invested heavily in energy-efficiency improvements across all sectors. We need to consider a similar technology shift for crypto-assets.”

Updates in reporting AML

New reporting questions in 2022

Resilience is needed as the risks in the commercial real estate sector increase

The economic recovery has been stronger than expected this year, in part due to strong support measures during the pandemic. At the same time, risks are building up, writes Finansinspektionen (FI) in its second stability report of the year. The report is being presented today by Director General Erik Thedéen and Chief Economist Henrik Braconier at a press conference.

Stability in the Financial System (2021:2)

Sweden’s economy has largely recovered and there is good access to financing in the financial system. The Riksbank should therefore begin the phase-out of asset purchasing to avoid further increase of risk-taking. Amongst others, FI sees growing risks within the commercial real estate companies.

IMF to assess financial stability in Sweden

2021-11-19 | News Stability Markets

The International Monetary Fund (IMF) will conduct a review of the financial sector and the work of the authorities on financial stability, a so-called FSAP (Financial Sector Assessment Program) in 2022. FSAPs are conducted regularly for countries with systemically important financial markets. In its report, the IMF will highlight any flaws and risks in the system and propose measures to deal with them.

FI increases sustainability efforts with new manager

Finansinspektionen (FI) is creating a new position to strengthen its work within sustainability. Johanna Fager Wettergren will be the new Head of Sustainable Finance.

FI Supervision 24: Complaints handling in insurance firms

Finansinspektionen (FI) conducted a survey of twenty insurance firms and determined that the firms in general handle complaints in a satisfactory manner, but there is room for improvement.

Maiden Life receives warning and administrative fine

2021-06-23 | Sanctions Insurance

Finansinspektionen is issuing Maiden Life Försäkrings AB a warning. The company must also pay an administrative fine of SEK 5.5 million.

Maiden Life receives warning and administrative fine

2021-06-23 | News Insurance

Finansinspektionen (FI) is issuing Maiden Life Försäkrings AB a warning. The company must also pay an administrative fine of SEK 5.5 million.

FI Supervision Report 23: Observations from anti-money laundering reporting

FI has analysed and compared information that firms under FI’s money laundering supervision reported to the authority during the years 2018-2021. The analysis indicates areas where the companies need to develop their processes to better handle the risk of being misused for money laundering or terrorist financing.

Erik Thedéen: Crypto-assets – risks and opportunities

“The technology behind crypto-assets has the potential to create value for society, but crypto-assets like Bitcoin also pose significant risks,” said Erik Thedéen, when he spoke about the development of crypto-assets today at a seminar arranged by the Swedish Investor Relations Association.

Stability in the Financial System (2021:1)

The economy is continuing to recover. Support measures have been necessary to speed up the recovery, but they need to be gradually phased out as the economy strengthens. This applies primarily to measures that are associated with the build-up of stability risks.

Support measures can build up stability risks

The support measures have been important for offsetting the economic impact of the crisis and speeding up the recovery. However, they can also contribute to greater stability risks in the long run, concludes Finansinspektionen (FI) in this year’s first report on the stability in the financial system, which is being published today.

Memorandum Legislative Measures due to the EU’s Green Taxonomy Regulation

Finansinspektionen (FI) supports in general the proposals in the memorandum. However, FI has some feedback points about the proposals.

FI introduces new reporting system

2021-04-26 | News Reporting Markets

FI has decided to replace several of our existing reporting systems with a new system with the aim of better meeting current and future legal requirements and enhancing user-friendliness for the companies that report via the systems. The new reporting system, FIDAC, will be used for both periodic and event-driven reporting.

FI Analysis 30: Internal price on carbon – what and why?

To reach the climate goals in the Paris Agreement, carbon emissions must go down. The most efficient way to achieve this is by raising the cost of emissions compared to today.

Sustainability Report 2021 – the climate in focus

Finansinspektionen has an assignment to promote the financial system’s contribution to sustainable development. The sustainability report outlines the current sustainability issues that are related to the financial sector and lists examples of what FI is working on in this area.

Cyber threats and financial stability – FI’s roll and assignments

In recent years, a number of legislative proposals and other initiatives have been presented to strengthen the financial sector’s resilience to cyberattacks. Given this background, Finansinspektionen has prepared a memorandum to describe FI’s role in terms of contributing to strong cyber security and its work to prevent cyber threats to the Swedish financial sector.

Young adults and low-income earners face greatest risk of debt trap

2021-02-24 | News Consumer Markets

Young borrowers and borrowers with low income run a higher risk of experiencing payment problems when they take non-mortgage loans, even if they only borrow small amounts. At the same time, the risk that consumers will get trapped in debt decreases if credit providers conduct thorough credit assessments. These are the conclusions of a new analysis from Finansinspektionen that is presented in conjunction with this year’s consumer protection report.

Consumer Protection Report 2021

2021-02-24 | Reports Consumer Markets

Paying by invoice or with other credit-based offers is becoming an integral part of shopping online. Young adults are unique with their small margins and large number of payment reminders and collection notices. Unaffordable loans are a prioritised consumer risk in this year’s report.

FI’s prioritised areas for 2021

Are the banks conducting thorough credit assessments when customers apply for consumer credit? Are smaller banks and payment service firms taking sufficient measures to prevent money laundering? What risks will the coronavirus pandemic pose in the future? These are three areas that Finansinspektionen (FI) will look more closely at in 2021.

Finansinspektionen’s prioritised areas for 2021

Consumer protection, money laundering and risks that the coronavirus pandemic may pose in the future are three areas that FI will look more closely at in 2021.

Update of FI’s Company Register

Due to the United Kingdom’s withdrawal from the European Union, financial actors’ right to conduct cross-border operations in or from the United Kingdom that are based on European Union law was repealed on 1 January 2021.

2020

New procedures to enhance transparency

2020-12-22 | News About FI Markets

As of 1 January 2021, FI will implement new procedures for how it announces opened and closed supervision investigations.

Reminder: what a hard Brexit will entail

2020-12-15 | Brexit News Markets

What will happen in the event that the transition period ends without an agreement between the EU and the UK.

Stability in the Financial System (2020:2)

The pandemic has triggered a deep economic recession in many countries, even if a slight recovery has begun. Extensive support measures have mitigated the economic impact and reduced the uncertainty on the financial markets. During the autumn, infection rates have once again begun to increase and several countries have introduced new restrictions, which will dampen the economic recovery, even though it is uncertain to which extent.

Dampened recovery can weaken financial stability

An increase in the spread of the coronavirus will dampen the recovery in European economies and, in the long run, this could impact financial stability, writes Finansinspektionen (FI) in this year’s second stability report, which will be published today.

FI Supervision 20: Distribution of Life Insurance

The majority of the distribution on the life insurance market occurs through external distribution channels. It is therefore important for insurance firms to fulfil their responsibility to choose suitable distribution channels for the target market and follow up that the insurance products are distributed to the proper target group.

Erik Thedéen's speech at Driving Global Standards on Sustainable Finance

Erik Thedéen, Finansinspektionen's Director General and Chair of IOSCO's Task Force on Sustainable Finance made a speech at the conference Driving Global Standards on Sustainable Finance.

Erik Thedéen: How can consumer welfare be improved in financial markets?

FI's Director General Erik Thedéen took part in a panel discussion during the conference "Consumer Behavior in Financial Markets", arranged by the Swedish House of Finance at the Stockholm School of Economics today.

ESRB recommendation on distribution

The COVID-19 pandemic has incurred large human and economic costs and also affected the financial sector. Maintaining own funds in financial institutions is important both for ensuring the resilience of the financial system and supporting banks' lending through this crisis.

New log-in method for periodic reporting replaces reporting card

2020-06-11 | News Reporting Markets

On 18 August 2020, FI will introduce a new log-in method for periodic reporting filed via an application on the computer and that previously required a card and card reader. The new method requires users to log in using Bank ID.

Measures stabilised the financial situation

Governments, central banks, and authorities around the world have taken powerful measures to mitigate the economic impact of the coronavirus pandemic. These measures also helped dampen uncertainty on the financial markets. By utilising available buffers and continuing to lend to firms and households, the financial sector can dampen the impact of the crisis. It is also important to remember that the economic crisis is not over, and uncertainty is therefore high, notes Finansinspektionen (FI) in its first stability report of the year.

Stability in the Financial System (2020:1)

The coronavirus pandemic has resulted in an exceptional stress for the real economy. Governments, central banks and supervisory authorities have implemented significant measures to dampen the crisis. This has helped to reduce the uncertainty on the financial markets. But we are in still in the middle of the crisis, and there is considerable uncertainty going forward.

FI withdraws the authorisation of investment firm Exceed

2020-06-02 | News Sanctions Markets

Finansinspektion (FI) immediately withdraws the authorisation for Exceed Capital Sverige AB. Under FI’s decision, the company loses all its authorisations and may no longer conduct regulated business. The decision will be presented by FI Director General Erik Thedéen and Chief Legal Counsel Eric Leijonram at a press conference today, Tuesday, 2 June, at 2:00 PM.

Withdrawn authorisation for Exceed Capital Sverige AB

Finansinspektionen withdraws all Exceed Capital Sverige AB’s (Exceed) authorisations to conduct securities business and its authorisation for ancillary services, authorisation to conduct insurance distribution, and authorisation to be registered as a manager of fund units.

Global sustainability network NGFS publishes status report and guide for supervisors

The global sustainability network NGFS (Network for Greening the Financial System) is publishing today a report on how banks around the world consider climate-related risks in their lending. The report shows that this is occurring more frequently, but it is at the same time difficult to see which loans constitute a lower risk. This is because, for example, there is no international classification and a shared perception of which assets are “green” and “brown”.

New collection of data in EIOPA’s ongoing impact assessment of the Solvency II Review

2020-05-05 | Coronavirus EIOPA ESMA

The European Insurance and Occupational Pensions Authority (EIOPA) will collect new data for its ongoing impact assessment to assess the effects of the coronavirus pandemic.

FI resumes work on supervision investigations

2020-04-28 | Coronavirus News Markets

FI decided on 1 April given the acute stage of the coronavirus pandemic to extend the freeze on new supervision investigations until 3 May. This decision will not be extended again, which means that the freeze on ongoing supervision meetings, investigations and information gathering will be lifted starting on 4 May.

EU authority publishes consumer guides on insurance

2020-04-27 | Coronavirus EIOPA News

Due to the coronavirus pandemic, the European Insurance and Occupational Pensions Authority (EIOPA) has published a consumer guide with tips that target insurance customers.