FI conducts supervision of undertakings that have received authorisation from FI to conduct business on the financial market.
Supervision is FI's most important tool. Part of this work focuses on managing incidents and urgent problems, but the main purpose of supervision is to prevent problems. In order for supervision to make the greatest difference and reap the most benefits, it must be both risk-based and forward-looking to the greatest extent possible.
The purpose of insurance supervision is to secure a reasonable balance between the risks and solvency of insurance undertakings so that they can fulfil their obligations to policyholders.
It is also important to monitor the insurance sector from a consumer protection perspective to ensure that consumers are able to make well-informed decisions based on relevant and comprehensible information.
The supervision conducted by the Insurance section at FI targets everything from very small to very large undertakings. The undertakings under supervision in the insurance area can be broken down roughly into three groups:
Disregarding pension foundations (for which the supervisory responsibility lies primarily with the county administrative boards) and a number of small, local undertakings that are not subject to a reporting obligation, there are around 200 undertakings subject to FI's ongoing supervision.
Swedish insurance companies are active in other countries, and foreign companies are active on the Swedish market. The supervision of insurance companies with operations in several countries is conducted through supervisory colleges. These colleges are groups of representatives from the supervisory authorities in the countries where the insurance company is active. Work in the colleges is governed by cooperation agreements between the countries' authorities.
FI chairs five colleges as the home country authority and participates in another six colleges.