Supervision

Supervision is one of FI's most important tools for carrying out its assignment. The main objective of FI's supervision is to prevent problems on the financial markets, but the resources for supervision are and always will be limited. In order for our supervision to have the greatest benefit, we must deliberately prioritise our work. FI's point of departure is that, to the greatest extent possible, its supervision should be risk-based and forward-looking.

Insurance supervision aims to ensure that insurance undertakings and occupational pension undertakings hold sufficient capital in relation to their risks so they are able to fulfil their commitments to policyholders.

It is also important to monitor the insurance area from a consumer protection perspective. A central component of this supervision is to ensure that insurance undertakings and occupational pension undertakings start with the needs of consumers when developing and selling different types of products and services and that they comply with the requirements on information to policyholders. Insurance products should be suitable for the individual consumer in question. Similarly, it is important that insurance intermediaries consider the customers' needs when giving advice.

FI's supervision also aims to promote the contribution of the financial system – which includes insurance undertakings and occupational pension undertakings – to sustainable development.

Undertakings under supervision

Supervision of the insurance area covers everything from small to large firms. The supervision covers:

• insurance undertakings, both life insurance and non-life insurance,
• occupational pension undertakings,
• insurance intermediaries,
• pension foundation.

Supervisory colleges

Many Swedish Insurance undertakings are active in other countries, and many foreign firms are active on the Swedish market. These operations often occur through insurance groups, which consist of several insurance undertakings with joint owners. In order to supervise insurance groups with operations in several EU countries, we work in supervisory colleges. Representatives from the supervisory authorities in the countries where the insurance group in question is active belong to the supervisory colleges. Work in the colleges is governed by cooperation agreements between the countries' authorities.

FI chairs four colleges as the homeland authority and participates in another six colleges.