FFFS 2005:11

Summary

These regulations contain provisions stipulating which requirements apply for those who mediate insurances and which information intermediaries shall provide to the customer. Regulations are also imposed for how an insurance intermediary shall document the mediation and how the intermediary shall handle customer complaints.

The regulations replace several regulations and general guidelines governing insurance intermediaries. The regulations supplement the Insurance Mediation Act (2005:405) and the Insurance Mediation Ordinance (2005:411). The EU Directive on insurance mediation (2002/92/EC) is incorporated into Swedish law through these regulations.

Amendments

Finansinspektionen is amending its regulation to adapt to the amendments to the Securities Market Act, Finansinspektionen's regulations (FFFS 2017:2) regarding investment services and activities and the Delegated Regulation for MiFID II. The regulations also contain changes as a result of the new Anti Money Laundering Act.

The amendments enter into force on 1 August 2017 in respect of Chapter 2, section 7, and the other amendments enter into force on 3 January 2018. Amendment 2017:4

FI requires insurance intermediaries who mediate fund units or provide investment advice on fund units to be knowledgeable about new provisions on key investor information documents on the UCITS market. Corresponding requirements are introduced for management personnel.

For a period of just under one year, there will be key investor information documents that are in part prepared in accordance with FFFS 2008:11 on investment funds and in part in accordance with Commission Regulation (EU) No 583/2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards key investor information and conditions to be met when providing key investor information or the prospectus in a durable medium other than paper or by means of a website.

During this period, insurance intermediaries must be knowledgeable about both regulations.

The amendments enter into force on 1 August 2011. Amendment 2011:44

Insurance intermediaries who only mediate non-life insurance are no longer subject as of 15 May 2009 to the requirement on knowledge about the regulation on measures against money laundering and the financing of terrorism. The amendments are a result of the implementation of the third anti-money laundering directive in Sweden. Amendment 2009:2

As of 1 November 2007, insurance intermediaries must have a licence from FI in order to provide advice on fund units to customers. The current opportunity to mediate fund units remains. FI has also imposed new requirements for intermediaries regarding expertise and professional indemnity insurance. This applies, among other things, to a new conscientiousness requirement and an opportunity for waivers from the proficiency test. These regulations also contain examples of how a company can document its verification of employees.

FFFS 2007:23 is only available in Swedish.