Finansinspektionen (FI) is issuing Maiden Life Försäkrings AB a warning. The company must also pay an administrative fine of SEK 5.5 million.
FI's investigation shows that the company has not followed the requirement of having its head office in Sweden, i.e., the country where it is authorised and where the main responsibility for the supervision lies. The company has also not fulfilled requirements regarding outsourced operations, independence in key functions, conflicts of interest and sound and prudent management.
Several of the matters refer to severe violations that have been ongoing for a long period of time. There is therefore cause for FI to consider withdrawing the company's authorisation. However, Maiden Life has taken measures to rectify the deficiencies and made changes to its Board of Directors and senior management.
Given this, FI finds that Maiden Life shall receive a warning accompanied with an administrative fine of SEK 5.5 million.