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In accordance with the decision of the Parliament:
The foreign insurance company shall have the right to pursue insurance activities in Finland as provided for in this Act. (18.7.2008/525)
In addition, the right of a foreign insurance company to pursue a statutory insurance activity in Finland is valid, as is expressly provided for. (18.7.2008/525)
As far as the foreign insurance company is concerned, this law applies mutatis mutandis to the rest of the foreign insurance undertaking.
The non-resident EEA Insurance Company shall have the right to carry out additional pension activities in Finland as provided for in this Act. Articles 4 to 6 and Articles 7 to 13, Articles 4 to 8, 56 and 57 and Chapter 10 shall not apply to the supplementary pension activities. (19/06/98)
For the purposes of this law:
(1) The foreign EEA insurance company A foreign insurance undertaking which carries out primary or reinsurance policies and whose home country is part of the European Economic Area; (18.7.2008/525)
(2) Third-country insurance company A foreign insurance undertaking which carries out early or reinsurance policies and whose home country is not part of the European Economic Area; (18.7.2008/525)
(3) Foreign life insurance company A foreign insurance company pursuing a life insurance policy;
(4) Non-life insurance company The non-life insurance company foreign insurance undertaking;
(5) Life assurance In the Insurance Classes Act (2006) For the purposes of the life insurance classes; (18.7.2008/525)
(6) Injury insurance The activities of the non-life insurance classes covered by the Insurance Classes Act; (18.7.2008/525)
6a) Reinsurance activities Activities relating to the acceptance of the risks which the foreign EEA insurance company or the third-country insurance company or the reinsurance undertaking have given up; (203.2015/305)
L to 255/2015 Paragraph 6a shall enter into force on 1 January 2016. The previous wording reads:
6a) Reinsurance, The activities referred to in Directive 2005 /68/EC concerning the reinsurance of the European Parliament and the Council and amending Council Directives 73 /239/EEC and 92 /49/EEC and Directives 98 /78/EC and 2002 /83/EC; (18.7.2008/525)
(7) The home country In the case of non-life insurance, a State where the legal domicile of a comprehensive insurance company is situated, in the case of life insurance activities, the State in which the company has its registered office in the insurance company; and In the case of reinsurance, the State in which the reinsurance company's legal domicile is situated; (203.2015/305)
L to 255/2015 The amended paragraph 7 shall enter into force on 1 January 2016. The previous wording reads:
(7) The home country A State under whose legislation a foreign insurance company has been established and has its registered office, central administration or principal place of business; (30.06.2000)
(8) Service undertaking An entity providing services to a foreign insurance company with its principal activity and the entity which, acting as its principal activity, provides services to one or more insurance companies by holding, controlling or managing: Real estate; the service company is also equated with housing and property entities as subsidiaries of an insurance company; (18.7.2008/525)
(9) The Ministry Or The relevant ministry The Ministry of Social Affairs and Health; (30.04.2004)
(10) Reorganisation measures, A measure based on the decision of the Authority or any other contribution aimed at securing or restoring the financial situation of the insurer and affecting the rights of the third person to the insurance company; (30.04.2004)
(11) On the winding-up procedure Any procedure to be carried out by the authority of the creditor or any other form of assistance involving the conversion and distribution of the assets of the insurance company to creditors, shareholders or members, as provided for by law; "Winding-up proceedings" shall also refer to the procedure to be terminated in the case of an act or similar measure; (30.04.2004)
(12) The administrater Any person or body designated by the competent authorities responsible for carrying out reorganisation measures; (30.04.2004)
(13) Liquidator The person or body designated by the competent authorities or by the management bodies of the insurance company, whose task is to provide for a winding-up procedure; (19/06/98)
(14) Insured person Any claim that the foreign insurance company is liable to, on the basis of the direct insurance contract, to the insured person, the beneficiary or the injured party who is entitled to claim compensation under the insurance contract; Directly from the insurance company, including reservations for unknown damages, as well as insurance contributions owed by a foreign insurance company to the effect that such contracts and measures have not been concluded or have been withdrawn in such agreements or In accordance with applicable legislation before The opening of the liquidation procedure; (18.7.2008/525)
(15) Supplementary pension activities The activities referred to in Directive 2003 /41/EC of the European Parliament and of the Council on the activities and supervision of institutions for occupational retirement provision; and (18.7.2008/525)
16) The reinsurance captive company A reinsurance undertaking whose purpose is to re-certify only the risks of the group of undertakings to which it belongs; the reinsurance undertaking owned by an insurance company or an insurance group shall not, however, be considered as a reinsurance undertaking. (18.7.2008/525)
Paragraph 2 has been repealed by L 18.7.2008/525 .
This law shall not apply to:
1) by the law on insurance mediation (12/07/2005) And shall not:
(2) Directive 2009 /138/EC of the European Parliament and of the Council on the taking up and pursuit of the business of insurance and reinsurance (Solvency II), hereinafter referred to as: Solvency II Directive , for the purposes of parallel insurance, to which the foreign EEA insurance company takes part in a foreign office as other than the leading insurer.
L to 255/2015 Article 3 enters into force on 1 January 2016. The previous wording reads:
This law shall not apply to:
1) by the law on insurance mediation (12/07/2005) And shall not:
(2) parallel insurance activities within the meaning of Council Directive 78 /473/EEC on the coordination of laws, regulations and administrative provisions relating to co-insurance activities of the Community, to which the foreign EEA Insurance Company Taking part in a foreign office as other than the leading insurer.
Side movement Means a shop or branch of a foreign insurance company in Finland, headed by a principal agent. The branch shall also include an office operated by the company's own staff, and an independent person with a permanent mandate to act on behalf of the company, as is the case.
The Chief Ombudsman Means any natural or legal person who conducts and manages the business of a foreign insurance company in Finland and is also entitled to represent the company in all legal relationships resulting from the activities.
Free provision of insurance services Means that the foreign EEA insurance company carries out reinsurance activities in Finland or enters a foreign office within the meaning of paragraph 2:
(1) the non-life insurance contract relating to a risk to Finland within the meaning of Article 6;
(2) a life insurance contract with a natural person who is normally resident in Finland; or
(3) a life insurance contract with the legal person of which the contract relates to an office in Finland.
Foreign office of the non-resident EEA Insurance Corporation Means an establishment situated in the State of origin of the company and the company in a State belonging to the European Economic Area other than the company's home country or a branch in Finland.
In Finland at risk Means:
(1) property in Finland if the property is covered by a property or building or a building with its movable property, provided that the movable property is insured with the same insurance as the building;
(2) a vehicle registered in Finland, where a vehicle is covered by a vehicle; or
(3) the risk of travel or holidays if the contract of insurance has been concluded for a period not exceeding four months, and if the policyholder has concluded an agreement in Finland.
In cases other than those referred to in paragraph 1, where the policyholder has his habitual residence, or, where the policyholder has legal personality, the policyholder has an office in Finland to which the insurance relates.
By way of derogation from Article 1 (2), the risk to Finland of a motor vehicle is located in Finland for a period of 30 days from the date of acceptance by the buyer of the vehicle. (18.7.2008/525)
The foreign EEA insurance company may carry out an insurance activity in Finland on the basis of the right of establishment, notified by the home state insurance supervisory authority to the Financial Supervisory Authority. The notification shall contain sufficient information on the business, administration and chief agent of the intended branch. As a result of the right of establishment, the establishment of a branch in Finland is considered to be an insurance activity.
In addition, the authority responsible for the insurance supervision of the company's home country must obtain a certificate that the insurance company complies with the Solvency II capital requirements for insurance companies, taking into account the planned activities.
L to 255/2015 Article 7 shall enter into force on 1 January 2016. The previous wording reads:
The foreign EEA insurance company may carry out an insurance activity in Finland on the basis of the right of establishment, after informing the Financial Supervisory Authority of the Home State Insurance Supervisory Authority. The notification shall contain sufficient information on the business, administration and chief agent of the intended branch. As a result of the right of establishment, the establishment of a branch in Finland is considered to be an insurance activity. (19/12/2015)
In addition, the company responsible for the insurance check of the company's home country must be certified that the insurance company, taking into account the activities planned, meets the requirements of the Directive of the European Parliament and of the Council concerning life assurance 2002 /83/EC and Council Directive 73 /239/EEC on the coordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of direct insurance other than life assurance The minimum solvency requirements set.
§ 8 has been repealed by L 19.12.2008 .
The branch may start a first insurance business in Finland where the foreign EEA insurance company has received the Law on Financial Supervision Paragraph 59 (878/2008) Or, where the financial supervision has not filed a notification within the time limit laid down in that Article, once the time limit for processing it has expired.
Before a foreign EEA insurance company can carry out direct insurance activities in Finland as a free supply of services, the financial supervision shall be subject to a declaration which must be attached to the insurance supervisory authority responsible for the insurer's home state:
(1) a certificate that the insurance company complies with the Solvency II capital requirements for insurance companies, taking into account planned activities;
(2) an explanation as to which classes of insurance the insurance company is entitled to pursue under its licence; and
3) a description of the risks involved.
L to 255/2015 Article 10 enters into force on 1 January 2016. The previous wording reads:
Before a foreign EEA insurance company can carry out direct insurance activities in Finland as a free supply of services, the Insurance Supervisory Office shall receive a declaration which must be annexed to the insurance company's home insurance policy. The Authority:
(1) a certificate that the insurance company, taking into account the activities envisaged, fulfils the minimum solvency requirements for insurance companies in the Directives referred to in Article 7 (2);
(2) an explanation as to which classes of insurance the insurance company is entitled to pursue under its licence; and
3) a description of the risks involved.
The foreign EEA insurance company may commence the free provision of insurance services for direct insurance in Finland after having received information from the national insurance supervisory authority that the Authority has dispatched insurance services Declaration of initiation of the free supply to the Insurance Supervisory Agency.
Where there is a change in the information contained in the declarations referred to in Article 7 or 10 of the declarations referred to in Articles 7 or 10 notified by a foreign EEA insurance company to the Authority, Article 9 or, respectively, Article 11 Procedure. (19/12/2015)
The insurance company shall inform the Insurance Supervisory Agency of any changes to the information contained in the notification of the branch at least one month before the intended change is made.
If an authorisation granted to a foreign EEA insurance company in its home country is withdrawn, the insurance company shall immediately inform the Insurance Supervisory Board. After withdrawal of the authorisation, the foreign EEA insurance company will not be able to provide new insurance in Finland.
Before an EEA foreign insurance company can carry out additional pension activities in Finland, the Insurance Supervisory Authority shall obtain at least the following information from the Authority responsible for the insurance inspection of the EEA insurance company:
(1) the names of companies and self-employed persons in Finland whose supplementary pension scheme is to be managed by the EEA insurance company;
(2) the EEA State whose social and labour law provisions on occupational retirement provision apply to the relationship between the undertaking and members of the undertaking referred to in paragraph 1 or to self-employed persons; and
3) a report on the main features of the future pension scheme for the foreign EEA insurance company.
Within two months of receipt of the information referred to in Article 13a, the Insurance Supervisory Authority shall, where appropriate, inform the EEA Home State Insurance Supervisory Authority:
(1) the social and labour law requirements applicable to supplementary occupational pensions, in accordance with which the supplementary pension activity must be carried out in Finland; and
2) For the insured persons working in Finland, the provisions to be followed, which are laid down in more detail in Articles 13c and 13d.
The EEA insurance company carrying out supplementary pension activities shall, at reasonable intervals, bring to the benefit of the insured persons entitled to supplementary pension benefits and, where appropriate, their representatives for the information in force, indicating the extent of the supplementary pension benefits, The conditions and options for obtaining supplementary pension benefits and, within a reasonable period of time, relevant information on changes to the insurance funds.
The EEA insurance company shall report annually to the insured persons on their financial situation with regard to the supplementary pension activity.
Each pensioner shall receive, in the event of retirement or other benefits, details of the pension and other benefits to which he is entitled. In addition, the beneficiary of each pensioner and, where appropriate, their representatives shall be informed within a reasonable period of time of material changes to the insurance funds.
Insured persons and, where appropriate, their representatives, shall receive, upon request, the supplementary pension activities of the EEA insurance company carrying out supplementary pension activities:
(1) the annual accounts and the annual report and, if the EEA insurance company is responsible for more than one supplementary pension scheme, the annual accounts and the annual report of each supplementary pension scheme; and
2) an inventory of investment policy principles.
Upon request, the insured persons shall receive detailed information from the EEA insurance company operating the supplementary pension scheme:
1) the target level for pension benefits;
(2) the level of benefits at the end of the insurance relationship;
(3) the possible investment options and the investment portfolio as well as the risk position and investment costs if the insured person is responsible for the investment risk; and
(4) rules on the transfer of pension rights to a pension institution in the event of termination of an employment relationship.
The EEA insurance company may initiate additional pension activities in Finland where the foreign EEA insurance company has obtained from the authority responsible for the verification of its home State the conditions referred to in Article 13b, but no later than 2 Within one month of receipt by the Insurance Supervisory Authority of the information referred to in Article 13a from the Authority responsible for the insurance inspection of the EEA insurance company.
The Insurance Supervisory Authority shall inform the national insurance supervisory authority of the foreign EEA Insurance Corporation of the relevant requirements of the rules of employment and social law applicable to the supplementary pension activities and the provisions of the communication If they can affect the pension scheme to be managed by the EEA insurance company in Finland.
Financial supervision monitors the activities of the foreign EEA insurance company in Finland, as provided for in this Act and the Law on Financial Supervision. The reference in this law to the Insurance Supervisory Board refers to the reference to financial supervision.
The Insurance Supervisory Authority shall ensure that the EEA insurance company carrying out supplementary pension activities complies with the social and labour legislation referred to in Article 13b (1) (1) and Article 13b (1) (2) as regards its activities in Finland. The rules of communication. If the Insurance Supervisory Authority finds that the EEA insurance company does not comply with the above mentioned provisions, it shall immediately inform the EEA Insurance Supervisory Authority. The Insurance Supervisory Authority, in cooperation with the Authority responsible for the insurance of the EEA insurance company, shall carry out supervision.
Paragraph 1 has been repealed by L 19.12.2008 .
The financial supervision may, at the request of the national insurance supervisory authority of the foreign EEA insurance company, prohibit the company from giving up or withholding the company's assets in Finland or prohibiting the company from carrying out an insurance policy The repurchase value for policyholders if the insurer does not comply with the liability or solvency requirements of Solvency II under the Solvency II Directive. (203.2015/305)
L to 255/2015 (2) shall enter into force on 1 January 2016. The previous wording reads:
At the request of the national insurance supervisory authority of the foreign EEA Insurance Company, the Insurance Supervisory Authority may prohibit the company from giving up or withholding the company's assets in Finland or prohibiting the company from carrying out the insurance The repurchase value for policyholders if the insurer does not, according to the supervisory authority in its home country, meet the requirements for technical liability or solvency in that State.
Financial supervision may, at the request of the national insurance supervisory authority of the foreign EEA insurance company, limit the right of the EEA insurance company to use the credit institution law (10/2014) , in the framework of the investment fund (1999) Of the management companies and of the UCITS referred to in the law on alternative fund managers (162/2014) Of alternative fund managers, investment services (18/07/2012) And the Insurance Companies Act (18/0/2008) Or prohibit the use of funds by the EEA insurance company in respect of the supplementary pension activities of the EEA insurer, if the EEA insurer is not in accordance with the authority responsible for the insurance supervision of its home country Fulfilled the Solvency II liability and solvency requirements. (203.2015/305)
L to 255/2015 (3) will enter into force on 1 January 2016. The previous wording reads:
Financial supervision may, at the request of the national insurance supervisory authority of the foreign EEA insurance company, limit the right of the EEA insurance company to use the credit institution law (121/2007) , in the framework of the investment fund (1999) Of the management companies and of the UCITS referred to in the law on alternative fund managers (162/2014) Of alternative fund managers, investment services (18/07/2012) And the Insurance Companies Act (18/0/2008) Or prohibit the use of funds by the EEA insurance company in respect of the supplementary pension activities of the EEA insurer, if the EEA insurer has not formed an adequate size according to the national supervisory authority. The technical provisions, or its assets, are insufficient to cover the technical provisions, or the EEA insurance company no longer meets the statutory own funds requirements. (17/04/2013)
The decision taken in accordance with the legislation of the foreign EEA insurance company to initiate the reorganisation and winding-up of the company will enter into force in Finland at the same time as the decision enters into force in the company's home state.
Where the Insurance Supervisory Agency has been notified of a reorganisation measure or winding-up proceedings, the Insurance Supervisory Authority shall issue a decision in the Official Journal if the company has a branch in Finland or if: The Insurance Supervisory Authority has been informed of the company's intention to carry out insurance activities in Finland as a free supply of services. In addition, the Agency shall provide information on the alert at least in one of the local newspapers of the branch. The alert shall include the authority under whose control the reorganisation or winding-up procedure takes place, the law applicable to the measure or procedure and the possible administrator and liquidator. The alert must be made in Finnish and Swedish. The Insurance Supervisory Agency shall have the right to decide on the publication in Finland of a decision on the reorganisation or winding-up of non-EEA insurers other than those referred to in this paragraph.
The alert procedure provided for in this Article shall not apply to a reorganisation measure which affects exclusively the rights of members, members or employees of a foreign EEA insurance company in their capacity as such, unless: Otherwise provided for in the law applicable to the reorganisation measure. The Insurance Supervisory Authority shall decide how to notify such a reorganisation measure in Finland to those affected by the measure.
The appointment of the administrator or liquidator of the foreign EEA insurance company shall be demonstrated by presenting a certified true copy of the original designation decision or by any other certificate issued by the official authority of the company. A legally valid Finnish or Swedish translation may be required for a decision or certificate.
The administrator and the liquidator are entitled to use in Finland all the powers they are entitled to exercise in the home country of the company. The administrator and the liquidator are entitled to use in Finland an assistant named in accordance with the law of the company.
In Finland, the administrator and the liquidator must comply with the Finnish law, in particular with regard to procedures for the conversion of assets and information to workers.
Article 15c has been repealed by L 19.12.2008 .
Where the initiation of a reorganisation measure or winding-up proceedings is entered into in the register under Finnish law, the controller, the administrator, the liquidator, or the other foreign EEA's home state authority, or At the request of a person, an entry in the register of an equivalent foreign EEA insurance company.
The provisions of Articles 15a to 15d shall not apply to an offshore EEA insurance company which only carries out reinsurance activities and business directly related to it.
Article 16 has been repealed by L 19.12.2008 .
The prohibition and restriction of the activities of the branch is governed by Article 61 of the Financial Supervisory Law.
The third-country insurance company may not engage in direct insurance in Finland without the authorisation of the Insurance Supervisory Authority.
For its first insurance activity in Finland, the company must set up a branch which is managed by a principal agent approved by the Insurance Supervisory Authority.
If a third-country insurance company intends to carry out reinsurance activities in Finland from a branch established here, the company shall apply to the Insurance Supervisory Agency for reinsurance activities.
The authorisation shall be given if:
(1) on the basis of the action plan referred to in Article 20 and the other evidence received from the planned insurance activity, it is possible to assess the sound and prudent behaviour of a third-country insurance company in its activities;
(2) satisfies the requirements laid down in Article 24;
(3) the insurance company of a third country may be estimated to satisfy the management system provided for in Article 34a and the requirements for the responsible actuarial and actuarial function as provided for in Article 37;
(4) there is a branch in accordance with Article 28 and the security provided for in Article 29 has been lodged; and
(5) at the start of the activity, the branch may be assessed to meet the solvency requirements laid down in Article 31.
(203.2015/305)L to 255/2015 Paragraph 1 shall enter into force on 1 January 2016. The previous wording reads:
The authorisation shall be given if:
(1) on the basis of the action plan referred to in Article 20 and the other evidence received from the planned insurance activity, it is possible to assess the sound and prudent behaviour of a third-country insurance company in its activities;
(2) satisfies the requirements set out in Article 24;
(3) the insurance company of a third country may be estimated to meet the management system set out in Article 34a and the requirements for a responsible actuarial and actuarial function set out in Article 37; and
4) a branch is set in accordance with Article 28 and the security provided for in Article 29 is lodged.
(13/03/98)The licence of the third-country insurance company performing the first insurance activity shall be given by category of insurance and category of insurance. Authorisation may, at the request of the applicant, be limited to the part of the class of insurance. In accordance with the request of the applicant, the third-country insurance company operating the reinsurance undertaking shall be authorised, in accordance with the applicant's request, to carry out the reinsurance of the non-life insurance policy, the reinsurance undertaking or any reinsurance business. Where the application for authorisation concerns insurance other than the liability of the carrier in respect of a non-life insurance category other than the liability insurance of the carrier, the application shall indicate the (279/1959) Paragraph 14a The names and addresses of the compensation representatives designated for each other EEA State.
The third-country insurance company shall apply for the extension of the financial supervision if it intends to extend its activities to classes of insurance or categories of class which are not mentioned in the existing licence. (13/03/98)
The third-country insurance company shall attach to its licence application the following documents and reports:
1) the articles of association or similar rules, together with a list of members of the Board of Directors and the company's senior management, and a statement that the company complies with the requirements laid down in Chapter 6 of the Insurance Companies Act;
(2) an explanation of the insurance activities carried out by the company in its home country;
(3) a declaration by the company's domestic insurance supervisory authority as to whether the company has been prohibited from providing new insurance in the last three years or whether other serious coercive measures have been imposed on the company during that period;
4. Action plan for activities in Finland;
5. The application for the approval of the principal agent referred to in Article 25 and the annexes;
(5a) a statement that the company complies with the management system provided for in Article 34a and the requirements for the responsible actuarial and actuarial requirements laid down in Article 37;
(6) a statement that the documents on behalf of the company are drawn up in accordance with the laws of the company's domestic law and are entitled to it;
(7) a certificate that the branch is set up in accordance with Article 28 and that the security provided for in Article 29 is lodged; and
(8) a statement that the branch meets the solvency requirements laid down in Article 31 at the start of the operation.
(203.2015/305)L to 255/2015 Paragraph 1 shall enter into force on 1 January 2016. The previous wording reads:
The third-country insurance company shall attach to its licence application the following documents and reports:
(1) the statutes or similar rules, together with a list of members of the Board of Directors and the company's senior management;
(2) an explanation of the insurance activities carried out by the company in its home country;
(3) a declaration by the company's domestic insurance supervisory authority as to whether the company has been prohibited from providing new insurance in the last three years or whether other serious coercive measures have been imposed on the company;
4) an action plan in Finland;
(5) the application referred to in Article 25 concerning the approval of the principal agent and the annexes;
(5a) a statement that the company complies with the management system set out in Article 34a and the requirements for a responsible actuarial and actuarial function set out in Article 37; (13/03/98)
6) a statement that the documents on behalf of the company have been drawn up in accordance with the laws of the company's domestic law and are entitled to it; and (13/03/98)
(7) a certificate stating that there are assets corresponding to the basic capital in accordance with Article 28 and that the security provided for in Article 29 is lodged. (13/03/98)
The company shall provide the additional explanatory notes requested by the Financial Supervisory Board. (13/03/98)
When applying for an extension of the authorisation, the application shall be accompanied by explanatory notes. (13/03/98)
The action plan is set out in more detail by a decree from the Ministry of Social Affairs and Health.
Article 20a has been repealed by L 18.7.2008/525 .
Financial supervision shall, within six months of the receipt of the application and the submission of the necessary documents and reports, decide whether or not to grant or refuse authorisation.
In the absence of a decision within the period laid down in paragraph 1, the applicant may lodge a complaint. The appeal shall be deemed to have been submitted to the decision rejecting the application. Such a complaint may be lodged until a decision has been taken. Financial supervision shall inform the Appeals Authority of the decision. Other aspects of the complaint are governed by Article 73 of the Financial Supervisory Law.
The ombudsman shall immediately inform the Insurance Supervisory Agency of the start of activities and the address of the branch.
In Finland, the insurance company of a third country shall not engage in activities other than insurance activities and insurance activities as defined in Article 22b ( Ancillary activities ).
In addition to its principal activity, the insurance company of a third country may, as a representative of a non-insurance undertaking in Finland, market and sell, on behalf of the undertaking, its services and products to its customers, if that The company is:
(1) a credit institution in the European Economic Area, an investment firm, a management company, a ucits or an alternative fund manager; (17/04/2013)
(2) a financial institution in the European Economic Area other than that referred to in paragraph 1;
(3) the undertaking which carries out the provision of services or products in the field of risk management, damage control, damage control or comparable activities; or
4) an undertaking whose services or products supplement the insurance products sold by the company either on its own account or as a representative of another insurance undertaking.
In addition to the provisions of paragraph 1, the third-country insurance company may agree that an undertaking other than the one referred to in paragraph 1 may use the organisation and distribution channels of a third-country insurance company in the form of its own products or services. Marketing, if:
(1) the undertaking belongs to the same group or to the same economic association with the third-country insurance company; or
(2) the undertaking is part of a financial conglomerate with the third-country insurance company with which the undertaking is present in a single market and with which it has a fixed economic cooperation relationship.
The ancillary activities referred to in paragraphs 1 and 2 shall be appropriate to the nature of the insurance activities of the third-country insurance company in Finland and shall not be relevant to insurance activities. Accompanying activities shall not compromise the solvency of the branch or the insured interests.
An action plan shall be drawn up by the insurance company of the third country pursuant to Article 22b (1) and (2). The plan shall be submitted to the Insurance Supervisory Agency for approval prior to the start of the operation. The Insurance Supervisory Authority may give more detailed provisions on the content of the action plan.
The Insurance Supervisory Authority may prohibit or restrict the exercise of ancillary activity in accordance with Article 22b (1) and (2) of the third country insurance company if it is apparent from the action plan that the activity does not comply with Article 22b (3). Or where, on the basis of the scale of the action envisaged by the third-country insurance company, the quality of the product or service concerned, the expertise required by the staff or the information to be compared is not sufficient The conditions for carrying out the operation in an appropriate manner, or Of serious deficiencies or irregularities.
The business of the third-country insurance company in Finland leads and manages the principal agent, who also represents the company in all legal relationships resulting from the activities. The Chief Ombudsman shall have the right to employ the other representatives required, under his leadership and responsibility, for the performance of his insurance activities.
The head agent shall have its registered office in Finland. The Secretary-General cannot be a minor or the person who has been assigned a trustee whose viability is limited or bankrupt. The effect of the ban on business is laid down in the law on the business ban (1059/1985) . The Ombudsman shall be of good repute and shall have a general knowledge of insurance activities, as is necessary for the quality and extent of the activities of the third-country insurance company in Finland.
The Secretary-General may also act as a Finnish entity to be represented by a natural person meeting the requirements laid down in paragraph 1.
The Insurance Supervisory Board shall, upon application by a third country insurance company, approve the principal agent authorised by the Insurance Board. The application shall be accompanied by a mandate given to the Ombudsman and a statement that the principal agent fulfils the requirements laid down in Article 24.
The Insurance Supervisory Authority shall, where appropriate, provide more detailed provisions on the mandate to be given to the Ombudsman and the report referred to in paragraph 1.
The third-country insurance company shall have the right to delegate to the Chief Ombudsman, who shall perform the functions of the Ombudsman in his absence. Similarly, what is laid down in this law by the Ombudsman must be applied mutatis mutandis to the Deputy Ombudsman.
If the third-country insurance company does not have a head agent meeting the requirements laid down in Article 24 in Finland or alternatively, the Insurance Supervisory Board shall instruct the Chief Advocate General to carry out the duties of the principal agent until the company has authorised the The new chief ombudsman, approved by the Agency, or an obstacle to the Chief Ombudsman. The company shall carry out a fee for the ad hoc agent to be determined by the Agency.
The third-country insurance company shall have at least the assets of the company in Finland for the first insurance activity in Finland:
(1) life insurance and insurance activities falling within categories 10 to 16; and eur 3 000 000; and
(2) for non-life insurance activities other than those referred to in paragraph 1, eur 2 000 000.
The third country insurance company, which only carries out reinsurance activities in Finland, must have at least eur 3 000 000 in Finland. However, the third country reinsurance undertaking must have at least eur 1 000 000 in resources in Finland.
In this law By the establishment of a branch Means the minimum amount of funds referred to in paragraphs 1 and 2.
L to 255/2015 Article 28 will enter into force on 1 January 2016. The previous wording reads:
In Finland, the insurance company of a third country shall at all times be provided with a financial contribution from the company in Finland for at least:
(1) life insurance and insurance activities falling within categories 10 to 16; and eur 3 000 000; and
2) other insurance activities of eur 2 000 000.
In Finland, the third country insurance company, which only carries out reinsurance business and direct business activity, must always have at least eur 3 000 000 in Finland.
The minimum amount of funds referred to in paragraphs 1 and 2 shall be referred to in this Act As core capital of the branch .
After the company's activities in Finland for three years, the Insurance Supervisory Board may, on application, take account of the scale and the quality of the activity, having regard to the smaller base capital provided for in paragraphs 1 and 2, which shall, however, be at least half of the provisions laid down therein. Quantity. The Agency may withdraw or amend its approval.
The amounts provided for in paragraphs 1 and 2 may be amended by a decree of the Ministry of Social Affairs and Health to reflect developments in the general price level accordingly.
At least half of the capital of a branch of a third-country insurance undertaking performing an initial insurance activity shall be deposited with a Finnish deposit bank or a branch of a foreign credit institution established in Finland as collateral Under the terms of financial supervision. (203.2015/305)
L to 255/2015 Paragraph 1 shall enter into force on 1 January 2016. The previous wording reads:
At least half of the basic capital of the third-country insurance company's insurance company shall be set up in a Finnish Deposit Bank or a foreign credit institution established in Finland. Branches as collateral under the conditions laid down by the Agency.
During the operation, the value of the deposit shall always be at least one quarter of the minimum capital requirement referred to in Article 4 (3) of Chapter 11 of the Insurance Companies Act. (203.2015/305)
L to 255/2015 (2) shall enter into force on 1 January 2016. The previous wording reads:
During the operation, the value of the security shall always be at least equal to the minimum operating capital referred to in Article 30 (2) or (3).
Paragraph 3 has been repealed by L 20.3.2005 , which enters into force on 1 January 2016. The previous wording reads:
The security shall be securities or commitments which comply with the provisions of more specific provisions of the Insurance Supervisory Authority. The third-country insurance company may, in the manner prescribed by the Agency, exchange or recoup them. The company shall ensure that the value of the collateral is not subject to the minimum amount provided for in paragraphs 1 and 2.
Financial assets may be used only for the purpose of paying off debts arising from insurance contracts for direct insurance activities carried out by the company in Finland.
For insurance activities in Finland, the third-country insurance company shall calculate the liability in the accounts and the solvency calculation in accordance with paragraphs 2 and 3.
In the accounting and financial statements of the branch, liability is made up of the liability and liability in accordance with Chapter 9 (2) and (3) of the Insurance Companies Act.
In the solvency calculation of the branch, the liability shall be calculated in accordance with Chapter 10 of the Insurance Companies Act.
L to 255/2015 Article 30 enters into force on 1 January 2016. The previous wording reads:
By operating capital of the branch Means the amount by which the assets of the branch are to be considered to exceed the liabilities of the branch and other comparable commitments. The capital of the branch shall otherwise apply mutatis mutandis, as provided for in the Insurance Companies Act for the capital of the insurance company.
The minimum amount of operating capital determined by the third-country non-life insurance company in Finland is calculated as provided for in Article 7 of Chapter 11 of the Insurance Companies Act and the guarantee amount in Article 19 of Chapter 11 of the Insurance Companies Act. In the manner prescribed. However, the minimum guarantee amount is half of the requirements laid down in Section 19 (2) of Chapter 11 of the Insurance Companies Act.
The minimum amount of operating capital determined by the life insurance company of a third country insurance company in Finland is calculated as provided for in Article 12 of Chapter 11 of the Insurance Companies Act and the guarantee amount in Article 20 of Chapter 11 of the Insurance Companies Act. In the manner prescribed. However, the minimum guarantee amount is half of the requirement laid down in Article 20 (2) of Chapter 11 of the Insurance Companies Act.
The minimum amount of operating capital determined by the reinsurance undertaking by a third-country reinsurance undertaking in Finland is calculated in accordance with Article 18 of Chapter 11 of the Insurance Companies Act and the guarantee amount in Article 21 of Chapter 11 of the Insurance Companies Act. In the manner prescribed.
Article 30a has been repealed by L 20.3.2005 , which enters into force on 1 January 2016. The previous wording reads:
The third-country insurance company shall provide the Insurance Supervisory Authority with the calculation of the operational capital requirements in the course of that period. The Insurance Supervisory Authority will provide more detailed provisions for drawing up this calculation.
The assets and liabilities of the branch shall be calculated on the basis of the assets and liabilities of the branch in accordance with Article 1 of Chapter 12 of the Insurance Companies Act. For the purpose of establishing own funds, assets and liabilities of the branch shall be valued in accordance with Chapter 10 of the Insurance Companies Act. The own funds of the branch are otherwise subject to the provisions of Chapter 12 of the Insurance Companies Act concerning the insurance company's own funds.
In accordance with Chapter 11 of the Insurance Companies Act, the Solvency Capital Requirement and the Minimum Capital Requirement are calculated on the basis of the insurance activities of the third country insurance company in Finland.
The own funds of the branch of the third country insurance company shall comply with the requirements for solvency in terms of quality and quantity under paragraph 2.
The Solvency Capital Requirement (Solvency Capital Requirement) own funds shall be located up to the amount of the Minimum Capital Requirement in Finland and beyond, in the case of a country within the European Economic Area.
In accordance with Article 11 (2) of Chapter 12 of the Insurance Companies Act, which is eligible for the Minimum Capital Requirement, at least half of what is provided for in Article 4 (3) and (4) of Chapter 11 of the Insurance Companies Act. A security in accordance with Article 29 of this Act shall be accepted in respect of the basic assets.
L to 255/2015 Article 31 shall enter into force on 1 January 2016. The previous wording reads:
The operating capital of the Finnish branch of the third country insurance company, reinsurance and other aspects of the solvency of the branch shall be arranged in a secure manner, taking into account the likely variability of returns and costs. And other uncertainties to be assessed.
The insurance company of the third country applies what Chapter 9 of the Insurance Companies Act provides for a countervailing rate and in Chapter 12 on the preventive supervision of the solvency position of the insurer.
A third-country insurance company which has applied for a licence or received it in addition to Finland in another country belonging to the European Economic Area may apply for the prior consent of the Financial Supervisory Committee to:
(1) the Solvency Capital Requirement referred to in Article 31 shall be calculated on the basis of the business conducted by branches of the insurance company as a whole;
(2) the security referred to in Article 29 shall be deposited only in one State belonging to the European Economic Area, where the insurance company carries out insurance activities; and
(3) own basic assets that meet the Minimum Capital Requirement may be located in any of the countries participating in the European Economic Area where the insurance company operates.
The third-country insurance company shall apply to the supervisory authorities concerned, in addition to the financial supervision, to the supervisory authorities of the countries of the European Economic Area where the insurance company has applied for or received authorisation. The application shall state the authority which will monitor the financial soundness of the branches of the branches of the Member States of the European Economic Area and justify the choice of the Authority. The security referred to in Article 29 shall be deposited in the Member State of the supervisory authority selected.
L to 255/2015 Article 32 shall enter into force on 1 January 2016. The previous wording reads:
Where a third-country insurance company is authorised to carry out insurance activities in another Member State of the European Economic Area, the Insurance Supervisory Board may, on application by the company, grant the company authorisation to derogate from the requirements laid down in Articles 28 to 31, Where the supervision of the solvency of the company as a whole in the European Economic Area is carried out by an authority supervising the insurance activities of another State belonging to the European Economic Area.
Financial supervision may give its consent to the procedure referred to in Article 32 (1) only if the procedure is accepted by all the supervisory authorities concerned to which an application is to be made. If, on the basis of an application, the financial supervision of the branches of the third-country insurance company is supervised by the financial supervision, the financial supervision shall inform the other supervisory authorities concerned.
Financial supervision may withdraw its consent. Financial supervision shall then request the relevant supervisory authorities of other EEA States to do the same. Financial supervision shall withdraw its consent if requested by the relevant supervisory authority of the other EEA State.
L to 255/2015 Article 32a shall enter into force on 1 January 2016.
§ 33 has been repealed by L 20.3.2005 , which enters into force on 1 January 2016. The previous wording reads:
The third-country insurance company shall calculate the liability liability in respect of its insurance activities in Finland. It consists of indemnities and liability, as provided for in Chapter 9, Section 2 and Article 3 of the Insurance Companies Act.
§ 34 has been repealed by L 20.3.2005 , which enters into force on 1 January 2016. The previous wording reads:
The liability debt shall be covered in accordance with Articles 1 to 25 of Chapter 10 of the Insurance Companies Act. However, the assets covered by the insurer's insurance cover must be located in Finland.
Article 29 of this Act shall not be used to cover the liability.
The assets covered by the insurer's insurance cover shall be maintained in the manner prescribed by the Insurance Supervisory Authority.
The third-country insurance company shall have an adequate management system in relation to the quality and scope of its business. The management system shall be governed by Articles 8 to 20 of Chapter 6 of the Insurance Companies Act concerning the management system.
The Insurance Companies Act provides for a calculation basis, including the branch of the third-country insurance company.
L to 255/2015 Article 35 shall enter into force on 1 January 2016. The previous wording reads:
The insurance company of the third country shall be subject to the provisions of the Insurance Companies Act.
Article 20-20 c of Chapter 6 of the Insurance Companies Act provides for the establishment of assets, including the activities of a branch of a foreign insurance company in Finland.
L to 255/2015 Article 36 shall enter into force on 1 January 2016. The previous wording reads:
Where the insurance company law provides for an investment-related insurance, the activities referred to in the Finnish life insurance category 3 shall apply mutatis mutandis.
The third-country insurance company must have a responsible actuarial actuarial as well as an actuarial function appropriate to the quality and scope of its business. Articles 18 to 20 of Chapter 6 and Articles 5 to 7, 7a, 7b and 8 of Chapter 31 of the Insurance Companies Act shall apply to the responsible actuarial and actuarial activity.
The supervision and control of insurance activities carried out by third-country insurance companies in Finland belongs to the Insurance Supervisory Board.
The branch of the third-country insurance company shall provide financial supervision with the necessary information on the financial position of the branch and other elements referred to in Article 3 (1) of Chapter 25 of the Insurance Companies Act. The information to be provided shall indicate the nature and extent of the business of the insurance company and the associated risks. The data must be comparable and consistent at different times. The information shall be presented in a coherent and easily understandable form. The third-country insurance company shall have adequate systems and the written policies and procedures adopted by the Board of Directors to be used and followed to ensure that the information to be provided is continuously: Appropriate.
In addition, the branch of the life insurance company shall submit to the Financial Supervisory Authority a report on the calculation of the liability liability under Article 30 (2) and the investigation of insurance activities. This report and study shall be drawn up in accordance with the provisions of the financial supervision.
Every year, the third-country insurance company shall submit to the Financial Supervisory Board a report on the activities of the branch. The report shall be accompanied by a certificate stating that the assets of the branch and the deposited collateral are equivalent to the requirements laid down in Articles 28 and 29. The third-country insurance company shall establish that the branch complies with the provisions of Article 30 (3), the solvency of Article 31 and the investment requirements of Article 36. The report shall be drawn up in a manner determined by the Financial Supervisory Board and transmitted to the Financial Supervisory Board in the period prescribed by it.
L to 255/2015 Article 39 shall enter into force on 1 January 2016. The previous wording reads:
Before the start of the audit, the branch of the third-country insurance company shall forward to the Insurance Supervisory Agency the information provided by it on the financial position of the branch within the time specified by the Agency. In addition, in the case of a life insurance company, the branch shall, before the start of the audit, submit to the Insurance Supervisory Agency a report on the calculation of the liability and the period prescribed by the Agency for an insurance policy. This report and study shall be drawn up in accordance with the provisions of the Agency.
The third-country insurance company shall submit an annual report to the Insurance Supervisory Agency on the activities of the branch in accordance with its provisions. The report shall be accompanied by a certificate stating that the assets corresponding to the basic capital, the security lodged and the liability of the liability are equivalent to those laid down in Articles 28, 29 and 34. The Ombudsman shall forward the documents referred to here to the Agency in the period prescribed by it.
The third country insurance company shall have at least one auditor. At least one auditor shall be a KHT auditor or an audit firm which has to be the head auditor of the KHT auditor. If only one auditor has been selected and this is not an audit firm, at least one deputy auditor shall be selected.
Financial supervision shall specify the financial controller if:
(1) the statutory auditor or deputy auditor has not been elected in accordance with this law or the (17/01/2015) In accordance with
(2) the auditor does not have the eligibility referred to in Section 1 of Chapter 2 of the Audit Act; or
(3) the auditor is not independent, within the meaning of Articles 6 and 7 of Chapter 4 of the Audit Act.
Financial supervision shall request a statement from the Board of Auditors of the Patents and Registration Board if it intends to impose an auditor on the basis of paragraph 2 (3).
The auditor's obligation to notify financial supervision of matters and decisions concerning the insurance company is in force, as provided for in Section 7 of Chapter 7 of the Insurance Companies Act.
The audit of the branch shall otherwise apply, mutatis mutandis, as laid down in the audit law.
Financial supervision may provide guidance on the conduct of the audit of the branch.
L to 1183/2015 Amended Article 39a enters into force on 1 January 2016. The previous wording reads:
The third country insurance company shall have at least one auditor. At least one auditor shall be (459/2007) The KHT auditor or the kHT referred to in paragraph 2. If only one auditor has been selected and this is not a KHT entity within the meaning of Article 2 (2) of the Audit Act, at least one alternate inspector shall be selected.
An auditor shall be assigned by the Insurance Supervisory Authority if:
(1) the statutory auditor or deputy auditor has not been elected in accordance with this law or the law of the Court of Auditors;
(2) the auditor does not have the qualifications referred to in Article 3 of the Accounting Act; or
(3) the auditor is not independent within the meaning of Articles 24 and 25 of the Court of Auditors.
The Insurance Supervisory Authority shall request an opinion from the Audit Board of the Central Chamber of Commerce if it intends to determine the auditor on the basis of paragraph 2 (3).
The statutory auditor's obligation to inform the Insurance Supervisory Agency of facts and decisions concerning the insurance company is in force, as provided for in Section 7 of Chapter 7 of the Insurance Companies Act.
The audit of the branch shall otherwise apply, mutatis mutandis, as laid down in the audit law.
The Insurance Supervisory Authority may issue instructions for carrying out the audit of the branch.
Save as otherwise provided in the accounting and financial statements of this Act, the accounts, financial statements and the activity report of the third-country insurance company shall be subject to the accounting law (136/1997) .
Article 1 of Chapter 3, Article 2 (2) and Articles 9 and 11, Chapter 4, paragraphs 1, 3, 4 and 7 of Chapter 4, Section 2, paragraphs 2, 2 (a), 13, 16 and 17 of Chapter 4, Chapter 6, Chapter 7a, Articles 2 to 5 and Article 6 of Chapter 8 of the Accounting Act shall not apply to the preparation of the annual accounts of the branch.
In addition to the provisions of this Act, the annual accounts and the activity report shall be governed by Articles 4 (5) to (7), 7 and 8, 9 (1) (1) to (3), (2) and (3), (2) and (3), (2) and (3), (10), (11), (13), (13) and (19) and (28) to (30) of the Insurance Companies Act. For the purposes of the above-mentioned loans, the shares and the share capital shall also apply to the guarantee units and the guarantee capital, as well as other shares and other forms of incorporation capital. (203.2015/305)
L to 255/2015 (3) will enter into force on 1 January 2016. The previous wording reads:
In addition to the provisions of this Act, the annual accounts and the activity report shall be governed by Articles 4 (5) to (7), 7 and 8, 9 (1) (1) to (3) and (2) and (3), 10 and 11, 13 to 19 and 28-30 of Chapter 8 of the Insurance Companies Act. For the purposes of the above-mentioned loans, the shares and the share capital shall apply mutatis mutandis to the guarantee units and to the guarantee capital, as well as other equity and other equity capital.
The branch may draw up its accounts in accordance with the international accounting standards referred to in Article 1 of Chapter 7a of the Accounting Act, provided that the insurance company to which the branch belongs draws up its financial statements in accordance with those standards.
The accounts referred to in paragraph 3 shall be subject to the provisions of Chapter 1 of Chapter 1 of the Accounting Act, as laid down in Article 2 of the accounting law, in Article 2 of the accounts, in Article 3, for good accounting purposes, in Chapter 2 of the recording of commercial transactions And accounting records, Section 5 of Chapter 3, of the language and currency, Article 7 on the date and signature of the accounts, Article 8 of the balance sheet, Article 10 of the balance sheet, Article 12 of the financial statements and Article 13 Balance sheet breakdown and explanatory notes.
The accounts shall be issued to auditors within four months of the end of the financial year.
The branch shall submit the annual accounts, the activity report and the audit report to the Patents and Registration Board for registration within six months of the end of the financial year.
In addition to the information provided in Article 9 (1) (1) to (4) and (2) and (3) of Chapter 8 of the Insurance Companies Act, the activity report of the branch shall:
(1) the name and address of the undertaking to which the branch belongs;
(2) a description of the assets and liabilities and liabilities of the assets and liabilities received by the branch during the financial year of the branch;
(3) a fiche, if the undertaking to which the branch belongs, has become a parent undertaking or has been an addressee in an essential merger if, on the basis of the transfer of the insurance policy, the undertaking has received or disposed of Significant assets and liabilities, or where the undertaking is divided;
(4) information about other foreign branches of the company to which the branch belongs, or if the undertaking to which the branch belongs has more than 10 branches, information about which a copy of the company's annual accounts; or The consolidated financial statements, which provide information on branches, are available;
(5) the information held by the branch of the company to which the branch belongs, as well as the total of the shares of the parent undertaking of the company mentioned above, the aggregate nominal values and the relative shares in the share capital and the shares in all shares; The total volume of votes; and
6) a description of the ancillary activities referred to in Article 22b of this Act by the branch.
If the branch has given up the company to which the branch belongs, or the shares of its parent undertaking, it shall be mentioned in the activity report and indicate in accordance with Article 13 (3) of Chapter 8 of the Insurance Companies Act, Article 9 (3) of that Chapter. In accordance with
Specific provisions resulting from the specific nature of insurance activities in the balance sheet and profit and loss account, the financial statement, the balance sheet, the statement of the balance sheet, the statement of the profit and loss account and the information to be provided in the activity report, and on balance sheet breakdowns, and The details of the notes are provided by a decree of the Ministry of Social Affairs and Health.
The Regulation of the Ministry of Social Affairs and Health may provide for when and how to derogate from the provisions on the drawing up of the annual accounts and the activity report with a view to giving a true and fair view.
The Insurance Supervisory Authority shall lay down more detailed provisions resulting from the specific nature of the insurance activities in the preparation of the annual accounts and the activity report. (18.7.2008/525)
Paragraph 4 has been repealed by L 18.7.2008/525 .
Upon application by the branch, the Insurance Supervisory Authority may, for a specific reason, grant an exemption from the provisions of this Act and of the Accounting Act where a derogation is necessary to obtain a true and fair view of the result of the activities of the branch; and The financial position. (18.7.2008/525)
Where an order, instruction or authorisation referred to in this Article is relevant to the general application of the accounting law or regulation or of the accounting rules of the Companies Act, the consolidated financial statements and the operational report, the social and The Ministry of Health or the Insurance Supervisory Authority shall, before issuing an order, instruction, opinion or authorisation, request the opinion of the Accounting Board.
For a specific reason, the Insurance Supervisory Authority may, in individual cases, grant derogations from Article 40a (2), the layout of the profit and loss account and the balance sheet, the details of the notes and the details of the activity report, and Article 6 of Chapter 3 of the Accounting Act. The granting of an exemption is conditional on non-compliance with the European Communities' provisions on the financial statements.
The Ombudsman shall forthwith communicate to the Insurance Supervisory Board:
1) information on the change in the name of the company and changes in the statutes or rules;
(2) a copy of the company's annual accounts for each financial year;
(3) information on the coercive nature of the company by the company responsible for the company's domestic insurance inspection; and
(4) the address of the branch and the change of name, nationality and place of residence of the principal agent.
(18.7.2008/525)The ombudsman shall provide to the Ministry of Social Affairs and Health and to the Insurance Supervisory Office, within a reasonable time, the information provided by the company and its activities in Finland, other than those referred to in paragraph 1, which are necessary in accordance with this law In order to carry out the tasks. (16.5.2002/359)
The Insurance Supervisory Authority may require the Ombudsman to submit to the Agency the documents and particulars referred to in Articles 22, 39, 40, 40 a and 41. The Agency may impose a periodic penalty payment to improve compliance with the obligation.
Paragraph 2 has been repealed by L 19.12.2008 .
Articles 43 to 44 have been repealed by L 19.12.2008 .
Articles 26 and 27 of the Financial Supervision Act are set out in Articles 26 and 27 of the Financial Supervision Act.
If the Finnish branch of a third country insurance company does not comply with the Minimum Capital Requirement under Article 31, the company shall draw up a short-term financing plan in accordance with Articles 6 and 7 of Chapter 25 of the Insurance Companies Act. The provisions of Article 8 of that Chapter shall also apply to the preparation of the annual accounts and the activity report.
If the Finnish branch of a third-country insurance company does not comply with the Solvency Capital Requirement in accordance with Article 31, the company shall draw up a financial restructuring plan in accordance with Articles 5 and 7 of Chapter 25 of the Insurance Companies Act.
If the financial supervision otherwise considers that the benefits of the Finnish branch of a third-country insurance company are at risk, the financial supervision may require a branch to submit its financial position as a branch. A restructuring plan.
Financial supervision may strengthen the capital requirement for the third-country insurance company in accordance with Chapter 25, Section 4 of the Insurance Companies Act.
Financial supervision shall provide further information on the information to be provided in the plans referred to in this Article.
L to 255/2015 Article 46 shall enter into force on 1 January 2016. The previous wording reads:
If the operating capital of the Finnish branch of a third-country insurance company is less than the minimum operating capital provided for in Article 30 (2) or (3), the company shall, without delay, submit to the Insurance Supervisory Authority for approval the financial The rehabilitation plan for the station.
If the operating capital of the Finnish branch of a third country insurance company is less than the amount of the guarantee in accordance with Article 30 (2) or (3), the company shall, without delay, submit to the Insurance Supervisory Authority for approval a short-term financing plan for the branch.
If the Insurance Supervisory Authority otherwise considers that there is a risk of policyholders or insured interests of a third-country insurance company in danger, the Agency may require a branch to submit to the Agency for approval the financial The rehabilitation plan for the station.
As part of the recovery plan referred to in paragraphs 1 and 3, the Insurance Supervisory Authority may raise the minimum operating capital of the Finnish branch of the third-country insurance company in order to ensure that the branch Will be able to meet the operating capital requirements in the future.
The Insurance Supervisory Authority may require that the value of the items in the operational capital referred to in Section 2 of Chapter 11 of the Insurance Companies Act be reduced when the calculation is made in accordance with Article 30a of this Act, in particular where the market value of those items is: Significant changes between the date of the review and the date of preparation.
The Finnish Insurance Supervisory Authority may either partially or fully prohibit the Finnish branch of the third-country insurance company from reading the items referred to in Section 2 (6) and (8) of Chapter 11 of the Insurance Companies Act as part of the branch operating capital.
The Insurance Supervisory Authority shall lay down further provisions on the information to be provided in the plans referred to in this Article.
In order to safeguard the interests of the insured persons, financial supervision may prohibit a third-country insurance company from giving up or deposit in Finland its assets if:
(1) the Finnish branch of the third-country insurance company does not meet the requirements of Article 30 in terms of accounting and solvency calculation;
(2) the Finnish branch of the third-country insurance company does not fulfil the Minimum Capital Requirement in accordance with Article 31;
(3) The Finnish branch of the third-country insurance company does not fulfil, in accordance with Article 31, the Solvency Capital Requirement and the Financial Supervisory Board has reason to assume that the branch of the branch continues to deteriorate, or the financial supervision Falling into such a state; and
(4) the insurance company has failed to comply with the request for financial supervision under this Act to supplement the capital of the branch or the collateral it has set up.
Financial supervision may, under the conditions laid down in paragraph 1, also prohibit the insurance company from carrying out the repurchase value of the insurance to policyholders. The provisions of this Act concerning the prohibition of the disposal and deposit of property shall also apply to the prohibition decision.
The prohibition of the disposal and deposit of the assets of the third country insurance company shall not exceed three months. For specific reasons, financial supervision may decide to extend the prohibition by a maximum of three months.
The financial supervision decision referred to in paragraph 1 shall indicate the date of the decision to which the prohibition shall apply, the duration of the prohibition, the duration of the prohibition, the agent appointed pursuant to paragraph 5 for the purpose of monitoring compliance with the prohibition. And the impact of the appeal on the enforceability of the decision.
Financial supervision shall be issued by an agent referred to in Article 29 of the Law on Financial Supervision by the third-country insurance company. It is the duty of the client to ensure that the company complies with the prohibition of the transfer and deposit of assets. In addition to the powers provided for in Article 13 of Chapter 25 of the Insurance Companies Act, the client has the right to decide on the granting of consent.
In addition, the prohibition on the transfer and deposit of the assets of the third-country insurance company is subject to the provisions of Chapter 24 of the Insurance Companies Act and Articles 12 to 21 of Chapter 25 of the Insurance Companies Act concerning the prohibition of the sale and deposit of assets to the Finnish insurance company.
L to 255/2015 Article 47 shall enter into force on 1 January 2016. The previous wording reads:
In order to safeguard the interests of the insured persons, the Insurance Supervisory Authority may prohibit the third-country insurance company from giving up or deposit its assets in Finland if:
(1) the Finnish branch of the insurance company does not comply with the requirements for liability under Article 34;
(2) the capital of the Finnish branch of the third-country insurance company is less than the amount of the guarantee in accordance with Article 30 (2) or (3);
(3) The operating capital of the Finnish branch of the third-country insurance company is less than the minimum operating capital in accordance with Article 30 (2) or (3), and the Agency has reason to assume that the branch of the branch continues to deteriorate or the Agency Whereas the branch is falling into such a state; and
(4) the insurer has not complied with the Agency's request under this Act to supplement the assets of the branch or the security of the branch.
The insurance supervisory authority may, under the conditions set out in paragraph 1, also prohibit the insurance company from carrying out the repurchase value of the insurance to policyholders. The prohibition shall apply to the prohibition of the supply and deposit of assets.
The prohibition of the disposal and deposit of the assets of the third country insurance company shall not exceed three months. The Insurance Supervisory Authority may, for a specific reason, extend the ban for a maximum of three months.
The decision of the insurance supervisory authority referred to in paragraph 1 shall indicate the date of the decision to which the prohibition shall be imposed, the duration of the prohibition, the duration of the prohibition, for the purpose of monitoring compliance with the prohibition set out in paragraph 5. The ombudsman and the impact of the appeal on the enforceability of the decision.
Financial supervision shall be issued by an agent referred to in Article 29 of the Law on Financial Supervision by the third-country insurance company. It is the duty of the client to ensure that the company complies with the prohibition of the transfer and deposit of assets. In addition to the powers provided for in Article 13 of Chapter 25 of the Insurance Companies Act, the client has the right to decide on the granting of consent. (19/12/2015)
Furthermore, the prohibition on the transfer and deposit of the assets of the third-country insurance company is subject to the provisions of Articles 12 to 21 and 24 of Chapter 25 of the Insurance Companies Act concerning the prohibition of the sale and deposit of assets to the Finnish insurance company.
In this law A Swiss non-life insurance company Refers to an insurance undertaking domiciled in the Swiss Confederation (hereinafter 'Switzerland'), which is active in the field of direct insurance other than life assurance, signed on 10 October 1989. The activities of the non-life insurance classes listed in Annex 1 to the Agreement.
The activities of the Swiss non-life insurance company in Finland shall be subject to the provisions of this Act concerning insurance undertakings in the third country, with the exceptions mentioned in paragraphs 2 and 3.
The capital and solvency requirements of the Swiss non-life insurance company shall be governed by Swiss law.
Article 20 (1) (2), (3) and (6) to (8), Articles 28, 29, 31, 32, 32a, 45 and 46, Article 47 (2) to (5) and Article 51 of this Act shall not apply to the Swiss non-life insurance company.
L to 255/2015 Article 47b shall enter into force on 1 January 2016. The previous wording reads:
The activities of the Swiss non-life insurance company in Finland shall be subject to the provisions of this Act concerning insurance undertakings in the third country, with the exceptions mentioned in paragraphs 2 and 3.
As regards the basic capital, the operating capital and the guarantee amount of the Swiss non-life insurance company, Swiss law is respected.
Article 20 (1) (2), (3), (6) and (7), Articles 28 to 32, 45 (5), 46, 47 (2) to (5), and Article 51 of this Act shall not apply to the Swiss non-life insurance company.
In addition to the provisions of Article 47b, Articles 47 d-47 h shall apply to the Swiss non-life insurance company. However, these provisions shall not apply to insurance, activities, entities or reinsurance referred to in Annex 2 to the Agreement referred to in Article 47a.
In addition to the provisions of Article 20, the application for authorisation of a Swiss non-life insurance company shall be accompanied by a certificate from the Swiss Insurance Supervisory Authority, stating:
(1) that the Community form of the applicant is either one of the entities listed in Annex 3 to the Agreement mentioned in Article 47a;
(2) that the applicant is not engaged in activities other than insurance and ancillary activities;
(3) the categories of insurance which the applicant has the right to certify on the basis of the authorisation obtained in Switzerland;
(4) that the applicant, taking into account the activities envisaged, fulfils the solvency requirements laid down by Swiss law to the insurance company;
(5) the estimated establishment costs of the administration and the sales network and the funds intended to finance them, as well as for the risks included in the non-life insurance category 18 "Mat-aid", the resources available to the authorised aid provider; and
6) the categories of insurance to which the applicant is actually insured.
Before granting an authorisation under Article 18 to a Swiss non-life insurance company, the Insurance Supervisory Authority shall send the action plan referred to in Article 20 (1) (4) and any observations on the application in Switzerland An insurance audit authority for an opinion.
If the Swiss Insurance Supervisory Authority does not give its opinion on an application for authorisation within three months of receipt of the documents referred to in paragraph 1, it shall be deemed to be in favour of its consent.
In addition to the provisions of Article 47, the Insurance Supervisory Authority may take possession of property held in Finland under the control of a Swiss non-life insurance company or prohibit the company from donating or withholding such property if Switzerland The Authority shall request it.
Before taking the measures referred to in paragraph 1 under Article 47 (1) (1), the Insurance Supervisory Authority shall inform the Swiss Insurance Supervisory Authority.
If the transfer of the insurance stock referred to in Article 66 is a Swiss non-life insurance company with a branch in Finland, the financial supervision shall, before giving its consent to the transfer of the insurance stock, acquire: Confirmation from the Swiss Insurance Supervisory Authority that the receiving company, having regard to the transfer of the insurance policy, has sufficient financial standing.
Where the undertaking receiving the surrender referred to in paragraph 1 is a Finnish non-life insurance company, the financial supervision shall, upon request, provide the Swiss Insurance Supervisory Authority with confirmation that the receiving company has: Taking into account the transfer of the insurance stock, adequate financial standing.
A Swiss non-life insurance company with a branch in Finland may, subject to the supervision of the financial supervision, receive the insurance company or part of the Finnish insurance company. In such a case, the financial supervision shall be subject to the confirmation of the authorisation referred to in paragraph 1. For the purposes of this Article, Articles 21 to 5, 8 to 12 and 14 to 16 of Chapter 21 of the Insurance Companies Act shall apply, unless the financial supervision provides for this derogation. However, Articles 8 to 10 of that chapter apply only to the donor insurance company.
L to 255/2015 Article 47g shall enter into force on 1 January 2016. The previous wording reads:
If, in the case referred to in Article 66, the receiving company is a Swiss non-life insurance company with a branch in Finland, the Insurance Supervisory Board shall, before giving its consent to the transfer of the insurance stock, obtain Switzerland Confirmation from the Authority that the receiving company, having regard to the transfer of the insurance stock, has sufficient working capital.
If, in the case referred to in Article 66, the host company is a Finnish non-life insurance company, the Insurance Supervisory Authority shall, on request, provide the Swiss Insurance Supervisory Authority with confirmation that the host company: Is sufficient capital to take account of the transfer of the insurance stock.
A Swiss non-life insurance company with a branch in Finland may, with the agreement of the Insurance Supervisory Authority, receive the insurance company or part of the Finnish insurance company. In that case, prior approval by the Insurance Supervisory Authority shall be obtained from the confirmation referred to in paragraph 1. The transfer of the insurance policy referred to in this paragraph shall apply mutatis mutandis, otherwise provided for in Sections 1 to 5, 8 to 12 and 14 to 16 of Chapter 21 of the Insurance Companies Act, unless the Insurance Supervisory Authority admits this derogation. However, Articles 8 to 10 of Chapter 21 of the Insurance Companies Act apply only to the donor insurance company.
Before the Insurance Supervisory Authority takes the measures referred to in Article 45, the Agency shall consult with the Swiss Insurance Supervisory Authority. If it is necessary to withdraw the authorisation before the prior consultation has taken place, the Insurance Supervisory Authority shall inform the Swiss Insurance Supervisory Authority of its decision.
If the insurance company in a third country intends to stop the insurance business in Finland, the company shall apply for withdrawal of the authorisation from the Insurance Supervisory Board.
If the authorisation granted to the company in its home country is withdrawn, the insurance company shall be authorised in Finland to withdraw.
If the authorisation of a third country insurance company has been withdrawn or otherwise ceases to be valid, the company shall, without delay, place the principal agent in place of the liquidator in order to arrange for the company's insurance activities to be settled in Finland. In addition, the Insurance Supervisory Agency has the right to appoint one liquidator. The Agency shall also have the right to appoint a liquidator to the company if the company does not do so.
The clearing member shall apply mutatis mutandis what is laid down in this Act concerning the Chief Ombudsman and the provisional Chief Ombudsman.
The liquidator shall endeavour as soon as possible to establish a plan for the transfer of the Finnish branch of the Finnish branch in accordance with Article 66. If a plan for the transfer of an insurance policy is not achieved or if the insurance business is not otherwise cleared, the insurance supervisory authority shall prescribe a date which may not exceed three years after the initiation of the liquidation procedure, In the case of non-road insurance, the (185/1986) And accident insurance (608/1948) And the date on which the insurance policy in accordance with those laws and the corresponding proportional share of the company's assets are transferred to the Motor Insurance Centre, the Patient Insurance Centre and the The Association of Accident Insurance Institutions. The transfer of the insurance stock and the corresponding property shall apply mutatis mutandis to the provisions of Sections 4, 5, 12 and 13 of Chapter 21 of the Insurance Companies Act and Article 68 (2) of this Act concerning the transfer of the insurer. The Insurance Supervisory Authority may, for a specific reason, transfer a period of up to two years from the date prescribed for the cessation of insurance. Otherwise, the provisions of Articles 21 and 22 of Chapter 23 of the Insurance Companies Act shall apply mutatis mutandis.
In addition, the clarification concerning the Finnish branch of a third country insurance company shall apply mutatis mutandis to the provisions of Chapter 23, Section 7, Article 8 (2) to (3), Articles 9 to 12, 15 and 17 to 20 and Chapter 24 of the Insurance Companies Act.
Where the third-country insurance company in liquidation has branches in other EEA States other than Finland, the clearing member of the Insurance Supervisory Authority and the branch shall cooperate with the relevant authorities in those countries. In the case of secondary movements.
Upon completion of the task, the liquidator shall promptly draw up a report on the clearing procedure and submit it to the Insurance Supervisory Board.
When the company demonstrates that it has fulfilled its obligations under Article 29 (4) or otherwise legally released, it is entitled to recover the assets referred to in Article 29.
The bankruptcy of a third-country insurance company shall be subject to bankruptcy provisions, unless otherwise provided for in this Act.
The branch of the third-country insurance company in Finland may be filed for bankruptcy on the basis of a decision of the liquidator, or when the company's authorisation has been withdrawn or otherwise terminated.
In the course of the bankruptcy proceedings, a liquidator shall be represented by the principal agent or before the start of the bankruptcy. However, a new principal agent or new liquidator may be approved during the course of the course.
In addition, the bankruptcy of the third-country insurance company in the Finnish branch shall apply mutatis mutandis to the provisions of Article 68 (2), Article 30 (1) and (3) of Chapter 23 of the Insurance Companies Act, Article 31 (1) to (6) and Articles 32 to 35 and Chapter 24.
Articles 53 to 54 have been repealed by L 30.4.2004/331 .
The third-country insurance company, which has been withdrawn or withdrawn by the home country or Finland, or whose assets have been declared bankrupt, shall not be allowed to give new insurance.
When acting in accordance with Article 22b, the third-country insurance company must clearly inform the customer of the company's product or service, and that the company is not engaged in its own account and is not a party to the negotiation process. In a contract which may arise from a product or service.
Paragraph 1 shall apply mutatis mutandis to the foreign EEA insurance company if it acts as a representative of an undertaking other than an insurance undertaking in Finland.
The foreign life insurance company shall not engage in insurance activities other than life insurance and non-life insurance classes 1 and 2, as referred to in Article 2 (1) (6), and non-life insurance, Life insurance reinsurance. The life insurance company shall keep the non-life insurance activities carried out separately from life insurance. (18.7.2008/525)
Non-life insurance companies are not allowed to carry out insurance activities other than non-life insurance. However, the non-life insurance company, which only pursues non-life insurance classes 1 and 2, and the reinsurance of those insurance policies, may, at the same time, also carry out life insurance and reinsurance. Once such a company has started life insurance, it is in force as to what the law provides for a foreign life insurance company. (18.7.2008/525)
A foreign EEA insurance company, which is authorised to carry out both life and non-life insurance on the basis of a licence obtained in its home country, may also carry out insurance in both life and non-life insurance.
The provisions of this law relating to a foreign non-life insurance company also apply to a third-country insurance company which, on the basis of a licence issued by its home State, can carry out both life and non-life insurance.
§ 58 has been repealed by L 18.12.1998/412 1999.
The foreign insurance company must comply with good insurance practice in its activities in Finland.
The marketing of the foreign insurance company and the monitoring of marketing and contract terms are respected, as laid down in the Insurance Companies Act and the Law on Financial Supervision. In addition, the foreign insurance company shall indicate its name, form, home country, address of its head office and the address of the office or branch with which the insurance contract is to be concluded.
Article 61 has been repealed by L 18.7.2008/525 .
The obligation of a foreign insurance company to pay a fee to compensate for the costs arising from the supervision of insurance institutions is regulated separately.
The obligation to pay tax on the insurance premium and the fire protection charge is regulated separately.
The Finnish branch of the foreign insurance company must ensure that its functions are as smooth as possible in exceptional circumstances by taking part in contingency planning in the insurance sector and preparing, in advance, activities under exceptional circumstances, and other Measures. The Insurance Supervisory Authority may grant derogations from the obligation laid down in this Article if justified by the size, nature or extent of the branch or any other specific reason.
The obligation laid down in this Article shall not apply to the Finnish branch of the foreign EEA insurance company, in so far as the branch, under the domestic law of the company, has secured, under exceptional circumstances, the performance of its duties with or without And submitted a sufficient explanation to the Insurance Supervisory Board.
Where the tasks to be incurred as a result of paragraph 1 require measures which are clearly different from the activities of the insurance company which are deemed to be normal and which entail substantial additional costs, such costs may be replaced by: The law on security of supply (1390/1992) From the Guarantee Fund.
In the case of insurance for consumers, they may not use gender in the calculation of premiums or insurance benefits and do not make any gender-based differences in payments or benefits.
In non-consumer insurance, the use of gender in the calculation of payments or benefits, and gender-based differences in payments or benefits are only permitted if the use of sex is an effective factor Risk assessment on the basis of actuarial data and statistical data.
The risk assessment may be based on a foreign insurance company's own insurance policy, a common statistical material established in foreign and Finnish insurance companies or insurance companies, or a general risk profile Reliable statistics. The risk assessment may be based on the own insurance position of a foreign insurance company only if the insurer is broad enough to carry out a reliable risk assessment. The risk assessment shall indicate the extent to which gender affects the insured risk in question and the relative gap between the sexes in the insured risk.
Article 63 c-63d has been repealed by L 30.11.2012/703 .
Foreign insurance company ( Abandoned company ), which carries out insurance activities within the meaning of this law in Finland, may, with the agreement of the Insurance Supervisory Agency, disclose the insurance policy of the insurance policies in question to a Finnish or foreign insurance company ( Receiving company ) In the cases provided for in this Chapter.
The insurance supervisory authority shall give its consent to the transfer of the insurance policy, unless the measure infringes the insured interests and is deemed to jeopardise the respect of healthy and prudent business principles in the activities of the insurer and if: The other conditions laid down in this Chapter are fulfilled. The Agency may impose conditions which it considers necessary in order to safeguard the interests of insurance and compliance with sound and prudent business principles in the activities of the insurer.
The foreign EEA insurance company may give up the insurance policy of the insurance contracts awarded on the basis of the right of establishment or the right to the provision of insurance services to a Finnish insurance company or another foreign EEA insurance company if: The authority responsible for the insurance supervision of the donor's home State shall consent to it.
At the request of the foreign EEA insurance company, financial supervision shall give consent to the transfer of the insurance stock if:
1) the risk covered by the non-life insurance contract is located in Finland;
(2) if the person insured person is resident in Finland; or
(3) the person having legal personality and the legal entity to which the contract relates is located in Finland.
In addition, if the company receiving the receiving company is a Finnish insurance company, the financial supervision must also give an opinion on whether the acquiring company complies with Section 2 of Chapter 11 of the Insurance Companies Act, The Solvency Capital Requirement.
Financial supervision shall decide on the adoption of the consent referred to in paragraph 2 or the statement referred to in paragraph 3 within three months of the receipt of the request of the foreign insurance supervisory authority of the foreign EEA insurance company. Otherwise, the financial supervision shall be deemed to have given consent to the transfer of the insurance policy or the Solvency Capital Requirement of the insurance company.
L to 255/2015 Article 65 will enter into force on 1 January 2016. The previous wording reads:
The foreign EEA insurance company may submit an insurance policy to the Finnish insurance company or another foreign EEA insurance company in insurance contracts concluded on the basis of the right of establishment or the right to provide insurance services. The authority responsible for the insurance inspection of the issuing company shall decide whether to authorise the release of the stock.
At the request of the foreign EEA insurance company, the Insurance Supervisory Authority shall authorise the transfer of the insurance stock if the risk covered by the non-life insurance contract is located in Finland if the person insured person is resident in Finland or, if: The person insured shall have legal personality, the legal entity to which the contract relates is located in Finland.
If the receiving company is a Finnish insurance company, the Insurance Supervisory Authority shall, in addition, issue an opinion to the national insurance supervisory authority of the donor company as to whether or not the receiving company has: Having regard to the insurance policy, sufficient working capital.
Within three months of the date of adoption of the consent referred to in paragraph 2 or the opinion referred to in paragraph 3, the Insurance Supervisory Authority shall decide on the request of the national insurance supervisory authority of the foreign EEA insurer Arrival. Otherwise, the Agency shall be deemed to have given consent to the transfer of the insurance policy or the adequacy of the capital adequacy of the insurance company.
The third-country insurance company may, with the consent of the financial supervision, hand over the insurance policies of insurance contracts concluded by Finnish branches to the Finnish insurance company or to the foreign EEA insurance company or third country An insurance company with a branch in Finland.
Before issuing the consent, the financial supervision shall obtain the consent of the competent authority of the other State belonging to the European Economic Area, if:
(1) the risk covered by the non-life insurance contract under Article 7 of Chapter 3 of the Insurance Companies Act is situated in another State belonging to the European Economic Area;
(2) the life insurance taker is resident in another State belonging to the European Economic Area; or
(3) the person having legal personality and the legal entity to which the contract relates is situated in another State belonging to the European Economic Area.
Where the receiving company is a foreign EEA insurance company, the financial supervision shall, prior to granting the consent, obtain confirmation from the company's home State insurance supervisory authority that the acquiring company complies with the Taking into account the insurance policy, the Solvency II Directive capital requirements for insurance companies.
If the host company is another third-country insurance company with a branch in Finland, and the supervision of the financial solvency of the host company throughout the European Economic Area, is equivalent to the rest of the European Economic Area For the State other than the Finnish insurance supervision authority, the financial supervision shall obtain confirmation from this authority that the receiving company shall, taking into account the insurance policy, have sufficient financial standing.
L to 255/2015 Article 66 enters into force on 1 January 2016. The previous wording reads:
With the agreement of the Insurance Supervisory Agency, the insurance company of a third country may extradite the insurance policy of Finland's branches to the Finnish insurance company or to the foreign EEA insurance company or third country An insurance company with a branch in Finland.
Before issuing the consent, the Insurance Supervisory Authority shall obtain the consent of the competent authority of the other State in the European Economic Area, where the risk covered by the non-life insurance contract in Chapter 3 of Chapter 3 of the Insurance Companies Code § it is located or where the person who has a life insurance policy is resident or where the person having legal personality is a legal person, the place of business of the legal person to which the contract relates.
Where the receiving company is a foreign EEA insurance company, the insurance supervisory authority shall, prior to the granting of the consent, obtain confirmation from the supervisory authority of the company's home State that the receiving company has: Taking into account the insurance policy, sufficient operational capital.
If the host company is another third-country insurance company with a branch in Finland, and the supervision of the financial solvency of the host company throughout the European Economic Area, is equivalent to the rest of the European Economic Area For the State other than the Finnish Insurance Supervisory Authority, the Insurance Supervisory Authority shall obtain confirmation from this authority that the receiving company shall, having regard to the insurance policy, have sufficient operational capital.
If the financial supervision is not within three months of receipt of the request to the consignee, the Authority has received an answer from the authorities of the countries of the European Economic Area, from which the financial supervision is Article 66 , they shall be deemed to have confirmed that the receiving company has sufficient financial standing or, correspondingly, giving its consent to the transfer of the insurer.
L to 255/2015 Article 67 will enter into force on 1 January 2016. The previous wording reads:
If, within three months of receipt of the request, the Insurance Supervisory Authority has not received an answer from the authorities of the Member States of the European Economic Area, from which Article 66 of the , they shall be deemed to confirm the adequacy of the operating capital of the acquiring company or, respectively, the consent of the acquiring company to the transfer of the insurer.
If the host company is a Finnish insurance company, Article 21, paragraphs 1 to 5, 8 to 12 and 14 to 16 of Chapter 21 of the Insurance Companies Act shall apply. However, Articles 8 to 10 of Chapter 21 of the Insurance Companies Act apply only to the receiving insurance company.
Article 21 (4), (5), (12) and (13) of Chapter 21 of the Insurance Companies Act provides, where applicable, for the transfer of the insurance rate referred to in Article 66 of this Act. However, the alert referred to in Section 5 of Chapter 21 of the Insurance Companies Act shall be published at the expense of the transferring company. The transferring company shall not be obliged to inform the company's shareholders of the abovementioned alert. For a period of at least a month and a maximum of two months, the Insurance Supervisory Authority shall keep the documents relating to extradition.
The receiving company shall notify the transfer of the insurance stock referred to in Articles 65 and 66 of this Act in the Official Journal and at least in one of the offices of the Finnish branch of the company which has given up the insurer's position, in addition to: Than the Insurance Supervisory Authority, if necessary, over a period of one month from the transfer of the insurance policy where the risk covered by the non-life insurance is located in Finland if the person who took the life insurance policy is resident in Finland or if the person insured person is resident in Finland. The legal person, the legal person to which the contract relates, Located in Finland. The notification shall include an indication of the right of the policyholder, as referred to in Article 15 of Chapter 21 of the Insurance Companies Act, to terminate their insurance contract. If the donor company does not have a branch in Finland, in addition to the Official Journal, in addition to the Official Journal, it must be reported, at least in one Finnish newspaper, as well as the Agency as appropriate.
In the case of extradition, the part of the insurance policy must be complied with, as is the case for the transfer of the insurer.
On the basis of Article 15 (2) or Article 61 (3) of the Law on Financial Supervision, the financial supervision is prohibited by the financial supervision company from the transfer or prohibition of the company's assets in Finland or, after having prohibited the company, The repurchase value of the policy for policy holders to publish a prohibition decision at the expense of the company in the Official Journal and, where appropriate, in one or more daily newspapers.
The Insurance Supervisory Authority keeps a register of foreign insurance companies operating in Finland. The register shall indicate: (16.5.2002/359)
(1) the name of the company and the home country;
(2) where the company has a principal agent, his full name, nationality and domicile and, if the company's principal agent is the Finnish Community, the name and the registered office of the entity and the full name of the person designated by the Community representative, And domicile;
(3) the address of any branch; (18.7.2008/525)
(4) the date of the authorisation of the third-country insurance company in Finland;
(5) the categories of insurance for which the company is engaged in a declaration or concession in Finland and, if the company carries out reinsurance business, whether it carries out the reinsurance of the life insurance or the life insurance policy; or Both; (18.7.2008/525)
(6) withdrawal and restriction of authorisation granted to the third-country insurance company in Finland, its cause and time; (19/06/98)
(7) the date of withdrawal of the authorisation granted to the foreign EEA insurance company in its home country; and (19/06/98)
(8) Additional pension activities carried out by the EEA Insurance Corporation in Finland. (19/06/98)
The foreign insurance company shall inform the Insurance Supervisory Authority without delay of any changes to the information entered in the register. (16.5.2002/359)
The entries in the register and the accompanying documents shall each have the right to be informed.
Where, according to this law, a document or statement issued to the Insurance Supervisory Agency is drawn up in a language other than that in Finnish or Swedish, it shall be accompanied by an official English translation at the request of the Insurance Supervisory Authority.
§ 72 has been repealed by L 19.12.2008 .
The principal agent of the foreign insurance company shall be liable for the damage which he or she has done intentionally or negligently to the company. The same shall apply to the damage he or she has caused to the policyholder, the insured person or any other person by the breach of the statutes or rules.
As regards the settlement of damages and the distribution of liability between two or more liable parties, the (1999) Chapters 2 and 6 provide. (16.5.2002/359)
The action to be taken on behalf of the company cannot be brought up unless the action is based on a criminal offence, five years after the end of the financial year in which the decision was taken or the measure on which the action was based. (18.7.2008/525)
Where a foreign insurance company has a branch in Finland, the challenge shall be deemed to have been submitted to the company when it has been notified to the Ombudsman. If the principal agent is an entity, the challenge shall be deemed to have been submitted when it has been notified to the person designated by the Community representative.
If the Insurance Supervisory Agency has reason to believe that a foreign insurance company in Finland is engaged in the activities referred to in this Act without the notification referred to in Articles 7, 10 and 13a, or without prejudice to Article 18 (1), The authorisation, the Agency shall obtain a report and, if necessary, call on the relevant deadline to submit a notification referred to in Article 7, 10 or 13a, to apply for authorisation, to change its activities as indicated by the Agency or to stop Their activities.
Every intention.
(1) the insurance activity of a foreign insurance company in Finland, without the notification referred to in Article 7 or 10, or without prejudice to the authorisation referred to in Article 18 (1), or in breach of Article 22a or 57, or carrying out additional pension activities; Without notification referred to in Article 13a, or
(2) in breach of Article 13, Article 17 (3) or Article 55 or Article 27 (1) of the Law on Financial Supervision, new policies,
Shall be condemned as laid down in the Insurance Companies Act Unauthorised pursuit of insurance activities .
(19/12/2015)Before the prosecution of the unauthorised pursuit of insurance, the prosecutor has to obtain the opinion of the Financial Supervisory Authority. When dealing with this criminal case, the Court of Justice shall provide the Agency with an opportunity to be heard. (13/01/490)
In breach of Article 15 (2) or Article 47 of the Financial Supervisory Authority or Article 61 (3) of the Law on Financial Supervision, which is contrary to the prohibition laid down by Article 61 (3) of the Law on Financial Supervision, the company's assets in Finland must be reproduced in accordance with the provisions of the Insurance Companies Act Lays down On the insurance company .
Any breach of the provisions of this Act concerning the drawing up of a report or a report on the liquidation procedure shall be denounced in accordance with the provisions of the Insurance Companies Act concerning an insurance company infringement.
Every foreign insurance company, or its owner, or a service company, or as a member of such an institution or of a foreign insurance company, or an insurance committee or Employed or as an expert on the basis of a mandate or as an expert on the basis of a mandate, or under paragraphs 2 to 5, has been informed of a foreign insurance company, its client or any other financial position or health status or other Personal circumstances or business or professional secrecy, no May express this to the bystandship, unless the person who is covered by the obligation of professional secrecy gives consent to the disclosure of the information or unless otherwise provided for by law. (18.7.2008/525)
Articles 2 to 3 have been repealed by L 19.12.2008 .
Notwithstanding paragraph 1, a foreign insurance company shall be entitled to disclose information covered by the obligation of professional secrecy: (18.7.2008/525)
(1) to another insurance undertaking for the purpose of reinsurance;
(2) to the service undertaking of the insurance company or to the undertaking entrusted with the task of the insurer on the basis of a mandate;
(3) an insurance institution or an insurance institution belonging to the same economic association or the same group of insurance undertakings, with regard to the treatment of the claim, the conclusion of an insurance contract and the conduct of the insurance business; For the purpose of carrying out the other tasks necessary; the information provided for in this paragraph shall not apply to the Personal Data Act (523/1999) Article 11 The disclosure of sensitive information; (25.1.2002)
(4) for the performance of a case which has been referred to it by the Insurance Board or an equivalent institution;
(5) to the other insurance institution or to the person responsible for the purposes of the insurance company's right of recourse, as well as to the other insurance institution in order to ascertain the responsibility of the different insurance institutions for the same insurance transaction; (25.1.2002)
(6) for offences committed against the insurance company and for the damage reported to it to other insurance institutions in the interest of the prevention of crime against insurance undertakings, in the sense of Article 43 of the Personal Data Act; Under Article 3 (3); (25.1.2002)
(7) with the permission of the Ministry of Social Affairs and Health, for historical or scientific purposes, or for statistical purposes, where it is clear that the disclosure of information does not infringe the interests of which the obligation of professional secrecy is provided; authorisation may be granted; And shall be accompanied by the provisions necessary for the protection of the public and private interests; the authorisation may be withdrawn, when due to be considered; (18.7.2008/525)
(8) the Finnish prosecutor and the investigating authority in order to prevent and investigate the offence, and to the authorities or institutions referred to in paragraph 1; however, information on the state of health may only be disclosed by the prosecutor; and The investigating authority for the prevention, detection and prosecution of fraud against the insurance or pension institution; and
(9) for the non-consumer late payment of insurance to the controller of the credit information service; (25.1.2002)
(10) the same group, the insurance group referred to in Chapter 26 of the Insurance Companies Act, or the Law on the supervision of financial and insurance groups; (699/2004) To a company belonging to a financial and insurance group within the meaning of Article 2 (1) (a) of the Financial Regulation for the purpose of managing the customer service and other customer relations, marketing, group supervision and risk management of the group; Shall not be subject to the disclosure of the sensitive information referred to in Article 11 of the Personal Data Act. (203.2015/305)
L to 255/2015 Paragraph 10 shall enter into force on 1 January 2016. The previous wording reads:
(10) The Law on the supervision of the same group or financial and insurance groups (699/2004) Of the financial and insurance group within the meaning of Article 11 of the Personal Data Act, for the purpose of customer service and other business management, marketing and the risk management of the group; Information. (18.7.2008/525)
In addition to the provisions of Article 4 (4), the foreign insurance company may disclose to a company the information necessary for the marketing of its client register, as well as the customer service and any other information necessary for the performance of its customer relationship, The same economic association with the insurer. As regards the disclosure of information, the above paragraph does not apply to the disclosure of sensitive information as referred to in Article 11 of the Personal Data Act. (25.1.2002)
Paragraph 4 (4) provides for the right of an insurance company to disclose information, including, where applicable, the insurance committee or institution referred to in paragraph 4 (4). (18.7.2008/525)
The Insurance Supervisory Agency shall be entitled to release to the authorities referred to in paragraph 2 only the information necessary for the performance of their tasks. In the cases referred to in paragraph 4, the insurance company may disclose only the information required for the performance of the tasks in question. (18.7.2008/525)
The Regulation of the Ministry of Social Affairs and Health may, if necessary, provide more detailed provisions on the implementation of paragraphs 4 to 6 of this Article.
Penalties for breach of the obligation of professional secrecy laid down in Article 79 (1) are punishable under criminal law (39/1889) 1 or 2, if the act is not punishable Article 5 of Chapter 40 of the Penal Code Or, unless otherwise provided for in the rest of the law, a heavier penalty.
Articles 81 to 83 have been repealed by L 30.1.1998/75 .
The appeal against the financial supervision decision is governed by the Law on Financial Supervision (878/2008) .
§ 85 have been repealed by L 18.7.2008/525 .
Article 85a has been repealed by L 16.5.2002/359 .
More detailed provisions on the implementation of this law shall be adopted, where appropriate, by a regulation.
This Act shall enter into force on 1 April 1995.
Upon entry into force of this Act, the Act on the operation of foreign insurance companies in Finland (185/89) And the law on the free provision of insurance services (1488/92) Shall not apply to the extent that the said laws apply to foreign insurance companies other than the foreign EEA insurance companies referred to in Article 3 (2) of this Act.
Non-resident insurance companies, other than those referred to in paragraph 2, acquired before the entry into force of this Act under the law on the free provision of insurance services by foreign insurance companies or by law on the free provision of insurance services The right to conduct an insurance business in Finland shall apply to this law after the date specified in paragraph 1.
Upon entry into force of this Act, the pending application for authorisation by an insurance company of a third country shall be completed in accordance with the requirements of this Act.
A foreign insurance company, other than the one referred to in paragraph 2, which is active in Finland at the time of entry into force of this Act, is in accordance with the authorisation registered in Finland under the Act on the operation of foreign insurance companies in Finland, or The right to an insurance undertaking acquired under the law on the free provision of insurance services.
THEY 348/94 , TaVM 60/94 Council Directive 92/49/EEC; OJ L 228, 11.8.1992, p. 1, Council Directive 92 /96/EEC; OJ L 360, 9.12.1992, p. 1This Act shall enter into force on 1 January 1997.
The law applies to liquidation or bankruptcy after its entry into force.
THEY 226/1996 , StVM 38/1996, EV 234/1996
This Act shall enter into force on 1 September 1997.
THEY 18/1997 , TaVM 16/1997, EV 84/1997
This Act shall enter into force on 1 March 1998.
THEY 158/1997 , HVM 26/1997, EV 221/1997 Council Directive 91 /308/EEC
This Act shall enter into force on 1 January 1999.
THEY 6/1997 , 117/1997 , LaVM 3/1998, SuVM 2/1998, EV 60/1998
This Act shall enter into force on 1 January 1999.
THEY 233/1998 , No 31/1998, EV 204/1998
This Act shall enter into force on 1 April 1999.
The authorisations, orders, instructions and other decisions relating to insurance supervision and control issued by the Ministry concerned, which, in accordance with Article 85a, transfer to the Insurance Supervisory Agency, remain in force until the Insurance Supervisory Authority Otherwise decides.
Without prejudice to accounting law (1336/1997) in Chapter 9, Section 2 , the accounting law shall be applied for the first time to the accounts of the third-country insurance office in respect of the financial year starting on or after 1 January 2000.
However, the office of the third-country insurance company may apply the provisions referred to in Article 3 (3) for a financial year which is passing or starts after the entry into force of this Act.
THEY 163/1998 , TaVM 29/1998, EV 202/1998
This Act shall enter into force at the time laid down by the Regulation. (As of 1 April 1999, L 412/1999 came into force on 1 April 1999.)
THEY 103/1998 , LaVM 14/1998, EV 174/1998
This Act shall enter into force on 1 August 2000.
THEY 34/2000 , TaVM 14/2000, EV 77/2000
This Act shall enter into force on 1 December 2000.
-32/2000 , THEY 63/2000 , TaVM 22/2000, EV 128/2000, European Parliament and Council Directive 98 /78/EC (31998L0078); OJ L 330, 5.12.1998, p. 1, Council Directive 92/49/EEC (31992L0049); OJ L 228, 11.8.1992, p. 1, Council Directive 92/96/EEC (31992L0096); OJ L 360, 9.12.1992, p. 1
This Act shall enter into force on 1 January 2002.
THEY 190/2001 , LiVM 11/2001 EV 149/2001
This Act shall enter into force on 1 February 2002.
THEY 165/2001 , TaVM 19/2001 EV 215/2001
This Act shall enter into force on 1 July 2002.
The investment plan in accordance with Article 34a of this Act shall be drawn up within six months of the entry into force of the law.
For the first time, the statutory auditor and the deputy inspector who satisfy the requirements of Article 39a of this Act shall be selected to check the accounting, financial statements and management of the office of the third-country insurance company, which shall be the first to end: After the entry into force of this law.
THEY 7/2002 , TaVM 2/2002, EV -
This Act shall enter into force on 1 August 2003.
The obligation laid down in Article 63a of this Act must be fulfilled no later than three years after the entry into force of this Act.
THEY 200/2002 , No 2/2002, No 267/2002
This Act shall enter into force on 15 May 2004.
This law shall apply to the liquidation procedure for which a decision has been taken after the entry into force of the law and the bankruptcy for which an application has been submitted to the court after the entry into force of the law.
THEY 149/2003 , TaVM 3/2004, EV 18/2004, European Parliament and Council Directive 2001 /17/EC (32001L0017); OJ L 110, 20.4.2001, p. 28, Directive 2000 /64/EC of the European Parliament and of the Council (32000L0064); OJ L 290, 17.11.2000, p. 27
This Act shall enter into force on 1 June 2004. This law shall apply for the first time to the control of annual accounts for financial years beginning on or after 1 January 2004.
Notwithstanding the provisions of Article 30, on application by the Finnish delegation of foreign insurance and with the agreement of the Insurance Supervisory Board and under the conditions laid down by the Office, the Representation may comply with the provisions of Chapter 11 of the Insurance Companies Act, which entered into force at the time of entry into force of this Act. Articles 2 to 6, until 19 March 2007. Following the application by the Representation and with the agreement of the Insurance Supervisory Authority and under the conditions laid down, the Finnish Representation in Finland may comply with the provisions of Sections 2 to 6 of Chapter 11 of Chapter 11 of the Insurance Companies Act, which entered into force on the date of entry into force of this Act, until 19 March Until 2009, provided that the delegation has submitted a plan under Article 46 which the delegation intends to take to bring the situation into line with this law.
At the request of the Finnish Mission in Finland and with the agreement of the Insurance Supervisory Authority and subject to the conditions laid down in Section 4 of Chapter 11 of the Insurance Companies Act, the restrictions listed in Chapter 11 of the Insurance Companies Act shall be used instead of the minimum operating capital Operating capital as defined in Section 1 of Chapter 11 of the Insurance Companies Act until 19 March 2007. After that, the delegation's application and, with the agreement of the Insurance Supervisory Authority, and subject to the conditions laid down in Section 4 of Chapter 11 of the Insurance Companies Act, shall be used instead of the minimum operating capital in Article 1 of Chapter 11 of the Insurance Companies Act. , until 19 March 2009, provided that the delegation has submitted a plan under Article 46 which the delegation intends to take to bring the situation into line with this law.
With the application of the Finnish delegation to the non-life insurance company and with the agreement of the Insurance Supervisory Authority, the Representation may not comply with the requirement set out in Article 6 of Chapter 11 of the Insurance Companies Act until 19 March 2007. Following the application of the delegation and with the agreement of the Insurance Supervisory Authority and under the conditions laid down in Article 6 of Chapter 11 of the Insurance Companies Act, the Representation may not comply with the requirement referred to in Article 6 of Chapter 11 of the Insurance Companies Act until 19 March 2009, provided that the delegation Has submitted a plan pursuant to Article 46 which the Delegation intends to take to bring the situation into line with this law.
At the request of the Finnish Foreign Insurance Company and with the agreement of the Insurance Supervisory Authority and under the conditions laid down in Article 6 of Chapter 11 of the Insurance Companies Act, the Mission may comply with the requirement laid down in Article 6 of Chapter 11 of the Insurance Companies Act until 19 March 2007, That this requirement applies only to half of the guarantee amount referred to in Article 30 of Chapter 6 of the delegation. Following that application, and subject to the agreement of the Insurance Supervisory Authority, the Delegation may comply with the requirement set out in Article 6 of Chapter 11 of the Insurance Companies Act until 19 March 2009, in such a way as to: Applies only to half of the guarantee amount referred to in Article 30 of Chapter 6 of the Delegation, provided that the delegation has submitted a plan under Article 46 of Chapter 7 to which the Office intends to take action to bring the situation into line with this law.
THEY 161/2003 , TaVM 6/2004, EV 36/2004, Directive 2002/83/EC of the European Parliament and of the Council (32002L0083); OJ L 345, 19.12.2002, p. 1, Directive 2002/13/EC of the European Parliament and of the Council (32002L0013); OJ L 077, 20.3.2002, p. 17
This Act shall enter into force on 31 December 2004.
This law shall apply for the first time to the accounts of the delegation for the financial year starting on or after 1 January 2005. The representation shall apply this law for the financial year which is to be used when the law enters into force.
THEY 224/2004 , TaVM 31/2004, EV 230/2004, Regulation (EC) No 1606/2002 of the European Parliament and of the Council, OJ L 243, 11.9.2002, p. 1, Directive 2001 /65/ec of the European Parliament and of the Council, OJ L 283, 27.10.2001, p. 28, European Parliament and Council Directive 2003 /51/EC; OJ L 178, 17.7.2003, p. 16
This Act shall enter into force on 1 October 2005.
The decision of the Administrative Authority issued before the entry into force of this Act shall be subject to the provisions in force at the time of entry into force of this Act.
THEY 112/2004 , THEY 5/2005 , HaVM 13/2005, EV 91/2005
This Act shall enter into force on 1 June 2006.
156/2005 , TAVM 3/2006, EV 34/2006, European Parliament and Council Directive 2003 /41/EC (32003L0041); OJ L 235, 23.9.2003, p. 10
This Act shall enter into force on 1 July 2007.
THEY 194/2006 , TaVM 33/2006, EV 293/2006
This Act shall enter into force on 15 October 2007.
This law shall apply to insurance contracts concluded on or after 22 December 2007.
THEY 21/2007 , TyVM 2/2007, EV 26/2007, Council Directive 2004 /113/EC (32004L0113); OJ L 373, 21.12.2004, p. 37
This Act shall enter into force on 1 October 2008.
THEY 13/2008 , TaVM 7/2008, EV 51/2008, European Parliament and Council Directive 2005 /68/EC (32005L0068); OJ L 323, 9.12.2005, p. 1
This Act shall enter into force on 1 January 2009.
THEY 66/2008 , TaVM 20/2008, EV 109/2008
This Act shall enter into force on 1 September 2009.
The provisions in force before the entry into force of the Act prior to the entry into force of the Act shall apply.
THEY 70/2008 , LaVM 16/2008, EV 5/2009
This Act shall enter into force on 1 January 2010.
Before the entry into force of this Act, measures may be taken to implement the law.
THEY 161/2009 , HVM 18/2009, EV 205/2009
This Act shall enter into force on 17 May 2011.
THEY 286/2010 , LaVM 34/2010, EV 311/2010
This Act shall enter into force on 21 December 2012.
The provisions of Article 63b shall not apply to the declaration on which the contract was concluded before 21 December 2012.
Damage insurance, which is covered by the (543/1994) Article 63b of the Act on Foreign Insurance Companies in force at the time of entry into force of this Act may be applied, as provided for in Article 6b of this Act, by virtue of Article 63b of this Act; or Shall be the first day until the beginning of the next insurance period. In the case of non-life insurance other than life insurance whose premiums or other conditions may be changed in accordance with Article 20a (1) of the Insurance Act, Article 63b of this Act may be applied instead of the date of entry into force of this Act. Article 63b of the Act on Foreign Insurance Companies in force until the beginning of the next insurance period starting or mentioned on 1 July 2013 or, if the insurance premium is not agreed, until the beginning of 2014.
THEY 55/2012 , TaVM 12/2012, EV 116/2012
This Act shall enter into force on 1 January 2014.
Upon entry into force of this Act, the pending application for authorisation by an insurance company of a third country shall be completed in accordance with the requirements of this Act.
THEY 83/2013 , TAVM 28/2013, PVL 24/2013, EV 146/2013
This Act shall enter into force on 15 March 2014.
THEY 94/2013 , TaVM 38/2013, PeVL 43/2013, EV 4/2014, Directive 2011 /61/eu of the European Parliament and of the Council; (32011L0061); OJ L 174, 1.7.2011, p. 1
This Act shall enter into force on 1 January 2016.
Upon entry into force of this Act, the pending application for authorisation of an insurance company in a third country shall be completed within one year of the entry into force of this Act.
THEY 344/2014 , TaVM 30/2014, EV 304/2014, Directive 2009 /138/EC of the European Parliament and of the Council (32009L0138); OJ L 335, 17.12.2009, p. Directive 2011 /89/EU of the European Parliament and of the Council (32011L0089); OJ L 326, 8.12.2011, p. 113., European Parliament and Council Directive 2014 /51/EU (32014L0051); OJ L 153, 22.5.2014, p. 1.
This Act shall enter into force on 1 January 2016.
THEY 254/2014 , TaVM 34/2014, EV 371/2014