Chapter 1. Introductory provisions
The scope of the law
section 1 of this Act contains provisions on the insurance business
run by insurance companies and about activities
the Swedish special purpose vehicles. The law does not apply
insurance business operated under other statutes than
This law. Law (2015:700).
section 2 of the foreign insurer's activities in Sweden
the law (1998:293) on foreign insurers and
supplementary pension funds in Sweden.
Insurance companies
section 3 with the insurance company refers to the insurance company,
mutual insurance company and Insurance Association.
4 section With life insurance undertakings referred to insurance companies
exclusively or almost exclusively operates directly
life insurance business or operating in reinsurance of
life insurance. Other insurance companies are
non-life insurance undertakings.
General insurance and life insurance
paragraph 5 of the non-life insurance With the purposes referred to in
Chapter 2. section 11 of the first paragraph. With life insurance means a
the insurance referred to in Chapter 2. section 12.
In particular, if the application of the rules on life insurance
Application of the rules on life insurance on health and
accident insurance etc.
section 6 provisions relating to life insurance, with the exception of Chapter 8,
may be applied to non-life insurance as described in Chapter 2. section 11 of the
classes 1 and 2 of the first paragraph, as well as on
redundancy insurance.
The provisions for life insurance, with the exception of 5 and 8
Chapter, need not apply to life insurance policies
described in Chapter 2. section 12 classes in b and IV, if the premium is
calculated and determined for the longest in five years. Law (2015:700).
Annuity and sick rate
section 7 of the compensation paid in the form of annuities or sickness rate
is life insurance if the compensation is paid from a
life insurance, non-life and if compensation is paid
from a non-life insurance. If such interest was purchased in a
life insurance undertakings, it shall, however, in this company be
life insurance.
For such annuities or sickness rate belonging to the
insurance specific rules on
life insurance in chapter 14. paragraphs 16 and 17. Law (2015:700).
section 8 Has been repealed by law (2015:700).
Reinsurance
section 9 With reinsurance "means activities consisting in accepting
risks ceded by an insurance undertaking or by an
foreign insurers.
Reinsurance companies
10 § With reinsurance companies referred to an insurance company
or a mutual insurance company that has a permit
for operating only concerning reinsurance.
Policyholders and insured
section 11 with the insured person "shall mean any person who has entered into an agreement
If the insurance policy with an insurance company. By insured defined
the whose interest is insured against damage or whose life
or health insurance.
Other definitions
Competent authority, EEA, insurance holding companies and
Special purpose vehicles
section 12 of this Act means
1. "competent authority" means a foreign authority that has
to supervise a foreign
insurers,
2. mixed financial holding company: a company that
referred to in Chapter 1. paragraph 3 of the 4 teams (2006:531) on special supervision
of financial conglomerates,
3. EEA: European economic area,
4. The EEA insurers: a foreign insurer whose
Homeland belongs to the EEA and who are subject to the Solvency
II directive,
5. external credit rating agencies: a
credit rating agency which has a permit or been
certified in accordance with European Parliament and Council regulation
(EC) No 1060/2009 of 16 November 2009 on the
credit rating agency or a central bank issuing
credit scores that are not covered by the regulation,
6. insurance holding company means a parent undertaking, other than
an insurance company, an EEA-försäkringsgivare, a
third-country insurance undertaking or a mixed
financial holding company whose principal activities
is to acquire and manage participations in subsidiaries
exclusively or mainly insurance undertakings,
EEA försäkringsgivare or an insurer from
third country,
7. mixed-activity insurance holding company: a
the parent company is not an insurance company, a
EEA-försäkringsgivare, an insurer from third countries,
a mixed financial holding company or a
insurance holding company and who have at least a subsidiary
which is an insurance undertaking,
8. insurance providers from third countries: a foreign
insurers whose country does not belong to the European economic area and which
would be subject to the Solvency II directive if its homeland
belonged to the EEA,
9. the Group supervisory authority: the authority under Chapter 19. 6 §
responsible for group supervision,
10. The solvency II directive: European Parliament and Council
Directive 2009/138/EC of 25 november 2009 on the taking-up
and pursuit of the business of insurance and reinsurance
(Solvency II), in the wording pursuant to European Parliament and Council
Directive 2004/51/EC,
11. special purpose vehicles: a limited liability company or a financial
compound that, without being an insurance undertaking or a
foreign insurers, insurance risks from
an insurance company or an EEA-försäkringsgivare and
to fully finance their exposure to risk by
proceeds from issuance of bonds or any other
a similar form of financing, for which the right to
a refund is subject to the companies ' obligations under
agreement on risk assumption, and
12. supervisors: a permanent but flexible structure for
cooperation, coordination and decision-making between
The financial supervisory authority and one or more competent authorities
or between the competent authorities in the supervision of a
Group according to chapter 19. Law (2015:700).
Ownership interest
paragraph 13 of the participating undertaking means an undertaking directly or
indirectly holds at least 20 per cent of the capital or at least 20
percent of the voting rights in another undertaking. Law (2015:700).
Close links
section 14 of an insurance company and another company shall be deemed to have
close links, if
1. one company directly or indirectly through subsidiaries
owns at least 20 per cent of the capital or disposes of at least
20% of all votes in the other company,
2. one company directly or indirectly represents the parent company
to the other or there is another similar relationship
between undertakings, or
3. both companies are subsidiaries of or have a similar
relationship with the one and the same legal entity or a
the corresponding relation to one and the same natural person.
Close relations are also an insurance undertaking and a natural person
a person is deemed to have, if
1. the natural person
a) owns at least 20 percent of the capital in the insurance undertaking;
b) disposes of at least 20 percent of all votes in
the insurance undertaking, or
c) otherwise has such influence over the
the insurance company that the person's position is the same as that
a parent has in relation to a subsidiary,
or
2. There is another similar connection between this personal
and the insurance company.
Qualifying holding
section 15 With a qualifying holding referred to under this law a
direct or indirect holding in an undertaking holding
represents 10% or more of the capital or of the
all of the votes or otherwise allows a significant
influence over the management of the company.
section 16 for determining whether an investment is eligible under
section 15, the following provisions in Chapter 4. Act (1991:980)
trading in financial instruments shall be applied:
-2 paragraph 1 on depositary receipts,
-paragraph 4(1), second subparagraph, 1-8, and the third and fifth
paragraphs, if the calculation of the holding,
-paragraph 5, second subparagraph, if the calculation of the number of shares or
votes,
-12 § 1 and 2 of the exception of shares held for clearing
and settlement or managed on behalf of someone else,
-section 13 on the shares included in the trading book,
-section 14 if the shares held by market makers, as well as
-16 and 17 sections on the exemption of some parent companies.
The assessment shall also apply rules
-If the shares held by market makers, given
with the backing of the chapter 7. 1 § 3 financial trading act
instruments or Chapter 23. 15 § 1 Act (2007:528)
the securities market, and
-If the exception of some parent companies, which have been issued with
under Chapter 7. 1 § 4 financial trading act
instruments.
It provided for if shares in the provisions to be
applied under the first and second subparagraphs shall also apply
for the other shares in the company.
Shares or units as a securities firm or a
credit institutions that drive the financial movement holds to
as a result of activities under Chapter 2. 1 § 6 the law on
the securities market shall not, however, be taken into account in the assessment,
provided that the
1. voting rights are not exploited or used otherwise for
to intervene in the issuer's management, as well as
2. the shares or units are sold within one year from the
the acquisition.
It provided for in the fourth subparagraph shall also apply to shares
or shares held under the corresponding conditions of
a foreign investment firm or of a foreign
credit institutions that drive the financing business.
Affiliated companies
16 a of an affiliated undertaking is an undertaking which is
1. a subsidiary,
2. a company that is otherwise subject to proprietary interest, or
3. a company has a single or mainly common
management according to § 16 b with another company. Law (2015:700).
16 b of the Company have in common or in essence joint management
If the
1. is under the same management as a result of an agreement between the
companies or a provision in the companies ' articles of Association,
corporate agreement or comparable statutes, or
2. have boards of directors or equivalent body in foreign companies
as for the most part composed of the same persons and that have
fulfilled its mission during the financial year and until the
the financial statements have been prepared in the relevant
the companies. Law (2015:700).
Country in which the risk is situated at the non-life insurance
section 17 Of non-life insurance ' country in which the risk is situated
1. the country in which the policy-holder has his habitual residence,
If the policyholder is a natural person, and
2. the country of the establishment of the insurance
is located, if the policy-holder is a legal person.
In the case of the following indemnity insurance should be with the country where the
the risk is situated ' means
1. the country in which the building is located in, if the insurance relates to
building or building and its contents, to the extent that the building
and the contents are covered by the same insurance policy,
2. the country in which the vehicle is registered, if the insurance relates to
a registration obligation vehicle, except in the cases referred to in (3),
3. the country to which the vehicle is to be imposed, if the insurance
means a vehicle which is registered in an EEA country and purchased
in order to be inserted into and continuing basis for the purposes of another
EEA-country, but only for 30 days from the time the vehicle
come in the buyer's possession, and
4. the country in which the policyholder has signed an insurance policy, if
the policy has a validity period of four months or less
and covering travel or holiday risks independent of
class of insurance.
Country where the obligation is to be performed at the life insurance
section 18 For life insurance ' country where commitment to
be fulfilled
1. the country in which the policy-holder has his habitual residence,
If the policyholder is a natural person, and
2. the country of the establishment of the insurance
is located, if the policy-holder is a legal person.
Exception
Exceptions depending on size
section 19 of an insurance undertaking may be granted exemption from 5 – 9,
16 and 19. If
1. the company's annual gross premium income does not
exceed an amount equal to EUR 5 million,
2. the company's total gross technical provisions,
including amounts recoverable under
from reinsurance contracts and special purpose vehicles, does not exceed
an amount equal to twenty-five million euro,
3. the company is a member of a group, if the Group's total
technical provisions, including amounts can
recycled gross under reinsurance contracts and
Special purpose vehicles, does not exceed an amount equal to
twenty-five million euro,
4. the company's operations do not include insurance or
reinsurance risks covering liability, credit and
sureties, unless they constitute child
risks,
5. the company's activities received on
reinsurance
(a)) with premiums in excess of an amount equal to a
half a million euros, or ten percent of the
gross premium income, or
(b)) in which the technical provisions gross, for amounts
recoverable under reinsurance contracts and
Special purpose vehicles, does not exceed an amount equal to two
and half a million euros, or ten percent of the
technical provisions, and
6. None of the amounts indicated in 1 – 3 and 5 have
been exceeded during the preceding three consecutive
years and neither is expected to do so within the following
five years.
The exception referred to in the first subparagraph may not be granted for a
insurance companies that operate cross-border activities
or activities as a secondary establishment. Law (2015:700).
19 a of if any of the amounts referred to in paragraph 19
1 – 3 and 5 have been exceeded for three consecutive years,
should a granted exemption shall cease to apply as from the
the fourth year. An insurance company shall as soon as possible
notify such overrun to the FSA.
Law (2015:700).
19 b of a company may be granted exemption from 5 to 9, 16 and 19
Cape. in connection with that it is authorized to conduct
insurance business, if the company's cartoon
gross premium income or insurance technical provisions
gross, inclusive of amounts recoverable under
from reinsurance contracts and special purpose vehicles, are not expected to
exceed any of the amounts referred to in paragraph 19
1 – 3 and 5 within the next five years. Law (2015:700).
19 c section A insurance undertakings granted exemption under
19 or 19 b section should at least have
1. assets amount to an amount equal to
technical provisions for its own account;
2. a specific disability, risk-based capital requirements,
3. specially adapted guarantee amount,
4. a sufficient capital base, and
5. a system of governance that ensures that the company
is managed in a sound and responsible manner. Law (2015:700).
Exceptions depending on the activity
section 20 exceptions to this law in an individual case may be decided
completely or to some parts of
1. insurance companies that only provide
insurance benefits in case of death, if the benefits are not
exceed the average funeral costs for a
deceased person or in a form other than money, and
2. local non-life insurance companies which only notifies the insurance
According to Chapter 2. 11 paragraph class 18 (assistance) in the form
of benefits in kind and whose annual premium income does not
exceed an amount equal to 200 000 euros.
Law (2015:700).
Except for the insurance business abroad
section 21 in respect of insurance business operated abroad,
exceptions to this law shall be decided on a case-by-case basis, if the on
because of the content of foreign law or foreign
in law, there are reasons for it.
The examination of questions relating to exceptions
section 22 questions about exemptions under sections 19 and 21 are examined by
The Swedish financial supervisory authority. Team (2013:456).
Appropriations
section 23 of the Government or the authority, as the Government determines
may provide for
1. enforcement of insurance business in order to meet Sweden's
commitments arising from the agreement between the European Union (EU)
and Switzerland,
2. how the assets in accordance with section 19 c 1 should be defined,
and valued;
2. how the capital requirement pursuant to paragraph 19 (c) 2 shall be calculated,
3. determination of the guaranteed amount under § 19 c 3,
4. the level of own funds, the composition and the calculation of the
This according to § 19 c 4,
5. how an enterprise management system in accordance with section 19 c 5,
designed, and
6. the average funeral costs under section 20 1.
Law (2015:700).
Transitional rules for certain insurance
section 24 of the insurance that has been signed in a
insurance company or a mutual insurance company
before 1 January 2000, the requirement of reasonableness under
Chapter 7. paragraph 4, first subparagraph and 19 Cape. paragraph 5 of the
the insurance business Act (1982:713) in their version before
the end of 1999, if not otherwise agreed. The same applies if the
such insurance was renewed after the end of the year 1999.
section 25 of the insurance that has been issued by a
understödsförening under the Act (1972:262) if
friendly societies prior to 1 april 2011 the requirement on
equity in accordance with the first sentence of the first subparagraph of section 11 of the Act,
If not otherwise agreed. The same applies if such insurance
has been renewed after this law has started to be applied.
Chapter 2. Authorization for insurance companies
Obtain a permit
section 1 of the insurance business may be driven only by permission.
Permission may be granted a limited company, a mutual
insurance company or an insurance Association.
The European company and the European cooperative
§ 2 in the case of the European company and the European cooperative that operates
insurance business and that has such a management system
referred to in articles 39 to 42 of the Council Regulation (EC) no
2157/2001 of 8 October 2001 on the Statute for a European company
or articles 37 to 41 of Council Regulation (EC) No 1435/2003
of 22 July 2003 on the Statute for a European cooperative
unions, the following provisions of this Act if
the Board or its members apply to the Supervisory Board
or its members:
Chapter 2. 4 section 4 of the management review,
Chapter 4. 9 paragraph 1 on a contract with or for the benefit
for Member of the Board of Directors,
11 kap. section 8, chapter 13. section 17 if the information before the Board election,
11 kap. section 10, chapter 13. section 11 on disqualification of Board Member,
Chapter 13. section 13 if the exceeding of power and authority,
Chapter 17. section 13 of the right for the FSA to convene
the Board of Directors and be present at such a meeting as well as participate in
the deliberations,
Chapter 18. section 11 of the revocation of a licence, and
19. 45 section on professional secrecy.
The second paragraph of section 16 of the Act and section 22 (2004:575) if
European companies, as well as paragraph 21 and section 26 of the Act (2006:595)
If the European cooperatives indicates that the specified in the first subparagraph
the provisions about the Board or its members to
also apply to an SE or an
European cooperative management or administrative body, or
its members. Law (2015:700).
Advance notification
paragraph 3 of the financial supervision authority shall, on application, give preliminary rulings
whether a permit is required for a planned business.
Conditions of permission to operate insurance business
Conditions for authorisation
section 4 of the companies to be given permission to operate
insurance, if
1. the articles of association or rules consistent with this
law and regulations governing a company
articles of incorporation or bylaws and otherwise contains the
Special provisions are needed to take account of
the scope and nature of the planned activities,
2. the planned activities likely to meet
requirements in accordance with the provisions of this law and other
regulations governing the company's activities,
3. the program will have a qualifying holding in a
insurance company deemed appropriate to exercise a significant
influence over the management of the insurance company, and
4. the referred to join the Board of the company or be
Executive Director of it, or be a substitute for any
of them, or they referred to shall be responsible for such a central
function referred to in Chapter 10. paragraph 4(1) has the
insights and experience must be required by the
participate in the governance of insurance companies and also in
the rest is suitable for such a task.
The assessment referred to in the first subparagraph 3, the criteria of 15
Cape. 5 paragraph 1, 3 and 4 and paragraph 6 are taken into account.
Law (2015:700).
Close links
§ 5 If the undertaking has or likely to get near
relations with someone else, permission is granted only if the
relations does not hinder an effective supervision of the company.
State duration
Time period
section 6 of the licence pursuant to section 4 of the given indefinitely or, if specific
circumstances giving rise to this, for certain time, not more than
ten years, and in addition to the current end.
For extension of a permit that has been given a
insurance companies for specific time and by change of a
announced conditions apply 4 and 5 sections in applicable parts.
Decision to apply for extension of the permission
paragraph 7 of the decision to apply for renewal of a permit shall be in a
insurance company and the mutual insurance company
be taken by the general meeting and in an insurance Association of
the annual general meeting.
Examination of the articles of incorporation, etc.
§ 8 the question of approval of articles of incorporation or the bylaws of the
a company should be examined in connection with the issue of the company
to receive permission to operate insurance business must be examined.
A company's decision to adopt the articles of incorporation or bylaws may
not be registered before the articles of association or rules has
approved.
section 9 of an insurance company that has decided to change its
articles of incorporation or its statutes must apply for approval of
the change. The change shall be approved if the articles of association or
statutes in conformity with this law and other regulations
regulating a company's articles of association or statutes, as well as in
Moreover, they contain special provisions necessary with
account of the scope and nature of the business.
An insurance company decision on amendment of the articles of Association
or bylaws shall not be registered until it has been approved.
Own funds when insurance operations commence
section 10 of an insurance company, as the movement begins to have a
own funds amounting at least to the amount of the guarantee in accordance with 8
Cape. 17 or 18. Law (2015:700).
Authorization for direct non-life insurance business
section 11 permits for direct non-life insurance shall cover a
or more of the following classes of insurance or risk
relating to such a class:
1. accidents, but not insurance referred to in section 12 of class IV,
2. disease, but not insurance referred to in section 12 of class IV,
3. land vehicles (other than rail vehicles),
4. track vehicles,
5. aircraft,
6. vessels,
7. carriage of goods,
8. fire and natural forces,
9. other property damage,
10. motor vehicle liability,
11. aircraft liability,
12. ship's responsibility,
13. General liability,
14. credit,
15. the Castle,
16. other property damage,
17. property, and
18. assistance.
An insurance company may insure risks not covered by
the company's permission, if the risk is subordinate in relation
to the risk covered by the permit (the main risk). A
legal expenses insurance may, however, be treated as a child only
If it concerns disputes or risks related to the
high seas off in class 6 or 12, or if the main risk falls
in class 18. Risks under class 14 and 15 may not
be treated as child.
State of the business of direct life assurance
section 12 permits for direct life insurance business is directed to a
or more of the following classes of insurance or risk
relating to such a class:
– I. a) insurance, where payment of insurance amount
(lump-sum or periodic payments) is dependent on the
a person or several people's lives, but not insurance
According to class III,
– I. b) insurance announced that additions to insurance
According to class I a,
– II. a) insurance which are accrued at marriage,
– II. b) insurance which turns out at birth,
(III). classes of insurance referred to in (a), II a and II b
that are related to the funds managed by the
the right to operate the Fund operations under the Act (2004:46) about
mutual funds or special funds managed
of the one who has the right to manage special funds under the Act
(2013:561) on alternative investment fund managers
(variable annuities), and
– IV. health insurance and accident insurance for
longer than five years, for an indefinite period of time or until the
insured reached a certain age and may not be terminated
of the insurance undertaking or may be terminated only under
special conditions specified in the insurance contract.
Team (2013:583).
Permits for movement in respect of reinsurance acceptances
section 13 Permit for movement in respect of reinsurance acceptances shall
refer to the risks pertaining to one or more of the claims
or life insurance classes specified in §§ 11 and 12.
Permission to operate exclusively on reinsurance business
paragraph 14 of the State to exclusively operate the reinsurance business may
only given a limited company or a mutual
insurance companies.
The examination of the application
section 15, an application for a licence to operate insurance business,
as well as questions about the approval of articles of incorporation or bylaws
According to section 8 or 9, be examined by the Swedish financial supervisory authority.
Team (2013:456).
FSA's consultation with the competent authority
section 16 of the financial supervision authority shall, before deciding in the case of
State shall consult the competent authority of another country in
EEA, if the company
1. is or can be expected to become subsidiaries of a
insurers, a credit institution or a
investment firms authorised in that country,
2. is or can be expected to become subsidiaries of
the parent undertaking of an insurer, a credit institution,
a company of electronic money or a
investment firms authorised in that country, or
3. controlled or can be expected to be controlled by
the same person, whether natural or legal, who controls
over an insurer, a credit institution, a company
for electronic money or investment firm with
authorisation in the country. Team (2013:456).
Application for permit
The application before registration
section 17 a corporation may apply for a licence to operate
insurance company has been registered in
Swedish or European companies register.
If a corporation has filed for permits within six months of
stiftelseurkundens signature, the time-limit in Chapter 2.
22 of the Swedish companies Act (2005:551) for when the Board of Directors shall notify
company registration is calculated from the permit decision.
A mutual insurance company and an insurance Association shall
apply for a permit before company and the Association has
formed.
Business plan
section 18 of the application for a licence to operate insurance business shall
include a plan for the proposed activities.
Appropriations
section 19 of the Government or the authority, as the Government determines
may provide for
1. the requirements for participation in the governance of a
insurance undertakings under paragraph 4, first subparagraph 4,
2. the risks pertaining to each class of insurance
According to §§ 11 and 12, as well as on names for groups of
classes of insurance referred to in section 11, and
3. what a business plan under section 18 to contain.
Law (2015:700).
Chapter 3. Activities in another country within the EEA
General provisions on establishment
Notification to the financial supervision authority if the intention to establish a
secondary establishment
(1) an insurance undertaking which is not a
reinsurance companies, which intends to establish a branch;
Agency or other similar establishment (secondary establishment)
in the EEA, shall inform the financial supervision authority before the business
begins. The notification shall include
1. a plan for the proposed activities, with an indication of
secondary establishment, organization and the
insurance business to power there, and
2. indication of the country in which the foreign establishment shall be established
and if the foreign establishment's address and its representatives.
If an insurance company from a secondary establishment intends to
notify the insurance referred to in Chapter 2. section 11, first subparagraph
class 10 (motor vehicle liability) and not exclusively for the
insurance of carrier's liability, the notification shall, moreover,
contain a statement that the company is a member of
equivalent of automobile insurance in the EEA country
where secondary establishment shall be established and attached to the
the country's national guarantee fund.
Message from the FSA to the competent authority
2 § If the conditions referred to in the second subparagraph are met,
should the FSA within three months of a
the information referred to in paragraph 1 was received leave message if
the notification to the competent authority of the country where
secondary establishment referred to. The inspection shall
at the same time provide an attestation that the insurance company
meet the solvency capital requirement and the minimum capital requirement according to
Chapter 8.
A notification referred to in the first subparagraph shall be provided if it is not
There are reasons to doubt that
1. the insurance company's organisation is efficient,
2. financial situation of the insurance undertaking's
satisfactory in view of the planned
comprehensiveness and art, or
3. the representative of the foreign establishment has sufficient
expertise and experience and is otherwise qualified to lead
the activities of the secondary establishment. Law (2015:700).
Notice to the insurance company to message
left
paragraph 3 of the financial supervision authority shall notify the insurance company when
the inspection leaves a message pursuant to article 2 of the first paragraph.
When the business may commence
section 4 of the operation of a secondary establishment may commence
not earlier than two months after the financial supervisory authority has
made the communication referred to in paragraph 2 of the first paragraph.
If the conditions for the establishment of a secondary establishment is not
see
§ 5 If the financial supervision authority finds that there is no
conditions for setting up a secondary establishment, shall
the inspection, notify decision if within three months from the
the notification referred to in paragraph 1 was received.
Notification of changed circumstances
section 6, If an insurance undertaking intends to change any of the
conditions specified in a notice under section
After a secondary establishment was set up, the
the company shall inform the financial supervision authority and the competent
Agency at least one month before implementing the change.
Finansinspektionen's decision to refuse to accept an amendment
section 7 Of the financial supervision authority finds that any such change which has
specified in a notice under section 6 may not be made, should
the inspection, notify decision if, within one month from the
the notification was received. The competent authority shall immediately
be informed of the decision.
Special provisions on occupational pension insurance for a
secondary establishment
section 8 Has been repealed by law (2015:700).
9 repealed by law (2015:700).
10 repealed by law (2015:700).
repealed by law 11 (2015:700).
section 12 is repealed by Act (2015:700).
13 repealed by law (2015:700).
14 repealed by law (2015:700).
General provisions on cross-border activities
Notification to the financial supervision authority of the intention to operate the
cross-border activities
section 15, If an insurance undertaking which is not a
reinsurance companies would notify insurance from Sweden
or from a secondary establishment in a country in the EEA at risk
located in or for commitments to be fulfilled in any other
EEA-country and whether this should be done without the mediation of a
secondary establishment in another country (cross-border
activities), the company shall inform the financial supervision authority if the
it. The notice shall specify which type of
risks or obligations insurance policies will cover.
Except for coinsurance concerning major risks
section 16 of the provisions of section 15 does not apply when a
insurance companies in other capacity than leading
insurers participating in the coinsurance (koassuransavtal)
with respect to major risks.
With big risks
1. the insurance referred to in Chapter 2. section 11, first subparagraph
classes 4 to 7 and 11 and 12,
2. the insurance referred to in Chapter 2. section 11, first subparagraph
classes 14 and 15, if the policy holder is a trader and
the insured risk relating to economic activities, and
3. the statements referred to in Chapter 2. section 11, first subparagraph
classes 3, 8-10, 13 and 16, if the policyholder is
traders and at least two of the following conditions is
fulfilled according to the last set of results and
balance sheet:
(a)) the policyholder has a total assets amounting to
at least the equivalent of EUR 6 200 000,
(b)) a policyholder has a gross turnover amounting to
at least an amount equivalent to 12 800 000 euro;
c) policyholder has had an average of at least 250 people
employees.
If the policyholder is part of a group that delivers
consolidated financial statements, to the conditions in the second subparagraph 3
apply to the group.
Message from the FSA to the competent authority
section 17 of the financial supervision authority shall, within one month from the
notification under section 15 were received, leave message if
the notification to the competent authority of the country where
the cross-border business should be run.
The financial supervision authority shall make a certificate stating that
insurance undertaking comply with the solvency capital requirement and
the minimum capital requirement in accordance with Chapter 8. and an indication of which
classes of insurance company's authorization for
insurance covers. Law (2015:700).
Notice to the insurance company to message
left
section 18 of the financial supervision authority shall notify the insurance company when
the inspection leaves a notice under section 17.
When operations can be initiated
section 19 of The cross-border activities may commence no sooner than
When the financial supervisory authority has notified to the company pursuant to section 18.
Finansinspektionen's decision not to provide notice to the
competent authority
section 20 Of the financial supervision authority finds that there is no
conditions for the company to operate the cross-border
activities, the Inspectorate does not leave any notice under
section 17. A decision shall be taken within one month of a
notification under section 15 were received.
Notification of changed circumstances
section 21 Of an insurance undertaking intends to change any of the
conditions specified in the notification under section 15,
After the cross-border operation has been launched,
do 15-20 sections apply.
22 repealed by law (2015:700).
Authorization
section 23 of the Government or the authority, as the Government determines
may provide for what a business plan under section
first paragraph 1 should contain.
Chapter 4. Basic provisions of an insurance company
motion
Stability
section 1 of the insurance business will be operated with an operating
extent and nature of adequate solvency, liquidity and
control of insurance risks, investment risks and
business risks, so that the commitments towards policyholders and
other eligible because of insurance can
be fulfilled.
Information
section 2 of the Information to policyholders and those offered
insurance should be tailored to
cover art and clear view of the insurance terms and
value development. Even other reimbursable on the basis
of insurance to be given the information they need.
An insurance policy shall contain information both about the
General insurance terms and conditions and the specific terms and conditions
for the insurance referred to in the letter. Law (2015:700).
Good insurance standard
paragraph 3 of the motion of an insurance undertaking shall be operated in accordance with good
insurance standard.
Insurance foreign activities
section 4 of the insurance companies may not pursue other movement than
insurance and related activities.
Principle of proportionality
section 5 provisions of 5 – 10, 17 and 19. shall apply
proportionate to the nature, scale and
the complexity of the risks in each insurance company
activity. Law (2015:700).
Borrowing
section 6, an insurance company may take up or take over lease
(borrowing) only if it is done to streamline
asset management or if otherwise warranted by
the insurance operations.
In addition to the first subparagraph, the total borrowing is of
minor importance with regard to the movement's scope and
size of the capital base.
If there are special reasons, the financial supervisory authority in a
case-by-case basis, decide on exemptions from the obligation to
borrowing should be trivial. Law (2015:700).
Direct life and non-life insurance in the same company
section 7 of the business of direct life assurance can only be combined with direct
non-life insurance as described in Chapter 2. section 11, first subparagraph
classes 1 and 2 and with movement in reinsurance of
insurance under any of these classes, and by life insurance.
Of the business of direct life assurance and non-life insurance business,
However, operated in the same insurance company, if such activities
at the same time was driven at the time of the signing of the agreement
If the EEA, may 2, 1992.
Of the business of direct life assurance and non-life insurance which
operated in the same insurance undertaking shall be segregated in
the company.
section 8 Has been repealed by law (2015:700).
Agreement with the bias circuit for services
section 9 of an insurance company shall not enter into contracts for the services of
conditions other than those that the company normally applies, or
enter into other agreements on terms that are not commercially motivated
with or for the benefit of
1. a Board member or the Chief Executive Officer of
insurance company or other companies in the same group,
2. actuarial or employee who holds a leading position
within the company,
3. anyone who is married or cohabiting with or are siblings or
relative in the ascending or descending line right to the referred to in
1 or 2,
4. the besvågrad with the referred to in 1 or 2 in the right
ascending or descending line or so that one is married to the
Andres sibling, or
5. a legal person in which the person referred to in 1 to 4 have
a substantial financial interest as a shareholder.
The first subparagraph shall not apply in the case of the provision of security in
activities concerning occupational pension insurance.
The Swedish financial supervisory authority decides whether an employee has such leading
position referred to in the first subparagraph 2.
section 10 of the insurance company's Board of directors should treat the cases that
referred to in paragraph 9. It should be in a list
Enter the details of the agreement that has been reached.
Insurance policies of solidarity-based accountability
section 11 of the insurance undertaking may not without FSA
conditions notify the insurance policies of solidarity and accountability.
Ban on promising refunds
section 12 Insurance companies may not offer the prospect of future bonuses
that has no basis in the insurance contract.
Prohibition on communication of new insurance policies in the event of liquidation or
bankruptcy
13 § when an insurance company has gone into liquidation or
been declared bankrupt, it must not announce new insurance.
An insurance company which has gone into liquidation may be
notify such life insurance arising from existing
insurance contracts.
Privacy, etc.
section 14 of the personal data which indicates that a policyholder has
taken the appropriation of the amount of insurance
turns out in the future for the benefit of another, and that
treated in accordance with the personal data Act (1998:204) must not be left
out to the beneficiary.
section 15 of the one who intentionally or negligently violates section 14
shall be liable to a fine or imprisonment of up to one year.
paragraph 16 of the statement of the genetic examination or genetic
information relating to an individual person may not improperly
be disclosed.
In the public activities should apply instead of sections 14 and 15
as well as the provisions of the first subparagraph and
secrecy (2009:400).
Head Office in Sweden
section 17 of an insurance undertaking shall have its head office in Sweden.
Repurchase and transfer
section 17 (a) If a policyholder has the right to repurchase or
transfer pursuant to Chapter 11. paragraph 5 of the insurance contracts Act
(2005:104), the insurance company to make sure that this and the
detailed conditions for the redemption or transfer is shown by
the insurance contract. Law (2015:700).
paragraph 17 (b) If a policyholder entitled to repurchase
or the transfer under Chapter 11. paragraph 5 of the insurance contracts Act
(2005:104) to move the insurance value to another
the insurance company, the insurance company from which
the value to be moved as soon as possible transfer the value and the
information on the insurance necessary to the other
the company. Law (2015:700).
Appropriations
section 18 of the Government or the authority, as the Government determines
may provide for
1. the actions that an insurance undertaking shall take
to meet the requirements of solvency, liquidity and
risk management as referred to in paragraph 1,
2. the information under paragraph 2 of which the assurance undertaking
shall provide to the insured, for other
eligible due to insurance and to those
offered to take out an insurance policy in your company,
3. the actions that an insurance undertaking shall take
to meet the requirements of good insurance standard referred to in
section 3, and
4. terms and conditions for funding under section 6.
Law (2015:700).
Chapter 5. Assets, liabilities and provisions
Solvency balance sheet
(1) an insurance undertaking shall establish a special
balance sheet for solvency purposes (solvency balance sheet).
Of solvency balance sheets, assets and liabilities are valued
under paragraph 2 of and technical provisions are calculated
According to sections 3 to 16. Law (2015:700).
Valuation of assets and liabilities
section 2 of the assets and liabilities shall be entered at fair value.
With the fair value is the amount at which an asset
or a debt could be exchanged or settled in a
transaction between independent partners who have a
arm's length transaction.
The valuation of liabilities, account may be taken not to
the insurance company's own credit rating. Law (2015:700).
Technical provisions
Valuation of technical provisions
section 3 of the insurance undertaking shall make actuarial
provisions for its obligations by reason of settlement
insurance contracts.
Technical provisions shall be equal to the amount
which insurance company would have to pay if it immediately
would transfer its obligations to another
insurance companies, who are independent and who have an interest in
that transaction is carried out. Law (2015:700).
Responsible computing
section 4 the calculation of technical provisions shall
based on the assumptions of risk measures, interest rates and
operating costs alone are responsible,
reliable and objective. Law (2015:700).
Insurance the composition of technical provisions
paragraph 5 of the technical provisions shall be
the sum of a best estimate of future cash flows according to the
6, 7 and 9 to 12 sections plus a risk margin under section 13.
A separate calculation of the risk margin should not be done, if the
expected future cash flows as a result of concluded
insurance contracts have an equivalent cash flows of
financial instruments for which there is a secure
market value. In such a case, the value of the
technical provisions in place correspond to
the market value of these financial instruments.
Law (2015:700).
Calculation of the best estimate
section 6 of the best estimate of future cash flows should
correspond to the expected present value of future cash flows
which may arise by reason of the underwriting agreement.
It will be calculated with a relevant risk-free interest rate structure.
Law (2015:700).
section 7 of the financial supervision authority may, in a particular case, decide that a
insurance companies may use a matchningsjusterad risk free
interest rate structure in the calculation of the best estimate.
An insurance undertaking authorised in accordance with the first
subparagraph shall not revert to the use of a risk-free
interest rate structure without a matching adjustment. Law (2015:700).
section 8 of the insurance undertaking shall immediately inform the
The Swedish financial supervisory authority, if the company does not meet the conditions for
the use of the matching adjustment under section 7. By
the notification shall indicate when the conditions were no longer
met.
An insurance company that has received a notice under
Chapter 17. 7 a § to immediately cease the use of
matching adjustment may not be granted a licence under section 7
first subparagraph, within two years from the notice. Law (2015:700).
section 9, an insurance company may use a
volatilitetsjusterad risk-free interest rate structure in the calculation of the
technical provisions. Law (2015:700).
paragraph 10 of the financial supervision authority may, in a particular case, decide to
an insurance company may use one temporarily adjusted
risk-free interest rate structure in the calculation of the best
the estimation. Law (2015:700).
section 11 of the best estimate of future cash flows should
calculated without deducting reinsurance ceded
or for amounts recoverable from special purpose vehicles.
An insurance company is going to do a separate calculation of the
amount that can be recovered because of reinsurance ceded
or special purpose vehicles. Such amounts should be included in the
the solvency assets side of the balance sheet. Law (2015:700).
section 12 of the financial supervision authority may, in a particular case, decide to
an insurance company may use a temporary deduction for
the calculation of technical provisions.
Law (2015:700).
Calculation of the risk margin
paragraph 13 of the Risk margin shall be equal to the amount that another
insurance companies can be expected to require, in addition to the best
the estimation of future cash flows, to take over and
meet insurance company's commitments towards policyholders
and other eligible beneficiaries. Law (2015:700).
Guarantees and options
section 14 in the calculation of the technical provisions
shall take into account the value of guarantees and options in
underwriting agreement. Law (2015:700).
Separate calculations for different insurance risks
section 15 in the calculation of the technical provisions
should an insurance company split its insurance liabilities
in insurance risks of similar kind or at least after
the company's various business branches. Law (2015:700).
Calculation for fair accountability
section 16 If more insurance companies stand for a
insurance, only the part of the insurance which, according to the agreement
between undertakings relating to the individual company shall be taken into account for the
the calculation of the company's technical
provisions. Law (2015:700).
Determination of premiums for life insurance policies and some
non-life insurance
section 17 of the Premiums for life insurance and indemnity insurance as
be granted for a period longer than 10 years shall be determined on the assumptions
on mortality and other risk measures, interest rate and
operating costs alone are responsible,
reliable and objective, unless a derogation is
justified with regard to the insurance company's financial
situation. Law (2015:700).
Appropriations
section 18 of the Government or the authority, as the Government determines
may provide for
1. the content and technical provisions of insurance
calculation according to 4, 6, 11 and 13 to 16 sections,
2. the conditions that must be met for a
insurance companies will be permitted to use
matching adjustment under section 7,
3. how a volatility adjustment under section 9 shall be calculated,
4. the conditions for exemption under section 10 and the calculation of a
temporarily adjusted risk-free interest rate structure, and
5. the conditions for exemption provided for in section 12 and the calculation of the
temporary relief. Law (2015:700).
Chapter 6. Investments
Introductory provisions
Diligence
section 1 of the insurance company's assets will be invested in a
35. in accordance with paragraphs 2 to 10.
In case of conflicts between the insurance undertaking and the
policyholders should the assets be invested on the way
that best serves the interests of policyholders and other
ersättningsberättigades interests. Law (2015:700).
Risk control
2 § Investments may only be made in the financial
instruments and other assets whose risks
the insurance company can identify, measure, monitor,
manage, control and report and appropriately
take account of the own risk and solvency assessment under 10 Cape.
11 section 1. Law (2015:700).
Risk diversification
paragraph 3 of the investments in financial instruments and other
assets should be made so that an appropriate risk diversification can be achieved.
All assets shall, with regard to the
the insurance company's underwriting liabilities and changes in
the assets ' future value and yield are invested so
to the company's liquidity is adequate and
the expected yield is sufficient. Law (2015:700).
Localization of assets
4 section A insurance company assets shall be stored so that they
are accessible to the company. Law (2015:700).
Specific constraints for investments in certain
assets
Derivative instruments
§ 5 derivative instruments may be used to reduce the risk of a
insurance company or to otherwise improve the effectiveness
the management of the company's assets and liabilities.
Law (2015:700).
Unlisted assets
section 6 of the investments in financial instruments and other
assets which are not admitted to trading on a regulated
market should be kept to prudent levels; Law (2015:700).
Assets that meet the technical provisions
Account of the nature and duration of the commitments
section 7 of the assets covering technical provisions
According to Chapter 5. 3 to 7 and 9 to 16 §§ shall, in addition to what follows from
1 to 6 sections, are invested in a manner that is appropriate
to the species and maturity. The investment of these
assets must also be done in a way that best benefits
policyholders ' interests, in the light of the objectives of
the investments that have been set up and published.
Law (2015:700).
Assets for which the policyholder bears
investment risk
§ 8 the provisions of section 3(1) and paragraphs 5 and 6
does not apply to assets that correspond to provisions for
which the policyholder or other eligible beneficiaries
bears the investment risk. For such assets, section 1, section 2, paragraph 3 of the
the second subparagraph of paragraph 4 is applied, and, where appropriate,
9 and 10 sections.
When benefits are tied to the assets referred to in the first
the paragraph includes a guaranteed return on investment
or some other guaranteed benefit, the 1-6 sections of the
assets corresponding to additional provisions for the
guaranteed benefit. Law (2015:700).
Especially if the Fund insurance assets
§ 9 Premier for unit-linked insurance shall be invested so that they
closely as possible corresponds to shares in such funds as are
attached to the insurance policy and that the policyholder or the
the insured may from time to time determine.
The insurance company may limit the number of funds in which
premiums may be placed.
Dividends and compensation in case of redemption of shares may only
be used for the acquisition of new shares in affiliated funds and for
payment or payment of the costs referred to in
the insurance contract. Law (2015:700).
Especially if the assets are tied to other benchmark
section 10 of the Premiums for the insurance benefits are linked to a
share index or some other reference value, the
invested so that they correspond as closely as possible, the
benefits to which the reference value is based. Law (2015:700).
Record of assets corresponding to the technical
provisions
Requirements on record keeping
section 11 of the insurance undertaking shall keep a register at the
each time showing the assets, valued according to Chapter 5.
section 2, which is used to cover the technical
provisions.
If an asset entered in the register has granted
with such a right to its full value cannot be used for
to cover the technical provisions shall
be recorded in the register. Law (2015:700).
Assets not to be recorded in the register
section 12 of the following assets shall not be recorded in the register:
1. requirements for anyone other than the policyholder as
is less than the amount that the debtor has to require of
the insurance undertaking, and
2. insurance companies own shares.
Law (2015:700).
Preferential rights
paragraph 13 of the preferential rights pursuant to section 4 (a) förmånsrätts Act (1970:979)
included with the claim that
1. be based on contracts of insurance, or
2. relating to the refund of premiums to a
the insurance agreement has not come into existence or has ceased
to apply.
Preferential law encompasses the assets listed in the
register provided for in section 11 when the company declares bankruptcy
or repossession takes place.
Claim founded on contract for reinsurance has preferential rights
After such a claim referred to in the first subparagraph.
Law (2015:700).
Authorization
section 14 of the Government or the authority, as the Government determines
may provide for
1. What is meant by appropriate risk diversification in accordance with paragraph 3 of the first
subparagraph,
2. storage of assets under paragraph 4,
3. the use of derivative instruments according to § 5, and
4. keeping of records under section 11.
Law (2015:700).
Chapter 7. Capital base
Sufficient own funds
(1) an insurance undertaking shall have own funds which are at least
equal to the solvency capital requirement calculated in accordance with Chapter 8. 1 §
or chapter 17. section 26.
Own funds shall never be less than
the minimum capital requirement calculated in accordance with Chapter 8. 13-15 and
17-21 sections. Law (2015:700).
The composition of own funds
section 2 of the own funds consist of tier 1 capital and by
ancillary own funds that have been approved by the Swedish financial supervisory authority according to
section 6. Law (2015:700).
Tier 1 capital
section 3 of the tier 1 capital, the following entries shall be included:
1. the positive difference between the assets and liabilities,
including the technical provisions, and
2. subordinated liabilities.
Assets and liabilities as referred to in the first subparagraph shall be valued
According to Chapter 5. 1 to 7 and 9 to 16 sections.
The positive difference between the assets and liabilities under
the first subparagraph of paragraph 1 shall be reduced by the value of holdings of own
shares. Law (2015:700).
Supplementary capital
section 4 of the Supplementary capital is a post not included in the
tier 1 capital but which may be required in order to cover
losses. Law (2015:700).
section 5 of the supplementary capital may include the following items:
1. share capital or initial fund that has not been paid
and that has not been requested,
2. credit line at bank,
3. warranties,
4. future claims based on supplementary contributions, and
5. other legally binding commitments to
insurance company.
To get accepted as additional capital is required to record
loss-absorbency is sufficient. The record should be valued
at an amount that reflects its ability to cover
losses. Law (2015:700).
paragraph 6 of the financial supervision authority shall determine the amount which a post
in additional capital may be raised to or the method to
be used to determine a certain amount.
Finansinspektionen's decision to use a method of the
the first subparagraph shall apply for a period of time. Law (2015:700).
Classification of own funds
section 7 of the records of own funds shall be divided into levels according to
the following.
Level 1: records in tier 1 capital that can cover the losses completely
and are fully subordinated.
Level 2: items in tier 1 capital that are fully subordinated
as well as items in tillläggskapitalet that can cover the losses completely
and are fully subordinated.
Level 3: other items.
A record shall be deemed to be able to cover the losses if it in its
a whole is available or can be called up on demand to
cover losses, both in operations and in
liquidation or bankruptcy.
A record shall be deemed to be subordinated if, in its entirety,
in case of liquidation or bankruptcy, shall not be refunded to the
holder until all other insurance company
obligations have been met. Law (2015:700).
section 8 when assessing if a post is deemed to be able to cover
losses completely or be fully subordinated under section 7, shall
It should be taken into account if the record is free from
1. requirements or incentives to redeem the nominal
the amount,
2. mandatory fixed costs, and
3. loads.
The assessment referred to in the first subparagraph shall also record's maturity
be taken into account. If a record is time, account shall be taken of whether the
average maturity on record are sufficient in
relation to the duration of the commitments. Law (2015:700).
Classification of own fund items
§ 9 A post should be classified as level 1 or 2 on the in
substantially complies with the conditions for such
classification in accordance with §§ 7 and 8. Law (2015:700).
section 10 of the Accumulated profits which have not been made available
for distribution to policyholders and other
eligible beneficiaries (surplus funds) shall be classified
as level 1, if the records meet the conditions for a
such classification according to §§ 7 and 8.
An entry in the supplementary capital may be classified as level 2
It refers to the
1. credit line at bank and guarantees that are stored as
Security for the creditors of the insurer by an independent
managers and are issued by credit institutions which are
authorised under Directive
2006/48/EC of 14 June 2006 relating to the taking up and pursuit of the
the business of credit institutions, and
2. future claims based on supplementary contributions during the
next twelve months, which can be set on a partner or
members of the mutual insurance company. Law (2015:700).
Coverage of the solvency capital requirement
paragraph 11 of the core capital classified as tier 1 in accordance with § 9
or section 10 of the first subparagraph shall amount to more than a
third of the solvency capital requirement in accordance with Chapter 8. § 1.
Tier 1 capital or additional capital that has been classified
as level 3 under section 9 shall be less than one third of
the solvency capital requirement in accordance with Chapter 8. § 1. Law (2015:700).
To cover the minimum capital requirement
section 12 of The own funds to cover the minimum capital requirement according to
Chapter 8. section 13 may consist of tier 1 capital, which has been divided into
level 1 and 2, in accordance with section 9 and section 10 of the first paragraph.
Core capital classified as tier 1 in accordance with § 9
and section 10 of the first subparagraph shall be equal to more than half of
the minimum capital requirement.
The minimum capital requirement shall otherwise be covered by primary capital
have been classified as level 2, in accordance with section 9. Law (2015:700).
Appropriations
paragraph 13 of the Government or the authority, as the Government determines
may provide for
1. the requirements for the approval of items
the additional capital and bases for valuation of entries in the
additional capital pursuant to § 5,
2. What are the characteristics and criteria to be taken into account when
Subdivision levels under section 7,
3. What are the characteristics and criteria to be taken into account when
classification of own fund items under section 9, and
4. What are the characteristics and criteria to be taken into account when
classification of items in the additional capital pursuant to paragraph 10 of
second paragraph. Law (2015:700).
Chapter 8. The solvency capital requirement and minimum capital requirement
The solvency capital requirement
The calculation of the solvency capital requirement
section 1 of the solvency capital requirement shall be the minimum size of the
eligible basic own funds required for the
the insurance company shall be 99.5% probability
assets during the next twelve months that covers the value of
commitments to policyholders and other
eligible on account of insurance (protection level).
This level of protection, should also be taken into account in the calculation of
the capital requirement for each of the risks included in
the solvency capital requirement.
The solvency capital requirement shall be calculated under the assumption that
the insurance company will continue to operate its
activity. Law (2015:700).
section 2 of the solvency capital requirement shall be calculated taking into account all
measurable risks the company is exposed to.
In the calculation, at least the following risks should be taken into account:
1. insurance risks,
2. market risks,
3. credit risks, and
4. operational risks.
Law (2015:700).
§ 3 when calculating the solvency capital requirement shall
the insurance undertaking shall take into account the effects of such techniques as
the company uses to reduce their risks.
Law (2015:700).
Calculation methods
section 4 of the solvency capital requirement shall be calculated as a
the standard formula, as set out in section 5. The financial supervision authority may, in a
case-by-case basis, decide that an insurance undertaking may use
an internal model in accordance with Chapter 9. Article 1, first paragraph to
calculate the solvency capital requirement. Law (2015:700).
Calculation according to the standard formula
paragraph 5 of the solvency capital requirement calculated in accordance with the standard formula should
be the sum of
– a primary solvency capital requirement calculated in accordance with paragraphs 6 to 8,
and
-a capital charge for operational risk calculated in accordance with section 9,
decreased by
– an adjustment amount calculated in accordance with section 10.
Law (2015:700).
Primarily the solvency capital requirement
section 6 of the basic solvency capital requirement shall be calculated by a
adjusted the aggregation of the capital requirements for at least the following
risks:
1. insurance risks,
2. market risks, and
3. counterparty risks.
Law (2015:700).
section 7 of the financial supervision authority may, in a particular case, decide that a
insurance companies may use the appropriate parameters
specific to the company when calculating the capital requirement for
insurance risks. Law (2015:700).
paragraph 8 of the financial supervision authority may, in a particular case, decide that a
the insurance company will notify such pension insurance
as indicated in chapter 58. section 2 of the income tax Act (1999:1229),
calculate the capital requirement for equity risk, which is included in
the capital requirement for market risk, according to a special method
adapted for this activity. Law (2015:700).
Capital requirements for operational risk
§ 9 the capital requirement for operational risk is calculated with
regard to such operational risks insurance company
is exposed and which have not been taken into account in the calculation of the
capital requirement for insurance risks, market risks, or
counterparty risks. Law (2015:700).
Adjustment amount
section 10 of the Adjustment amount referred to in paragraph 5 shall be equal to the loss
of the insurance company's unforeseen losses due to
1. to the company's obligations to policyholders, or
other eligible decreases as a result of the conditions
in the insurance contract,
2. to the company's deferred tax change, or
3. a combination of 1 and 2.
Law (2015:700).
Simplified calculations
section 11 of the insurance undertaking may make simplified calculations
of the capital requirement for specific risk if
1. warranted, taking into account the nature, scale and
the complexity of the risks the company is exposed to, and
2. it is disproportionately burdensome to make calculations
According to the standard formula. Law (2015:700).
Notification of lack of solvency capital requirement
section 12 of an insurance undertaking shall immediately inform the
The Swedish financial supervisory authority, if the company does not meet the
the solvency capital requirement or if there is a risk of this in
the next three months.
An insurance undertaking administers Chapter 5. 10 or section 12 shall
immediately inform the financial supervision authority, unless the company
would meet the solvency capital requirement without the application of
These provisions. Law (2015:700).
Minimum capital requirements
Calculation of minimum capital requirements
paragraph 13 of the minimum capital requirement is the minimum size of the
eligible basic own funds required for the
insurance company with 85 percent probability to have
assets during the next twelve months that covers the value of
commitments to policyholders and other
eligible because of insurance.
Law (2015:700).
section 14 of the minimum capital requirement shall be calculated taking into account completely
or in part by
1. technical provisions,
2. premium income,
3. positive capital at risk,
4. deferred taxes
5. administrative costs, and
6. reinsurance ceded.
Law (2015:700).
Adjustment of the estimated minimum capital requirements
section 15 of the minimum capital requirement calculated in accordance with sections 13 and 14,
not less than 25 per cent or more than 45 percent of
the solvency capital requirement including the capital add-on referred to in chapter 17.
section 24. The minimum capital requirement must never be lower than
the amount of the guarantee in accordance with sections 17 to 21. Law (2015:700).
Notification of lack of minimum capital requirements
section 16 of an insurance undertaking shall immediately inform the
The Swedish financial supervisory authority, if
1. the undertaking does not comply with the minimum capital requirement,
2. the company does not meet capital requirements applicable after
the company has been granted a derogation as referred to in Chapter 1. 19
or § 19 b, or
3. There is a risk that any of the situations referred to in paragraph 1 and
2 occurs over the next three months.
Law (2015:700).
Guarantee amount
section 17 Of non-life insurance undertakings must guarantee amount amount
to an amount at least equal to EUR 2.5 million or
the higher amount, based on the changes in the European
the consumer price index, which the European Commission annually
Announces. If the movement include insurance or risk
relating to any of the classes 10 to 15 according to Chapter 2. section 11 of the
the first subparagraph shall be the amount of the guarantee shall amount to an amount
which are at least equivalent to 3.7 million euros or the higher amount,
on the basis of changes in the European index of consumer prices
each year the European Commission announces.
Law (2015:700).
section 18 For life insurance companies, the amount of the guarantee shall amount to
an amount at least equivalent to 3.7 million euros or the
higher amounts, based on the changes in the European
the consumer price index, which the European Commission annually
Announces. Law (2015:700).
§ 19 for re-insurance company that is not captive to
the amount of the guarantee shall amount to an amount at least equal to 3.6
million euros or the higher amount, based on the changes
in the European index of consumer prices, which the European
the Commission annually Announces. Law (2015:700).
section 20 Of such captive reinsurance undertakings referred to
in article 13(5) of the Solvency II directive, the amount of the guarantee
amount to an amount at least equal to 1.2 million euro
or the higher amount, based on changes in the
European index of consumer prices, which the European Commission
annually Announces. Law (2015:700).
section 21 of the insurance company that conducts both life and
non-life insurance pursuant to Chapter 4. Article 7, second paragraph, the
the amount of the guarantee shall be equal to the sum of the amounts referred to in 17
the first sentence, and section 18 of the Act. Law (2015:700).
Appropriations
section 22 of the Government or the authority, as the Government determines
may provide for
1. how the basic solvency capital requirement shall be calculated in accordance with
section 6,
2. the conditions that must be met for a
insurance companies will be permitted to use
company-specific parameters under section 7,
3. the conditions that must be met for a
insurance companies should get the calculate the capital requirement for
equity risk based on a particular method according to section 8,
4. how the capital requirement for operational risk shall be equal to the
section 9, and
5. how the amount of the adjustment shall be calculated according to section 10.
Law (2015:700).
Chapter 9. Internal models
General provisions
Requirements for authorisation
(1) an insurance undertaking may, with the permission of the
The Swedish financial supervisory authority, using an internal model to calculate
the solvency capital requirement. Such authorisation may relate to a
full internal model or a partial internal model.
The provisions of Chapter 8. 1 and 2 sections also applies when
the solvency capital requirement is calculated using an internal model.
Law (2015:700).
Prerequisites for using an internal model
section 2 of the permit for an insurance company to use a
internal model shall be given, if
1. the insurance company for the purpose of appropriate
designed risk-management system which meets the requirements set out in Chapter 10.
section 6, and
2. the requirements in 6 and 9-18 sections are met.
The financial supervision authority shall make a decision concerning such
permits within six months of a complete
the application came in for inspection. Law (2015:700).
Partial internal model
section 3 of a partial internal model may be used to calculate
1. capital requirement for one or more of the risks or
subgroups of the risks included in the primary
the solvency capital requirement in accordance with Chapter 8. section 6,
2. the capital requirement for operational risk in accordance with Chapter 8. section 9,
3. the amount of the adjustment in accordance with Chapter 8. section 10, or
4. combinations of 1, 2 or 3.
A partial internal model may be applied to the entire business
or on one or more of the insurance company's major
business units. Law (2015:700).
Permission to use a partial internal model
section 4 to an insurance undertaking shall be permitted to
use a partial internal model is required, in addition to the
in paragraph 2, to
1. There are acceptable reasons to delineate the scope
for the internal model in the way insurance company
have made,
2. the solvency capital requirement can be more accurate on the basis
insurance undertaking's risk profile and the provisions of Chapter 8.
1 and 2 sections than on the basis of the standard formula in accordance with Chapter 8. 5-11 sections,
and
3. the partial internal model can be fully integrated with the
calculations to be carried out in accordance with the standard formula.
Law (2015:700).
Transition plan for the extension of a partial internal model
paragraph 5 of the financial supervision authority may, in connection with the processing of an
application for the use of a partial internal model which is
limited to only one or more risks or
subgroups of risks, or larger
business units, or distinct in both these respects,
submit an insurance undertaking to submit a transition plan
for how the company intends to extend the model's
scope of the directive. Law (2015:700).
Approval of governing documents for the change of an internal model
section 6 When an insurance undertaking applying for an authorisation to
use an internal model, the entity shall submit a
governing documents for the change of the model. The control document shall
include a list or specification of possible
major and minor changes to the internal model. When
The Swedish financial supervisory authority examining the application, the supervision authority also
determine if the document can be accepted. Law (2015:700).
Modification of an internal model and governing documents
paragraph 7 of an insurance company that received permission to use a
internal model may make minor changes to this in accordance
with the governing documents for the change of the internal model as
approved by the Swedish financial supervisory authority according to section 6.
For major changes to the internal model, a permit is required
from the FSA.
All modifications of the control document shall be approved by
The Swedish financial supervisory authority.
The requirements in section 2 shall apply to the FSA's review
of permission shall be given pursuant to the second subparagraph, or change
be approved in accordance with the third paragraph. Law (2015:700).
Return to the default formula
section 8 of the insurance companies that use an internal model shall,
with the permission of the financial supervision authority, return to
or partly calculate solvenskapital-requirement under
the standard formula in Chapter 8. 5 to 11 sections. Such a permit may
will be given only if the insurance undertaking has shown that there are
acceptable reasons for a return to standard formula.
Law (2015:700).
Requirements for an internal model and on the use of the
Requirements for use
section 9 of an internal model to be used in an insurance company
corporate governance and risk management system, in its
decision making processes and in the own risk and
solvency assessment.
The Board shall be responsible for ensuring that the design
and the use of the internal model are appropriate and
provides a satisfying expression of risk profile.
Law (2015:700).
Statistical quality
section 10 of The calculation of the probability distribution that is to
because of an internal model shall be based on
1. relevant actuarial and statistical techniques
consistent with the methodology used for the calculation
of technical provisions, and
2. realistic assumptions that should be justified by the
insurance company.
Data used for the internal model shall be
suitable for the purpose. They should be accurate, complete and
current.
The insurance company shall, at least once a year to update the
data used for the calculation of
the probability distribution. Law (2015:700).
Diversification
section 11 of the insurance undertaking shall take account of an internal model
to interdependencies within and between the various risks
(diversification effects), if the methods used are
effective. Law (2015:700).
Risk mitigation techniques
section 12 of an insurance undertaking may, in an internal model shall take into account
the impact of risk mitigation techniques, about the company
fully include the risks associated with these
techniques. Law (2015:700).
Regard to financial guarantees and options
section 13, an insurance undertaking shall take account of an internal model
to the value of guarantees and options for settlement
insurance contracts. Law (2015:700).
Into account all expected payments
section 14 of an insurance undertaking shall take account of an internal model
any anticipated payments to insured persons and
other eligible beneficiaries, regardless of whether the payments are
guaranteed by contract or not. Law (2015:700).
Calibration of an internal model
section 15, an insurance undertaking shall calibrate an internal model on
in a manner that provides policyholders and other
entitled to a level of protection equivalent to that
level set out in Chapter 8. § 1. Law (2015:700).
Analysis of the results
section 16 of an insurance company that uses an internal model shall
at least once a year, review what has given rise to profits
or caused losses of the various major business units.
The analysis shall show how the categorisation of risks
selected in the internal model explains the sources and causes
to WINS and losses. Risk characterisation shall
reflect the risk profile of the insurance undertaking. Law (2015:700).
Validation of the internal model
section 17 of an internal model shall regularly validated. Validation
shall include an evaluation of the model's feature and a
check that the model is appropriate in light of
the company's risk profile. Law (2015:700).
Requirements for documentation
section 18 of an insurance company that uses an internal model shall
document
1. how it is designed and works,
2. to match the requirements of the internal
models according to §§ 9-17,
3. What are the circumstances that could lead to it not
are working effectively, and
4. What are the major changes made to it under section 7.
Law (2015:700).
Appropriations
section 19 of the Government or the authority, as the Government determines
may provide for
1. the conditions for permission to use a full
or partial internal model in accordance with paragraphs 1 to 5,
2. the conditions for modification of an internal model and
control documents referred to in paragraphs 6 and 7,
3. requirements on the use of statistical quality standards for a
internal model in accordance with paragraphs 9 and 14,
4. calibration of an internal model in accordance with section 15;
5. validation of the internal model under section 17 of, and
6. requirements for documentation under section 18.
Law (2015:700).
10 Cape. Corporate governance
Corporate governance system
(1) an insurance undertaking shall have a system of governance
that ensures that the company is managed in a sound and
responsible way.
The system shall be reviewed periodically by the company. Law (2015:700).
Documents and forms
section 2 of the insurance undertaking shall establish and comply with
documents and forms for
1. risk management,
2. internal control,
3. internal audits,
4. activities covered by contract according to § 19,
5. disclosure of information to the financial supervision authority and
quality control of the data, and
6. change of the company's internal model, where such a model
used.
Control documents shall be determined by the Board. They shall
evaluated and reviewed at least once a year.
Law (2015:700).
Business continuity
section 3 of the insurance undertaking should have the systems, resources and
practices that are appropriate to the activities to be
be carried out with continuity and in accordance with applicable
rules.
An insurance undertaking should have a contingency plan.
Law (2015:700).
Central functions
section 4 of the insurance undertaking shall have the functions for
risk management, compliance and internal audit, as well as a
aktuariefunktion (core functions). Law (2015:700).
Suitability requirements
paragraph 5 of the insurance undertaking shall ensure that the included
the Board of Directors of the company or the Executive Director in
it, or is a replacement for any of them, or the like
responsible for or perform work in a central function in
the company meets the requirements set out in Chapter 2. paragraph 4 4.
The insurance company shall, as soon as possible to
The FSA report changes which included in its
management referred to in the first subparagraph or in charge of a
the central feature of the company.
The insurance undertaking shall inform the supervision authority if any of
the persons referred to in the first subparagraph have been replaced because
that he or she no longer meets the eligibility requirements.
Law (2015:700).
Systems for risk management
section 6, an insurance undertaking shall have a system for
risk management should include the strategies, processes and
reporting procedures necessary to ensure that
the company continuously to identify, evaluate, monitor,
manage and report risks as well as dependencies between risks.
The system will be integrated into the company's organizational and
decision-making structure. It should be designed with due regard
to the people who lead the company or otherwise, is part of a
central function. Law (2015:700).
Risks and requirements on the content of the document
risk management
paragraph 7 of an insurance company's risk management system shall be
the risks covered by the solvency capital requirement, or a
capital requirements to be met by an undertaking
a derogation as referred to in Chapter 1. 19 or 19 (b) §, which risks
that is not, or only partially, taken into account for the calculation of
this.
The system shall include:
1. insurance risks,
2. match risks,
3. investment risks, in particular in relation to derivative financial instruments
and similar obligations,
4. liquidity and concentration risk,
5. operational risks,
6. risks attributable to reinsurance and other
risk mitigation techniques, and
7. dependencies between risks to which the company is or may be
to be exposed to.
An insurance enterprise risk management policy under
2 § 1 shall cover the risks referred to in the second subparagraph 1 – 6.
In an insurance company using the volatility adjustment
According to Chapter 5. section 9 also be risk management policy
include guidelines for the volatility adjustment.
Law (2015:700).
Requirements on companies that use the matching adjustment or
volatility adjustment
section 8 of The insurance companies that use the matching adjustment
According to Chapter 5. section 7 or volatility adjustment according to Chapter 5.
section 9 shall
1. establish a liquidity plan, and
2. regularly evaluate their use of adjustments.
Law (2015:700).
Requirements for regular evaluation
section 9 of an insurance undertaking shall regularly assess how
sensitive technical provisions and the
eligible own funds are the assumptions
is the basis for the determination of the rate used
in the calculation of the best estimate of the future
cash flows. Law (2015:700).
Requirement analysis of external assessments
section 10 of an insurance company using assessments from
external credit rating agencies to calculate the
technical provisions or the solvency capital requirement
should, whenever possible, make their own assessment of the external
the valuations. Law (2015:700).
The own risk and solvency assessment
section 11 of the insurance undertaking shall conduct its own risk and
solvency assessment.
In the own risk and solvency assessment shall
insurance company make an assessment of the
1. company's overall solvency needs taking into account its
specific risk profile, risk tolerance and business strategy,
2. the company's ongoing compliance with the provisions on
solvency and minimum capital requirements, or a capital requirement
must be met by an undertaking which has been granted the exception
According to Chapter 1. 19 or 19 b, as well as technical
provisions, and
3. how significant the differences are between the company's risk profile
and the assumptions about the risks that have formed the basis for
the calculation of the solvency capital requirement or capital requirements
must be met by an undertaking which has been granted the exception
According to Chapter 1. 19 or 19 b.
For the assessment referred to in the second subparagraph 1 shall
insurance company have processes which ensure that the
risks to which the company is or may be exposed
for, in both the short and long term, are identified and valued.
The company should be able to demonstrate the methods used in the
the assessment.
An insurance company that uses keyword matching adjustment
According to Chapter 5. section 7, volatility adjustment according to Chapter 5. section 9,
a temporarily adjusted risk-free interest structure according to Chapter 5.
section 10 or a temporary deduction in the calculation of the
technical provisions according to Chapter 5. section 12, shall, in
the assessment referred to in the second subparagraph 2 make a judgment
of compliance with the rules on solvency and
the MRC, with and without the use of
resolution adjustment, volatility adjustment adjusted risk-free
interest rate structure or temporary deductions in the calculation of the
technical provisions.
The own risk and solvency assessment shall be included as an
integral part of an insurance company's business strategies and
to be taken into account in the company's strategic decisions.
Law (2015:700).
Regular assessments
section 12 of an insurance undertaking shall conduct its own risk and
solvency assessment at least once a year. If a substantial
change of the risks that the insurance undertaking is
exposed to, such assessment should be carried out as soon as a new
possible. Law (2015:700).
Reporting
section 13, an insurance undertaking shall report the results of
each own risk and solvency assessment to
The Swedish financial supervisory authority. Law (2015:700).
Internal control system
section 14 of the insurance undertaking should have a system for
internal control.
The system shall cover the administrative and accounting practices,
framework for internal control, appropriate reporting procedures and
a compliance function. Law (2015:700).
Function of risk management
section 15 of the risk management Function should be given a structure that
facilitates the implementation of the risk management system.
Law (2015:700).
Compliance function
section 16 of the compliance function should
1. report to the Board and the Executive Director
in regard to compliance with
(a)) the provisions of this law and regulations
issued by virtue of law,
b) provisions given by the European Commission
on the occasion of the Solvency II directive, and
(c)) the guidelines and recommendations that have been issued with
the directive by the European insurance and
occupational pensions authority, the financial supervisory authority and, if
the company has set up a secondary establishment in a country in the
The EEA, the competent authority of that country;
2. provide advice to the company's Board of Directors and the Executive
Director on the prevention of non-compliance with the
provisions referred to in paragraph 1,
3. assess the impact of changes in the rules,
guidelines and recommendations under 1, and
4. identify and assess the risks of non-compliance with the
rules, guidelines and recommendations under 1.
Law (2015:700).
Internal auditing function
section 17 of the internal audit Function should
1. evaluate the system of internal control,
2. evaluate other parts of the system of governance, and
3. report the results and make recommendations for
the evaluations of the company's Board of Directors.
The function of internal audit shall perform their duties with
impartiality and be independent from the activities
evaluated. Law (2015:700).
Aktuariefunktion
section 18 of the actuarial function shall
1. to coordinate and respond to the quality in technical
calculations and investigations,
2. assist the Board and the Executive Director and the
the own initiative report to them on issues relating to methods,
calculations and assessments of
a) technical provisions,
b) valuation of insurance risks, and
c) reinsurance protection and other risk mitigation techniques,
and
3. contribute to the company's risk management system.
The charge of or perform tasks in
the actuarial function shall have the knowledge and experience of
the feature's data is sufficient with respect to
the nature, scale and complexity of the risks in
the company's operations.
The financial supervision authority may order an insurance undertaking which has
a derogation as referred to in Chapter 1. 19 or 19 b decide on
derogations from the conditions for eligibility for the responsible
for or perform tasks in the actuarial and from
the requirement to establish a aktuariefunktion. Law (2015:700).
Contract for work
section 19 of an insurance undertaking may, with the limitations
to the provisions of section 20, instruct anyone else to perform a particular
work and some features that are included in the company's
insurance business (outsourcing). Such a task
However, it does not restrict the company's liability under this Act.
Law (2015:700).
Limitations in the ability to enter into contract
section 20 of A contract may not relate to operational activities
or features that are of material importance, if it can
lead to
1. the quality of the system of governance is deteriorating
significantly,
2. the operational risk in the company increases substantially,
3. the FSA's ability to exercise supervision deteriorate,
or
4. policyholder's ability to adequately and
continuous service cannot be maintained. Law (2015:700).
Notification of contract
section 21 of an insurance undertaking which has entered into a contract
relating to such business operations or functionality
essential, before the agreement takes effect
notify the financial supervision authority. An insurance company
shall, as soon as possible, notify the financial supervision authority if the
significant changes occur within the operational
activities or functions. Law (2015:700).
Actions required by an insurance company that included a
contract for work
section 22 of The insurance companies that are part of a contract shall
take the necessary measures to ensure that
the contractor
1. cooperate with the financial supervision authority with regard to the
activities or functions covered by
the assignment agreement,
2. give the insurance company, its auditors and
The Swedish financial supervisory authority access to information relating to the
activities or functions covered by
the assignment agreement, and
3. give the FSA effective access to
contractor's premises. Law (2015:700).
Supplementary guidelines, etc.
section 23 of an insurance undertaking shall establish and comply with
technical guidelines. The guidelines should be supplemented
with a technical base.
Technical guidelines for life insurance should be filed
to the FSA by the date they begin to be used
or changed.
Together with the guidelines, a statement
for the impact of the guidelines, for
the insurance company and the insured and others
eligible because of insurance.
If, having regard to the nature or scope of insurance of
any other special reasons, there is no need to establish a
technical base, may
The Swedish financial supervisory authority on a case-by-case basis, decide on the exemption
from the obligation to draw up such a surface.
Law (2015:700).
section 24 of an insurance undertaking shall establish and follow guidelines
for management of conflicts of interest between the company's
stakeholders. Law (2015:700).
section 25 of the Board of Directors shall establish technical guidelines
and guidelines for the management of conflicts of interest.
The guidelines will be evaluated and reviewed at least once per
year. Law (2015:700).
Appropriations
section 26 of the Government or the authority, as the Government determines
may provide for
1. What is a risk management system in accordance with section 6, shall contain
When an insurance company authorized to use a
partial or full internal model,
2. the content of the guidelines for the volatility adjustment
referred to in the fourth subparagraph of paragraph 7,
3. the contents of such a liquidity plan referred to in section 8 1,
4. the requirements for regular assessments to be made of
insurance companies that use matching or
volatility adjustment under section 8 (2),
5. the requirements for regular assessments to be made of
insurance companies when it comes to the company's sensitivity to
the assumptions underlying the determination of the
the relevant risk-free interest rate structure in accordance with section 9,
6. how such a self assessment referred to in section 10 shall
be carried out,
7. reporting of results of the own risk and
solvency assessment under section 13,
8. What is the function of risk management under section 15 shall be responsible
for when an insurance company authorized to use a
partial or full internal model,
9. conditions of eligibility for the responsible for or
perform tasks in the actuarial function under section 18,
10. the content of the technical guidelines and
bases referred to in section 23, and
11. what data guidelines for management of
conflicts of interest under section 24 will cover.
Law (2015:700).
11 kap. Corporate law provisions for
insurance company
Application of General provisions for limited liability companies
section 1 of the insurance company applies the provisions of
limited company in General, unless otherwise provided for by this
law or is legally required. References in
Swedish companies Act (2005:551) to the provisions of the same law,
If appropriate refer to the provisions of this law
in lieu of or in addition to the provisions of
the companies act.
In the case of insurance company, it indicated if
The Swedish companies registration office in the following provisions shall apply instead
The financial supervision authority:
1. Chapter 8. 9 and 30 § § and § 37, second subparagraph
Companies Act, and
2. Chapter 23. 21 a of the companies act.
The provisions of Chapter 32. the companies act on the limited company
specific payout limit does not apply to
insurance company. Law (2014:552).
Obstacles to formation
2 section On subscription of shares means that someone who has not
tested according to Chapter 2. 4 paragraph 3 will have a
qualifying holding in the insurance company, the company may
not be formed without such a review be carried out. If the person at the
the trial is considered inappropriate, the company may not be formed.
The content of the articles of Association
section 3 of the insurance companies instruments of incorporation shall, in addition to the
arising from Chapter 3. 1 of the Swedish companies Act (2005:551), contain
indication of whether the
1. movement to refer to both direct insurance received
reinsurance, and
2. the company shall conduct insurance business outside of the EEA.
In a life insurance company terms, instead of Chapter 3. paragraph 3 of the
Companies Act, that the articles of Association shall set out how
the general meeting of shareholders may dispose of the company's profit or
way to cover the company's loss.
General meeting of shareholders
FSA's obligation to convene a general meeting of shareholders
4 § The obligation to convene a general meeting as
The Swedish companies Registration Office has under Chapter 7. section 17, second subparagraph
Swedish companies Act (2005:551), for insurance company in
rather than apply to the financial supervision authority. Team (2013:745).
Restriction of the right of
5 § in addition to Chapter 7. 47 of the Swedish companies Act (2005:551),
the general meeting of an insurance company may not make a
decision which is capable to give an unfair advantage to a
shareholders or anyone else, to the detriment of the
policyholders or other eligible beneficiaries as at
because contracts of insurance have the right to a share of the
accumulated profits that have emerged in the movement.
An action against the decision of the general meeting
6 § in addition to Chapter 7. 50 of the Swedish companies Act (2005:551) applies to
insurance company which may not distribute profits, that the action
may be brought against a decision of the general meeting which is contrary to the
technical guidelines. Law (2015:700).
The company's management
The Board of Directors
section 7 instead of 8. 1 of the Swedish companies Act (2005:551)
an insurance company shall have a Board of Directors with at least three
members. In an insurance company that is not allowed to hand out
profit, more than half of the Board members be persons
who are not employees of the company or employees or
Directors of companies in the same group as the
company or of a group of similar kind.
In an insurance company which must not distribute profits to
at least one of the Board members are appointed by the insured
or by any interest group that has ties to them.
Member of the Board of Directors shall not be
1. the shareholders of the company,
2. an employee of the company, or
3. shareholder, employee or Director of the company
included in the same group as the company or a group of
the corresponding kind.
Rules of procedure and instructions on the Division of labour between
corporate bodies
7 a § the obligation under Chapter 8. 46 (a) of the Swedish companies act
(2005:551) of the Board of Directors of a public company to annually
establish written rules of procedure for its work concerns
also for the Board of Directors of a private insurance company.
The same applies to the obligation in accordance with Chapter 8. 46 b of the same team
for the Board of Directors of a public company that in written
instructions specify the Division of labour between the bodies.
The Chairman of the Board shall see to it that the Board fulfils the
information listed in this section. Law (2014:552).
The information before the Board election
paragraph 8 of the Chairman of the general meeting will be before the Board elections are held in a
insurance company provide information of the meeting on the
Mission on which the choice applies in other companies.
Executive Director
§ 9 instead of 8. 27 of the Swedish companies Act (2005:551)
applies to the Board of Directors of an insurance company shall appoint a
Executive Director. The Executive Director shall not
Chair of the Board.
Disqualification of Board member and the Executive Director
section 10 of the insurance company which may not distribute profits to
second subparagraph shall apply instead of Chapter 8. 23 section
and paragraph 34 the Swedish companies Act (2005:551).
The rules on conflict of interest in Chapter 8. 23 paragraph 3 and section 34
3 the first paragraph of the companies act shall not apply where:
1. the insurance company owns all the shares of the company's
counterparty, and
2. the defendant is a different company than an insurance company
which may not distribute profits.
Restriction of power
11 § in addition to Chapter 8. 41 of the Swedish companies Act (2005:551),
the Board of directors or any other representative of a
insurance company may not carry out an act or
any other action that is likely to give an unfair advantage to
a shareholder or any other to the detriment of the
policyholders or other eligible beneficiaries as at
because contracts of insurance have the right to a share of the
accumulated profits that have emerged in the movement.
A representative of the company must not follow a
instruction of the general meeting of shareholders or other corporate bodies, if
the instruction does not apply because it is contrary to this Act.
Revision
Competence requirements
section 12 instead of 9. 13-16 of the Swedish companies act
(2005:551) apply to insurance company that at least one
auditor appointed by the general meeting shall be authorized
Auditor. Team (2013:235).
Conflict of interest for Auditors and lay auditor
for the purposes of section 13, Chapter 9. section 17 and 10. 10 §
Swedish companies Act (2005:551) on conflict of interest for Auditors and
lay auditor is insurance company is considered as a limited liability company
referred to in Chapter 9. 13 or 14 of the same law.
Especially if some cash loans and debt issues in
life insurance companies which may not distribute profits
section 14 Of the life insurance companies which may not distribute profits
does not apply to the following provisions of the companies act
(2005:551):
1. Chapter 11. section 11 of the admission of certain cash loans,
2.12 Cape. on the bonus issue,
3. Chapter 14. on the issue of warrants, and
4.15. to issue convertible bonds.
section 15, A life insurance company which must not distribute profits
may not take up a loan on the condition that the loan must be paid
in any way other than with a nominal amount of money, or
with a monetary amount which is determined with regard to the changes
in monetary value.
Especially if transfers of value from surplus management in
life insurance companies
Distribution of profits
section 16 of the one life insurance company, profits happen just
If it follows the articles of Association.
The provisions in chapter 19. 13-30 § § the Swedish companies Act (2005:551)
If some public limited company acquisitions of own shares does not apply
for life insurance companies which may not distribute profits.
The use of annual profit
section 17 of the Annual profits of a life assurance company and the amount
transferred from restricted equity to unrestricted shareholders ' equity
the company shall be used for bonuses, to the extent not
1. the profit or the amount may be claimed for
distribution of profits or to cover losses under
provisions in the articles of Association, or
2. subject to the provisions of this Act or Act (1995:1560) if
annual report of the insurance companies.
Distribution of bonuses
18 § A life insurance company to give bonuses
to policyholders and other eligible beneficiaries with a
distribution based on insurance contributions to
the surplus, subject to the provisions of
the insurance contract or articles of Association.
Upon surrender or transfer pursuant to Chapter 11. paragraph 5 of the
Insurance Contracts Act (2005:104),
1. entitlement to the refund shall be determined according to the same distribution and
policies that would have applied for insurance cases, unless a
deviation is justified with regard to the
(a)) the remaining insurance workers ' collective rights to
refund, or
b) the insurance company's financial situation, and
2. fees shall be determined on the basis of the costs incurred
on the repurchase or transfer and taking into account the
the claim still outstanding against the insured for costs
related insurance contract.
18 a of the U:2016-07-01/expires by law (2015:68)./
The provisions of section 18, second subparagraph also applies to
buy-back when the insurance must be completed according to the law
(2015:62) for identification of reportable accounts
on the occasion of FATCA. Law (2015:67).
Consolidation
section 19 of the life insurance companies which may not distribute profits should have
a consolidation. The consolidation Fund may be reduced only
to cover losses or for other purposes specified in
the articles of Association. Such a reduction can only be decided by the
the annual general meeting.
Conversion into a life insurance company that may distribute profits
section 20 Conditions on profits introduced in the articles of Association of
a life insurance company which must not distribute profits,
accepted only if
1. the decision has been assisted by the general meeting of shareholders
representing at least nine tenths of all shares in the company,
2. the insured person whose rights are affected by the condition
been informed that this is accepted or modified,
3. not more than fifty percent of the notified policyholders
heard of, or a maximum of 10% of all notified
policyholders opposing the change,
4. the change not likely to impair the right of the
policyholders and other eligible due
insurance policies.
4 the first paragraph also applies to the terms of the articles of Association of
loss coverage.
Such a notification referred to in the first subparagraph 2 shall be
by a statement of amendment of the articles of Association and
its implications is submitted to policyholders on their last
known mailing address.
First paragraph 2-4 and third paragraphs also applies when a
life insurance passes from a business where profits
is not allowed to a dividend-paying activity by fusion
or transfers of portfolios, unless there are
specific reasons for the exception. The provisions on approval
of conditions on the distribution of profits is instead allowed to
execute the merger plan and transfer agreement.
section 21 For a life insurance company that operates without conditions if the dividend the statutes and to turn to dividend-paying activities, such terms if the dividend referred to in section 20 be approved only if the revaluation reserve, the consolidation Fund, the equity fund, the Fund for fair value, Fund for development expenditure and other surplus value in the company, after deduction of share capital and share premium reserve, credited to insurance policy holders and other eligible because of assurances as dividend or otherwise.
Law (2015:826).
Reduction of the share capital and the statutory reserve
Permission to execute the mitigation decision for repayment
to the shareholders
section 22 by the reduction of the share capital of a
insurance company for transfer to non-restricted equity
or for repayment to the shareholders does not apply 20 Cape.
23-29 of the Swedish companies Act (2005:551). Instead,
23-27 sections in this chapter. Law (2014:552).
section 23 Of the reduction amount shall be used for all or part
purposes of Chapter 20. Article 1, first paragraph (2) or (3)
Swedish companies Act (2005:551), the company may not execute
reduction decision without permission from the Court.
The financial supervision authority may decide that the share capital may be reduced
without the permission of the Court, if the company while taking
measures which entail that neither company restricted shareholders ' equity
or its share capital decreases.
Application for permit
section 24 of the company shall apply for an authorisation to effect a
reduction decision pursuant to section 23 of the District Court of the place where the
the Board of Directors has its seat. The application must be lodged within two months
After the reduction decision was registered. Together with
application, the company shall submit a proof that the reduction decision
has been registered.
Obtaining the opinion of the financial supervision authority and the notice on
creditors
section 25 of the Court shall immediately obtain FSA
opinion if and to what extent this reduction can
impact on the right of the insured
and other eligible because of insurance. If
the Court of Justice with regard to the content of the opinion finds that
the reduction should not be executed, the application was immediately rejected. In
otherwise, the Court shall call the company's creditors and
submit to those who want to oppose the application, within a certain
notify the Court in writing of the day. The Court, however,
don't call the creditors whose claims relating to a claim of
salary, pension or other compensation covered by the wage guarantee
According to the wage guarantee Act (1992:497).
The notice shall contain a statement that anyone who does not
make a notification shall be deemed to have accepted the application. In the notice,
a concise summary of the opinion of the inspection shall be entered.
The Court shall ensure that notice promptly announced in Post-
and home Magazines.
When the Court should leave the State
section 26 permits shall be given, unless any of the creditors who have
been called opposes the application within the prescribed period, or if the
appears that the creditors who have opposed the application has a
full payment or have adequate security for their
receivables. To a policyholder or another
eligible beneficiary because of an insurance policy are opposed to
the application does not preclude, if FSA
opinion provides a basis to give permission.
Registration
paragraph 27 of the Court shall notify the Office of applications
According to section 24, if the final decision made by
reason of such applications.
Permission for distribution of profits after reduction decisions
loss coverage
section 28 instead of 20. 30 of the Swedish companies Act (2005:551)
apply to the insurance company that profits may not be
be decided without permission from the Court during the three years following
registration of a resolution to reduce the share capital of
loss coverage. A permit is required unless the share capital
for or in connection with the reduction decision has been increased by
at least the reduction amount. In the case of the permission of the Court
paragraphs 24-27 applies mutatis mutandis.
Reduction of the reserve fund
section 29 instead of 20. 35 § 3 the Swedish companies Act (2005:551)
apply to the insurance company that the reduction in the statutory reserve
may be made for repayment to the shareholders or other purposes,
If the Court, pursuant to §§ 24-26 gives permission
to the decrease.
Loans to related parties, etc.
section 30 instead of 21. 1-4 section of the Swedish companies Act (2005:551)
If cash loans and provision of security applies to Chapter 4. section 9 of this
law for a person referred to in chapter 21. 1 § 2
Companies Act, and for a person or a company that has a
such a link provided in 3-5 same section to this
person.
Fusion
Transferring company
section 31, An insurance company may be transferring company at
a merger only if another Swedish insurance company or
a corresponding legal person in another country
within the EEA than Sweden is the acquiring company.
Applicable provisions
32 section At fusion with an insurance company do not apply
Chapter 23. 19-21, 22-24 and 45 of the Swedish companies Act (2005:551). In
rather than apply 33-35 of this chapter. In paragraph 37, there are special
rules on the merger by absorption of wholly owned subsidiary.
Application for authorization to effect the merger plan
33 § When the merger plan is valid for all companies, as well
surrendering as takeover companies apply for permits to
execute the plan. In a cross-border merger shall
the application is made by the Swedish company participating in
the fusion. The application shall be made to the FSA.
At the merger by combination, the companies also apply for
authorisation pursuant to Chapter 2. 4 § and approval by
the articles of Association pursuant to Chapter 2. section 8 of the acquiring
the company. At the cross-border merger, this applies only if the
the acquiring company shall be domiciled in Sweden.
The application referred to in the first subparagraph shall be submitted within one month after
the merger plan is valid for all the companies and, if
the merger plan has been registered in accordance with Chapter 23. section 14 of the first
subparagraph the Swedish companies Act (2005:551), at the latest two years after the
the merger plan has been published pursuant to Chapter 27. paragraph 3 of the
the companies act.
The financial supervision authority shall inform the registration office and tax office
concerning the application of the first subparagraph. The financial supervision authority shall
Furthermore inform the registration office if the final decision
issued in response to such requests. Team (2013:456).
34 § in the processing of an application for authorisation to effect
a merger plan, it is necessary to consider that policyholders and other
creditors receive a satisfactory security, if such a
protection is needed, having regard to the merging companies
economic conditions and if the creditors do not already have a
such security.
When an application is to be refused
35 § an application under section 33 shall be rejected if the
1. the merger plan has not been approved in the competent scheme or to
their content contravenes the law or the
the articles of Association,
2. the merger has been prohibited under the Competition Act (2008:579)
or pursuant to Council Regulation (EC) No 139/2004 of the
20 January 2004 on the control of concentrations between undertakings or
review of the merger is in progress under the competition act or the
the said regulation,
3. in combination, revisorsyttrandena according to Chapter 23. section 11 of the
Swedish companies Act (2005:551) does not indicate that the transferor
the companies ' total fair value for the acquiring company
is not less than the share capital thereof;
4. policyholders and other creditors don't have
providing such a reassuring security provided for in § 34
or the merging companies ' financial conditions in General
is such that the merger cannot be considered compatible with the
the interests of policyholders and other creditors, or
5. it is justified in the public interest.
If the application cannot be granted because the trial
under the competition act or the Council Regulation (EC) No 139/2004
and the trial is likely to be completed within a short period of time, may
State the question in abeyance for a maximum period of six months.
Registration of merger
36 § in place of that provided for in Chapter 23. section 25 of the other
subparagraph the Swedish companies Act (2005:551) on the date of notification
of merger for registration, an application shall be made within two
months after the FSA's authorisation to
the effect of merger became final.
Team (2013:456).
Absorption of wholly owned subsidiary
37 section at the absorption of a subsidiary does not apply
Chapter 23. 32 and 33 § § the Swedish companies Act (2005:551). Instead
the following applies.
The parent company shall apply for an authorisation to effect
merger with the Swedish financial supervisory authority. The application must be lodged
at the latest one month after the merger plan has been
applicable in the parent company and, if the merger plan has
registered pursuant to Chapter 23. section 30 of the companies Act, the last two
years after the statement that the plan has been registered has
Proclamation.
In the case where a case is referred to in the first subparagraph applies to 34 and
35 §§ mutatis mutandis. It listed if the surrendering company
should be subsidiary to that specified on the acquiring company
refers to the parent company.
The financial supervision authority shall inform the registration office on applications
According to the second paragraph, and if the final decision
issued in response to such requests. The Swedish companies Registration Office
should after such notification register state
According to Chapter 23. 34 of the Swedish companies act. Team (2013:456).
In particular, financial statements
38 section at the establishment of a specific financial statement in an
insurance company pursuant to Chapter 23. 50 of the Swedish companies act
(2005:551), as set out in Chapter 6. section 4, second subparagraph
the accounting Act (1999:1078) if the provisions of the
annual accounts Act (1995:1554) instead refer to provisions in
Act (1995:1560) on the annual accounts of insurance undertakings.
The invalidity
39 section instead of the prescribed in Chapter 23. 52 § third
subparagraph the Swedish companies Act (2005:551) about bringing a case
the following for an insurance company.
In addition to that provided for in Chapter 7. paragraph 51
Companies Act and chapter 23. 52 of the same Act
may not be brought after the financial supervision authority by
a decision which has become final has given permission to
the effect of merger. Team (2013:456).
Sharing
Authorisation for the transfer of certain activities
section 40 of An insurance company shall not by Division transfer
activities that may only be operated with the permission of a company
who do not have such a permit.
Exemption from the requirement of notification for certain creditors
41 section A insurance company does not need to inform their
known creditors in accordance with Chapter 24. section 21 of the companies act
(2005:551).
Obtaining FSA opinion
42 § Bolagsverket should not call an insurance companies
creditors under Chapter 24. 24 of the Swedish companies Act (2005:551). In
rather than do the work obtain an opinion from
The Swedish financial supervisory authority. The opinion shall include an indication as to whether
1. insurance in policyholders and other
creditors have secured a satisfactory security, if a
such protection is needed with regard to the participating companies '
economic conditions and the creditors do not already have a
such security, and
2. the participating companies ' financial conditions in general are
such that the split may be regarded as compatible with the policyholder
and the interests of other creditors.
The submission of the case to a General Court
43 § When the FSA has come in with its opinion, and
the period within which the creditors may oppose the application
According to Chapter 24. section 25 of the companies Act (2005:551) has expired,
to Bolagsverket refer the case to the District Court in the city
where the Board of Directors of the merged company has its registered office.
When the General Court shall reject an application
44 section instead of 24. 26 of the Swedish companies Act (2005:551)
apply to an ordinary court shall reject an application for an authorisation to
the effect of Division on
1. it is not the opinion of the financial supervision authority, it can be shown that
a) insurance policyholders and in other
creditors have secured by collateral such as
referred to in section 42 (1);
(b)) the participating companies ' financial conditions in general are
such that the split may be regarded as compatible with the policyholder
and the interests of other creditors, and
2. it does not appear that the creditors who have opposed the application
has a full payment or have adequate security for their
receivables.
To any of the insurance in creditors oppose
the application does not mean that the application is to be refused, if
FSA opinion provides a basis to permit
is given.
If the Court considers it necessary, it may request that
The FSA will complement its opinion.
Liquidation
Compulsory winding up due to Corporate decisions
45 section beyond that provided for in chapter 25. section 11 of the
Swedish companies Act (2005:551) of the cases in which an ordinary court
or the Swedish companies registration office shall decide that a company should go in
the liquidation comes for the insurance company to the Swedish companies Registration Office
to decide that it shall go into liquidation if
1. an authorisation to operate the insurance business for certain time
has elapsed without any new authorisation has been granted,
or
2. the permit to operate the insurance business has been revoked
but the company has received a licence to operate
any other licensed financial movement.
The decision referred to in the first subparagraph 2 shall be taken as soon as it is
practicable, but not later than the day following that on which the application
or notification about liquidation came in to Bolagsverket.
The decision on liquidation effective immediately.
In proceedings relating to the winding-up of insurance company whose
permission to operate insurance business has been revoked but
the company has received a licence to operate a
other licensed financial movement, 25. section 24
the companies act shall not apply.
A question about winding up referred to in the first subparagraph shall be
the application of the Board, a member of the Board of Directors, the Executive
the Director, a shareholder or on notification of
The Swedish financial supervisory authority. Team (2013:166).
46 section instead of the prescribed in chapter 25. section 11 of the first
paragraph 2 the Swedish companies Act (2005:551) on Chapter 8. paragraph 3 of the first
paragraph and paragraph 16 of the annual accounts Act (1995:1554), Chapter 8. 5
and 8 of the Act (1995:1560) annual
insurance undertakings apply to insurance company.
FSA notice
47 § in addition to that provided for in chapter 25. the third paragraph of section 11
and the second subparagraph of paragraph 17 of the Swedish companies Act (2005:551) to a question
a winding-up order under these sections also examined after
notification of the Swedish financial supervisory authority.
Control the content of the balance sheet
48 § in addition to that provided for in chapter 25. section 14 of the Swedish companies Act (2005:551) on monitoring the content balance sheet applies to the insurance company the following.
In the calculation of the own capital, the increase in the total value of the assets that would follow if they were presented to the sales value less the expected sale costs. In the case of such assets as set out in Chapter 4. 2 § 4 and 5 Act (1995:1560) on the annual accounts of insurance undertakings apply to be admitted to the acquisition value reduced by the necessary depreciation, amortisation and impairment losses, if a higher value is obtained by this.
Valuable documents used for liability coverage under Chapter 6.
3 § 1-4, 9-11, 16 and 17 may be admitted to higher value than that resulting from the law on annual accounts of insurance undertakings.
This applies only if the value of the documents may be disposed to this higher value at such times that the conditions to meet their underwriting liabilities which can be considered satisfactory value ensures the documents.
Other valuable documents other than those referred to in the third subparagraph and which consists of bond claims payable or may be terminated to the payment by the insurance company only after more than one year may, if there are special reasons for it, are up over the actual value, up to the cost. Law (2015:826).
Barriers against the decision on the termination of the liquidation
49 § in addition to 25. 45 of the Swedish companies Act (2005:551),
a decision on liquidation shall cease and
insurance in activity resumed may not be taken,
If
1. the company has a permit to operate the insurance business for
a certain time and that time has passed without something new
permission has been granted, or
2. the company's licence to operate insurance business has
been revoked.
Insurance companies company
50 § insurance companies company should contain the word
insurance.
Damages
51 section as provided in chapter 29. 1-3 of the companies act
(2005:551) on civil liability in case of breach of the
provisions applicable to insurance company even at
violation of this law.
12 Cape. Corporate law provisions for mutual
insurance companies
Introductory provisions
Part owner
section 1 of the part-owner of a mutual insurance company is
policyholders. Reinsurance employees shall not, however, on
because of reinsurance is considered as a part-owner.
In the articles of association may provide that the insured,
Although not at the same time, the policyholder shall be
partner for insurance
1. taken out by employers to provide insurance protection for
employees, and
2. be based on collective agreements.
Responsibility for the mutual insurance company's obligations
section 2 of the mutual insurance company has shareholders no
personal liability for company's obligations.
In the statutes of the mutual non-life insurance companies,
However, it is appropriate to provide that a co-owner to cover liabilities,
provisions or losses in direct non-life insurance business,
that the company cannot cover, take your own
assets or funds, by making capital contribution to
company (Levy).
Some owner's obligation under the second subparagraph only applies to
non-life insurance which has not been signed by a consumer or a
estate for single or essentially single purpose.
If there are special reasons, the financial supervisory authority in a
case-by-case basis, may decide to derogate from the provisions of the third
subparagraph for local non-life insurance companies with an annual
premium income from non-life insurance which does not exceed
the equivalent of five million euros and where at least half
by premium income comes from the company's co-owner.
References to General provisions for economic
compounds
section 3 of this chapter, the reference is made to the law (1987:667) if
economic associations, what it says about the
1. Economic Association concern the mutual insurance company,
2. a member shall refer to part-owner,
3. the statutes refer to the articles of Association, and
4. the general meeting shall relate to the general meeting.
References in the law on cooperative societies to the provisions
in the same law shall, where appropriate, refer to the provisions in
This law that apply instead of or in addition to the provisions
the law on cooperative societies.
Definitions, etc.
section 4 of the Regulations in Chapter 1. 4-7 of the Act (1987:667) if
economic associations if the parent compound, subsidiary, group
and advanced electronic signature to apply to mutual
insurance companies.
4 a section/entry into force: 07/01/2016
Provisions on information with electronic devices in Chapter 1. 8 § law (1987:667) on economic associations apply when a mutual insurance company sends invitations, and other information in accordance with this chapter or the law of economic associations. Law (2016:121).
section 5 of the Government or the authority that the Government may
provide for the rules on companies in this
law, in regulations that have been issued under this Act, and
in the law (1987:667) on economic unions shall apply fully
or part of a group of companies, which do not form a group
According to Chapter 1. section 4 of the Act on cooperative societies, but have
a common or essentially unified leadership.
The establishment of a mutual insurance company
Founders
section 6 of the mutual insurance company formed by one or several
natural or legal persons (founders). Law (2014:552).
section 7 of The who is a minor or bankrupt or who has
trustee under Chapter 11. 7 § parental code may not be
founders. The same applies to whoever has the disqualification
follows from section 11 of the Act (2014:836) on disqualification.
Law (2014:852).
§ 8 the founders set the conditions for the formation and
establishes a statutory regime. They should decide that a certain number of
insurance for at least a certain amount should be
signed, before the company is incorporated. In determining
number of insurance and amount, account shall be taken of the nature of the
planned operations and to guarantee capital.
Guarantee capital
§ 9 mutual insurance companies may not be formed without
guarantee capital, unless there are special reasons for it.
If required, addition of guarantee capital made also during
operating time. Decisions on such supplements shall be notified of
registration at the latest six months after the decision. For
registration required that half of the contribution has been paid.
Guarantee capital is increased when the registration has taken place.
Guarantee capital shall be fully paid-up at the latest six months
After the registration of the contribution.
Supplements of guarantee capital shall always be done with the money.
§ 10 Guarantee capital shall be returned when it is no longer
necessary for the movement to be able to operate efficiently and
repayment is compatible with the provisions on own funds
composition and size in Chapter 7. Provisions relating to the conditions for
such reimbursement is available in section 66.
Guarantee capital shall also be refunded if no registration
takes place in accordance with section 18.
Articles of incorporation
section 11 of the mutual insurance company's instruments of incorporation must specify
1. the name of the company,
2. the place in Sweden where the company's Board of Directors shall have its registered office,
3. the objects of the company, in which case it shall be given
especially if the movement is directed to both direct insurance
reinsurance acceptances,
4. If the insurance business should be run outside of the EEA,
5. the number or the minimum and maximum number of
Directors, auditors and any
Deputy members of the Board, as may be appointed by the general meeting, as well as the time
for members of the Board of Directors and Auditors,
6. the circle of insured persons who, as such, is a part-owner, if
not just policyholders is part owner,
7. guarantee capital,
8. rules for how the right to vote and the right to be exercised and the
how decisions are to be taken at the meeting, in which case it shall be indicated in particular
-whether and how the Council should be appointed and the extent to which
some owners ' voting rights shall be exercised by the Council, and,
-to what extent the guarantors shall have the right to vote,
9. for any insurance, the situations in which, next to which
amount and the order in which the levy can be done with the shareholders of
insurance undertakings as well as how the levy is to be performed;
10. in what order the guarantors shall pay up its subscribed
initial Fund,
11. where and in what order the profit shall be distributed to the guarantors
and the order in which the initial fund to be reimbursed,
12. way to convene the general meeting of shareholders,
13. which issues should be present at the annual general meeting,
14. the rules under which the general meeting of shareholders may dispose of
the company's profit or, in a life insurance company, otherwise
cover the company's loss,
15. the number and total amount of insurance shall be
cartoon before the company can be considered as formed,
16. how the assets shall be distributed among the shareholders at the company's
resolution, and
17. in the event that the subordinated debentures referred to in Chapter 5. the law
(1987:667) on economic unions should occur, what should
apply to these.
If the insurance company shall have euro as the accounting currency,
This is stated in the articles of Association.
Memorandum
section 12 of the Then licence to operate insurance business has
granted, the founders must draw up and sign a dated
Memorandum of association which shall include information on the way and the time
for notice of the constituent general meeting.
Subscription of insurance
paragraph 13 of the subscription of insurance in the company shall be at
incorporation or on a subscription list that contains a
copy of the instrument of incorporation. Together with its founding Charter
should there be copies of the permit to operate
insurance business and the company's articles of Association.
A drawing of the insurance that has been done in a different way than
It referred to in the first subparagraph may be asserted only if
the company is registered without the Subscriber has previously notified
the error with the companies registration office.
If the insurance has been signed with conditions is the artwork
invalid. Have the invalidity was not notified at the Swedish companies registration office before
However, the company's registration, the Subscriber is bound, even though he
or she cannot rely on the condition.
Constituent general meeting
section 14 of the decision on its establishment shall be taken on a
constituent general meeting.
The founder members should call those who have taken out insurance policies and
persons entitled to vote, to the constituent meeting in accordance with the guarantors
the provisions of the articles of association if the notice of the general meeting.
The founders shall also ensure that the subscription lists and the
documents of incorporation referring to being held
available to subscribers for at least one week prior to the meeting at
the location that is specified in the notice.
If all insurances taken out of the meeting and all those who have
signed assurances and voters agree, the guarantors
the decision on the company's formation is taken even if no notice
of the meeting has not happened.
At the inaugural meeting, the founders present
instrument of incorporation and the documents annexed to it in
original. The founder members should provide information on the number of subscribed
insurance, the total amount of these and the amount
as paid on initial fund. All information shall
be recorded in the minutes.
Decision by the constituent general meeting
section 15 where the constituent general meeting does not appear to
insurance has been taken out to at least the number and the
total amount referred to in the articles of association as well as to
initial Fund has been paid to the proportion prescribed
in the articles of Association, has the question of incorporation dropped.
If the majority of those present and voting are voting for
the decision to form the company, the company is formed. In other cases,
the question of incorporation dropped.
As a mutual insurance company is formed, a Board
and Auditors to be selected.
In the case of the constituent general meeting in respect of other
the provisions on general meeting of this law, the law (1987:667) if
economic associations and articles of Association.
Payment of insurance and guarantee capital
section 16 of A debt due to the subscription of guarantee capital may not
offset against a claim of the company.
Company may not assign or pledge any claims on
guarantee capital.
section 17 Payments of money by insurance and guarantee capital
shall be effected by deposit of a particular account as the founder members
has opened for the purpose of a bank, a credit market company
or an equivalent foreign credit institutions in a country in the
The EEA. Amounts credited to the account may be lifted by the company
only when the Board is selected.
On the issue of incorporation has fallen or if the artwork
of insurance or guarantee capital for other reasons are not
binding, should the amounts paid will be refunded according to the
Article 19, second paragraph.
Registration of company
Conditions for registration
section 18 of the mutual insurance company must be notified of
registration at the latest six months after the decision authorising the
operate the insurance business.
For the registration of a mutual insurance company, where
guarantee capital shall be, required that the entire initial fund is
paid-in.
The effect of that registration is not done
Article 19 issue of company formation falls, on
1. any application for registration of the company have not been made
within the prescribed period, or
2. Companies registration office in a decision which has become final has
written off a case if such registration or refusal
registration of the company.
On the issue of company formation has fallen, responsible
the members of the Management Board jointly and severally liable for the repayment of the
amount paid on account of the guarantee agreement or the
signed assurances. Resulting return is added
amounts and deductions shall be made for costs incurred due to
actions under section 20, third sentence.
Legal documents before the company's registration
20 § Before the mutual insurance company has been registered,
It cannot acquire rights and assume obligations.
Nor can the court actions or any other
authority. The Board, however, may bring an action in cases concerning
incorporation and otherwise take steps to obtain the
amount taken out as liable equity capital.
section 21 Of an action taken on behalf of the company before
registration answers those who have participated in the action or
the decision on this solidarity. When the company has been registered,
transitioning responsibility to the company, if the obligation flowing from the
incorporation or established after the company
has been formed.
section 22 If it has concluded agreements for the company before registration
the following applies. A party who did not know that the company
was not registered, can withdraw from the contract until the
the company has been registered. A Contracting Party was aware that
the company was not registered, unless otherwise agreed,
withdraw from the contract only if the question of incorporation has
fallen under article 19.
Subordinated debentures
section 23/expires U: 2016-07-01/
Mutual insurance company, the articles of Association be
specify that the funds may be supplemented in accordance with the applicable
If the subordinated debentures pursuant to Chapter 5. Act (1987:667) on economic
compounds.
As provided in Chapter 5. 1 paragraph Act on
economic associations about the highest amount of subordinated debentures
from other than members shall not apply to mutual
insurance companies. Instead, the sum of such efforts after
contribution may reach a maximum of the sum of other equity.
If there are serious reasons, the financial supervisory authority in a
case-by-case basis, decide on the senior subordinated debentures than specified in the
second paragraph.
23 section/entry into force: 07/01/2016
Mutual insurance company, the articles of Association to be able to specify that the funds may be supplemented in accordance with the terms of subordinated debentures in accordance with Chapter 5. Act (1987:667) on economic associations. Law (2016:121).
The company's management
The applicable provisions of the company's management
24 §/expires U: 2016-07-01/
The provisions of Chapter 6. Act (1987:667) on economic
associations of the Association's management should also apply to mutual
insurance companies with the addition as follows from paragraphs 25 to 31.
24 §/entry into force: 07/01/2016
The provisions of Chapter 6. Act (1987:667) on economic associations if the Association's management should also apply to mutual insurance companies with the exceptions and additions resulting from paragraphs 25 to 30. Law (2016:121).
The Board of Directors
section 25 provision of Chapter 6. paragraph 4(2) Act (1987:667)
If economic associations that Board members should be
members of the Association shall not apply to mutual
insurance companies.
In a mutual insurance company, more than half of
the members of the Board shall be persons who are not employees of the
company or employees or directors of companies
included in the same group as the company or a group of
the corresponding kind.
The information before the Board election
section 26 of the President of the general meeting before the Board elections will be held in
mutual insurance companies leave the task to the AGM if
What missions the choice applies in other companies.
Executive Director
section 27 of the mutual insurance companies, the Board must appoint a
Executive Director. The Executive Director shall not
Chair of the Board.
Disqualification of Board member and the Executive Director
section 28/expires U: 2016-07-01/
The provisions of Chapter 6. section 10 of the Act (1987:667) if
economic associations about the disqualification of a member of the Board of directors or the
the Executive Director also applies to a matter of agreement between the
the mutual insurance company and a legal person
the Board member or the Executive Director alone
or together with someone else may represent. This applies to
but not if the
1. the mutual insurance company owns all the shares in
the company's counterparty, and
2. the defendant is a different company than an insurance company
which may not distribute profits.
28 section/entry into force: 07/01/2016
Instead of Chapter 6. paragraph 10(2) the Act (1987:667) on economic associations for mutual insurance companies. The provisions of Chapter 6. 10 paragraph 3 of the Act does not apply if
1. the mutual insurance company owns all the shares of the company's counterparty, and
2. the defendant is a different company than an insurance company which must not distribute profits. Law (2016:121).
General restrictions
section 29/expires U: 2016-07-01/
In addition to Chapter 6. first paragraph of section 13 and Chapter 7. section 16 of the Act
(1987:667) on economic associations in decision-making,
legal acts or other measures under these provisions
nor should be taken or to be taken to the detriment of the guarantors
or eligible beneficiaries who, because of insurance contracts
have a right to a share of the accumulated profits
occurred in the movement.
section 29/entry into force: 07/01/2016
In addition to Chapter 6. first paragraph of section 13 and Chapter 7. 37 § law (1987:667) on economic associations in decision-making, legal acts or other measures under these provisions nor shall be taken or to be taken to the detriment of guarantors or eligible beneficiaries who, because of the insurance contract are entitled to a share of the accumulated profits that have emerged in the movement.
Law (2016:121).
section 30 of the Regulations in Chapter 6. 13 section law
(1987:667) on economic unions prohibiting a
Deputy to follow certain rules of Trade Union bodies
also applies to rules which are contrary to the provisions of
This Act or Act (1995:1560) annual
insurance companies.
/Rubriken expires U: 2016-07-01/
Exceeding of powers or jurisdiction
section 31/expire U:2016-07-01 by law (2016:121)./
The provision in Chapter 6. the first sentence of section 14 of the Act
(1987:667) on economic associations about a substitutes '
exceeding of powers shall not apply where the Board or
the Executive Director has contravened a provision of
the objects of the company or other regulations
given in the articles of association or by a different corporate bodies.
If the representative has undertaken an act for the company
and then have acted in contravention of the provisions of the law on
economic associations of voluntary agencies ' permission, the
This Act is not against the company.
General meeting of shareholders
The relevant provisions of general meeting
32 § provisions concerning general meeting in Chapter 7. the law
(1987:667) on economic associations to apply to mutual
insurance companies with the exceptions and additions resulting from
33-41 sections.
The vote for guarantors
33 § status guaranteed rights to decide on a mutually
insurance company matters is exercised at the meeting.
The provisions of the Act (1987:667) on economic associations of
the vote for members also applies to guarantors, if a guarantor
According to the articles of Association of the company have the right to vote at the general meeting.
/Entry into force: 07/01/2016
Agents and advisors
/Rubriken entry into force: 07/01/2016
Place of the general meeting of shareholders
34 §/expires U: 2016-07-01/
The rules on who can be a representative or counsel of
Chapter 7. the second and third subparagraphs of paragraph 2 of the law (1987:667) if
economic associations shall not apply to mutual
insurance companies.
34 section/entry into force: 07/01/2016
The provisions relating to the place of meeting in Chapter 7. section 13 of the Act (1987:667) on economic unions shall not apply to mutual insurance companies. Law (2016:121).
Continued annual general meeting
35 §/expires U: 2016-07-01/
The provisions on the suspension of the decision to continue meeting
in Chapter 7. the third subparagraph of paragraph 4 of the law (1987:667) on economic
unions, to apply to mutual insurance companies, if a
tenth of those present and voting.
35 section/entry into force: 07/01/2016
The provisions on the suspension of the decision to continue meeting in Chapter 7. 12 section Act (1987:667) on economic associations to apply to mutual insurance companies, about a tenth of those present and voting request Team (2016:121).
Right of initiative
36 §/expires U: 2016-07-01/
The right of initiative conferred on the parties under Chapter 7.
section 6 of the Act (1987:667) on economic unions may be restricted in
a mutual insurance company's instruments of incorporation of the General Council
has been appointed.
36 section/entry into force: 07/01/2016
The right of initiative conferred on the parties under Chapter 7.
section 14 of the Act (1987:667) on economic unions may be restricted in a mutual insurance company's articles of Association on the Council have been appointed. Law (2016:121).
FSA's obligation to convene a general meeting of shareholders
37 §/expires U: 2016-07-01/
The obligation to call a general meeting as the Swedish companies Registration Office
under Chapter 7. the second subparagraph of paragraph 7 the law (1987:667) if
cooperative societies do for mutual insurance companies in
rather than apply to the financial supervision authority. Team (2013:745).
37 section/entry into force: 07/01/2016
The obligation to call a general meeting of the companies Registration Office has under Chapter 7. second paragraph of section 15 of the Act (1987:667) about cooperative societies do for mutual insurance companies rather than apply to the financial supervision authority. Law (2016:121).
Council Member, etc.
section 38/expires U: 2016-07-01/
In addition to the provisions of Chapter 7. 12 of the law
(1987:667) on economic associations of councils apply to
mutual insurance companies, at least half of the Councillors
shall be appointed by the parties or by organizations that may be considered
represent the interests of shareholders.
The provisions on the maximum term of Office and who may be appointed to
an alderman in Chapter 7. 12 section Act (1987:667) if
economic associations shall not apply to mutual
insurance companies.
If the City Council designated provisions, may be taken into
the articles of Association to the accounting documents and
the audit report shall be provided in accordance with Chapter 7. section 8
the law on cooperative societies, until a general meeting of shareholders
shall be made available to the members and holders of
the publishing interests on the company's website.
Shareholders have the right to attend and be heard at a
Council meeting, unless otherwise provided in the articles of Association.
Amendment of the articles of Association
39 §/expires U: 2016-07-01/
Instead of Chapter 7. section 14, first subparagraph, second and third
the sentences Act (1987:667) on economic associations in
a decision to change the statutes of the mutual
insurance is valid if two thirds of all
voters have United themselves about it.
39 section/entry into force: 07/01/2016
Instead of Chapter 7. 34 § second and third sentences Act (1987:667) on economic associations in a decision to amend the articles of Association of mutual insurance companies is valid if two-thirds of all voters have United themselves. Law (2016:121).
40 § a change in conditions on the distribution of profits to the guarantors
or holders of subordinated units or if loss coverage in
the mutual life insurance company the articles of Association shall be approved
only if the change is not likely to impair the rättten for
policyholders and other eligible due
insurance policies.
section 41 If a decision to amend the articles of Association relating to the associates
accountability at the levy pursuant to article 2 of the second subparagraph,
This decision shall not apply earlier than one year after registration
the decision, if not all partners have assisted it.
After registration, the decision shall immediately be published in postal and
Interior Magazines and the ortstidningar Board of Directors
determines. In addition, a notice of decision is sent
to each partner whose mailing address is known.
The component owner when the decision is made but which do not agree
to the decision have the right that within a year from the
registration Cancel the insurance contract without compliance
the period of notice that would otherwise have applied. If the agreement is terminated
have a partner the right to get it out on insurance related
the share of unearned premiums and bonuses. The calculation of the
This share shall be made for the time the contract expires
apply.
Audit and special examination
The relevant provisions on audit and special examination
42 § provisions of Chapter 8. Act (1987:667) on economic
associations about audit and special examination shall apply to
mutual insurance companies with the deviations and additions
to the provisions of section 43.
Competence requirements, etc.
43 § of the mutual insurance companies, at least one auditor
be appointed by the general meeting.
Only those who are authorized or approved auditor may be
accountant in a mutual insurance company. At least one of the
Auditors appointed by the general meeting of the shareholders shall be authorized
Auditor.
The provisions of Chapter 8. section 18 of the Act (1987:667) on economic
associations for the registration of an auditor shall also apply to
auditor appointed under this section.
Team (2013:235).
General review
44 section unless otherwise stated in the articles of Association, may, in a
mutual insurance companies are appointed to one or more persons
(lay Auditors) to carry out such a review as set out in
section 46.
The provisions relating to auditors in this law and the law (1987:667) if
cooperative societies do not apply to lay Auditors.
section 45 Of the lay auditor, one or more alternates
be appointed. The provisions of this law if the lay auditor comes in
applicable parts also alternate.
Lay the auditor's tasks
46 § Lay the auditor should review the company's operations are managed
in an expedient and from an economic point of view
and if the company's internal control is
sufficient. The review should be as detailed and comprehensive
as a good practice in the conduct of this kind of review requires.
47 § Lay the auditor shall follow the instructions of the general meeting, if
they do not contradict the law, statutes or good manners.
48 § Lay the auditor shall after each fiscal year, submit a
audit report to the annual general meeting. Provisions on
report contents and the time when it shall be submitted to the
the company's Board of Directors can be found in section 56.
49 § Lay the auditor must not sign such
audit report referred to in Chapter 8. section 13 of the Act (1987:667) if
economic associations.
Provision of information, etc.
section 50 of the Management Board and the Executive Director shall provide
lay the accountant opportunity to carry out the examination in the
extent lay the Auditor considers necessary. They should leave
the information and the assistance of lay auditor requests.
The same obligations, the Board of Directors, the Executive Director,
the auditor and lay the auditor of a subsidiary to a
lay an auditor of the parent company.
How a lay auditor is appointed
51 § lay auditor is elected by the general meeting, unless
the articles of association contain provisions that lay auditor
shall be appointed in any other way.
Obehörighetsgrunder
52 § anyone who is a minor or bankrupt or has a
disqualification or trustee under Chapter 11. 7 §
parental code must not be the lay Auditors.
Conflict of interest
53 § Lay the auditor may not be as
1. is a Board Member, Executive Director or holds a
position in the leading position in the insurance company or its
subsidiaries or advises on company accounts or
asset management or the company's control over
2. are employed by or otherwise have a child
or dependency to the insurance company or to the
someone referred to in 1,
3. works in the same company as the professional advising
the company during posting or financial management or
the company's control over
4. is married to or cohabiting with or sibling or relative in
the right ascending or descending line to a person referred to in paragraph 1,
5. are besvågrad with a person referred to in paragraph 1 in the correct up-or
descending line or is married to the other's sibling, or
6. is in debt to the company or any other company in the
the same group or have an obligation to which such companies
have set the security for.
The one referred to in the first subparagraph are not eligible to be
lay an auditor of a parent company may not be
lay auditor in its subsidiaries.
Employment of counsel
54 § lay auditor, the audit of the company
hire someone who is not authorized under section 53 to be
lay Auditors. If the company or its parent company have employees
to solely or principally for the
internal audit, the auditor may, however, lay in the examination
use the services of such employees to the extent it is compatible with
good manners.
Lay the auditor's resignation
section 55 a mission that lay auditor ceases
lay the auditor or the appointed lay auditor
reports that the mission must cease. The notification shall be made in
the Board of Directors. If a lay auditor is not selected on the
General meeting would resign, he or she shall report it also in
the who has appointed him or her.
Lay the auditor's review report
section 56 the audit report shall be submitted to the Board of Directors
two weeks before the annual general meeting.
The report will lay the auditor express an opinion on such
conditions referred to in paragraph 46 and on such conditions as
He or she has been required to review under section 47. If
lay the auditor finds cause for complaint against any
Member of the Board of directors or to the President, he shall
they indicate this in the report and provide information on
the reason for the complaint.
Lay the auditor may audit report also provide other
information which he or she believes that the shareholders, the
delegated or guarantors should be aware of.
57 §/expires U: 2016-07-01/
The audit report shall be made available to and be sent
to the persons entitled to vote in the same manner as set out in Chapter 7. section 8
fourth subparagraph, Act (1987:667) on economic associations and
be presented at the general meeting.
57 §/entry into force: 07/01/2016
The audit report shall be provided in the same manner as set out in Chapter 7. section 22 of the Act (1987:667) on economic associations. Law (2016:121).
Lay the auditor's attendance at the annual general meeting
58 § Lay auditor is entitled to attend the general meeting.
He or she is required to attend, if, having regard to
cases may be considered necessary.
Lay the auditor's professional secrecy
59 § Lay the auditor must not to a single owner,
delegated, guarantor or third party unauthorized leave
information about such general matters
lay the auditor becomes aware of when he or she fulfils its
Mission, if it can be detrimental to the company.
Lay the auditor's disclosure
60 § Lay auditor is obliged to submit to the general meeting
all the information that the meeting request, in so far as it does not
would be of significant harm to the company.
61 § Lay auditor is obliged to provide the company's auditor,
other lay auditor, a special reviewer and, if the company
has been declared bankrupt, the trustee in bankruptcy the information
needed if the company's Affairs.
Lay auditor is also required to provide on request
information on the company's Affairs to
-patient basis during preliminary investigation in criminal cases.
Registration
62 section the provisions of Chapter 6. section 15 of the Act (1987:667) if
economic associations for the registration of members of the Board shall
also apply to the lay Auditors.
Distribution of profits, etc.
Acceptable forms for transfer of value to the guarantors and
holders of subordinated units
63 § mutual insurance funds shall be paid to the
guarantors and holders of subordinated shares only pursuant to
the provisions of this law on the distribution of profits, repayment of
guarantee capital and that which applies under this Act and the law
(1987:667) on economic societies of distribution at the company's
liquidation.
Distribution of profits
64 §/expires U: 2016-07-01/
Distribution of profits to the guarantors and holders of
the subordinated shares can only be made if it is clear from the articles of Association.
Payment of dividends shall not exceed that of the adopted
the balance sheet and, in the case of parent companies to establish
consolidated financial statements, the consolidated balance sheet
for the most recent fiscal year reported that the company's
and the Group's net profit for the year, retained earnings
and free funds since the deduction of
1. the amount referred to in paragraph 68 should be used for bonuses,
2. the reported loss,
3. the amount under the law or the statutes shall be allocated
to the restricted equity or, in the case of the parent company, the
amount of free equity in the group according to
the financial statements of companies within this is transferred to
the allied capital, and
4. the amount referred to in the articles of Association of the company in any other way shall
be used for any purpose other than profits.
The dividend may not be done with so much money to
dividend in view of the company's or the Group's
need for consolidation, liquidity or other status stands in
contrary to honest practices in industrial or commercial matters.
64 section/entry into force: 07/01/2016
Distribution of profits to the guarantors and holders of subordinated shares can only be made if it is clear from the articles of Association.
Payment of dividends shall not exceed that in the approved balance sheet and, in the case of parent companies to prepare consolidated accounts, in the consolidated balance sheet for the last financial year, reported that the company's and the Group's net profit for the year, profit and free funds then minus 1. the amount under section 68 shall be used for bonuses, 2. the reported loss, 3. the amount under the law or the statutes will be allocated to non-restricted equity or, in the case of the parent company, the amount of the equity of the group according to the annual accounts of the undertakings in this should be transferred to the capital, and 4. the amount according to the articles of Association of the company in any other way be used for any purpose other than profits.
Even if there is no impediment pursuant to the second subparagraph, the company may carry out the distribution of profits only if it appears
justifiable with regard to 1. the requirements that the nature, scope and risks placed on the size of the equity, and
2. the company's need for consolidation, liquidity and general position.
If the company is a parent company, shall for the purposes of the third subparagraph, account is also taken of the requirements of the group the nature, scope and risks of the Group's equity, as well as to the Group's need for consolidation, liquidity and general position. Law (2016:121).
65 § decision on profit distribution to the guarantors or the holders of
subordinated units are made by the general meeting. The general meeting may only in the
extent to which it has a duty to this according to
the articles of Association shall decide on the distribution of larger amounts than the
the Board proposed or approved.
Refund of guarantee capital, etc.
§ 66 refund of guarantee capital may only be decided by the
the annual general meeting. The meeting's decisions shall be notified to the Swedish companies Registration Office
for registration. For registration it is necessary that the financial supervisory authority
have given their permission to the refund. Any
reimbursement may not be made before the decision has been registered.
If a mutual insurance company has gone into liquidation or
declared bankrupt, a guarantor or holders of
subordinated units do not receive payment from the company's assets
for claims in respect of paid-in capital or guarantee
subordinated debentures until the company's liabilities have been fully
paid or sufficient funds set aside for this.
Illegal transfers of value
67 §/expires U: 2016-07-01/
For payment to the guarantors or the holders of
Publishing shares is made in contravention of this Act or the law
(1987:667) on economic unions, should the recipient pay
back the amount received with interest, calculated in accordance with
paragraph 5 of the interest Act (1975:635), from the time the amount was received
next to its interest, as a result of 3 or 4 of the interest Act,
be paid in accordance with paragraph 6 of the same law. If the payment was effected in the form
However, the recipient of the dividend refund is required only
If the company proves that the recipient knew or should have known that
the payment was contrary to this Act or the Act on economic
compounds.
For the deficiency arising from repayment is responsible,
under Chapter 13. 1-4 of the law on cooperative societies, those who
helped to adopt or enforce payment
or to establish or identify errors
balance sheet on the basis of the decision.
67 §/entry into force: 07/01/2016
For payment to the guarantors or the holders of subordinated shares is made in contravention of this Act or the Act (1987:667) on economic unions, should the recipient to pay back the amount received with interest, calculated in accordance with paragraph 5 of the interest Act (1975:635), from the time the amount was received until the date the interest, as a result of 3 or section 4 of the interest Act, shall be paid in accordance with paragraph 6 of the same law. If the payment was effected in the form of dividends, however, is required only if the recipient company rebate show that the recipient knew or should have known that the payment was contrary to this Act or the Act on cooperative societies.
If there is any deficiency at the refund referred to in the first subparagraph, the persons who have contributed to the decision on the distribution responsible for the shortage. The same applies to those who have contributed to the implementation of the decision or to the establishment or the establishment of a false balance sheet, which has been the basis for the decision about the transfer of value.
For liability under the second subparagraph in the case of members of the Board of Directors, Executive Director, auditor and the special examiner, intent or negligence, and, in the case of shareholders and others, intent or gross negligence.
For deficiency resulting from the repayment of dividends is also responsible persons who have received the property from a person referred to in the first subparagraph, with the knowledge that it is derived from an illegal transfer of value.
For the purposes of the second to fourth paragraphs applies to chapter 13. section 4 of the Act on cooperative societies. Law (2016:121).
Loss coverage and distribution of surplus in the mutual
life insurance company
The use of annual profit
68 § annual profit in a mutual life insurance company and amount
transferred from restricted equity to unrestricted equity
in the company, must be used for bonuses, to the extent
1. the profit or the amount transferred must not be used
for the distribution of profits or to cover losses under
provisions in the articles of Association, or
2. subject to the provisions of this Act or Act (1995:1560) if
annual report of the insurance companies.
Distribution of bonuses
§ 69 A mutual life insurance company shall give
refunds to policyholders and other
eligible due to insurance with a
distribution based on insurance contributions to
the surplus, subject to the provisions of
the insurance contract or articles of Association.
Upon surrender or transfer pursuant to Chapter 11. paragraph 5 of the
Insurance Contracts Act (2005:104),
1. entitlement to the refund shall be determined according to the same distribution and
policies that would have applied for insurance cases, unless a
deviation is justified with regard to the
(a)) the remaining insurance workers ' collective rights to
refund, or
b) the insurance company's financial situation, and
2. fees shall be determined on the basis of the costs incurred
on the repurchase or transfer and taking into account the
the claim still outstanding against the insured for costs
related insurance contract.
69 a of/expire U:2016-07-01 by law (2015:68)./
The provisions of section 69 applies even when
buy-back when the insurance must be completed according to the law
(2015:62) for identification of reportable accounts
on the occasion of FATCA. Law (2015:67).
Consolidation
70 § A mutual life insurance company shall have a
consolidation. The consolidation Fund may be reduced only
to cover losses or for other purposes specified in
the articles of Association. Such a reduction can only be decided by the
the annual general meeting.
Reserve Fund
71 §/expires U: 2016-07-01/
For the reserve fund in the case of mutual insurance companies
10 Cape. the second and third subparagraphs of paragraph 6 of the law (1987:667) if
economic associations.
71 section/entry into force: 07/01/2016
For reserve fund of mutual insurance company comes Chapter 4. section 5, Chapter 5. section 9 and 10. 14 – 20 § § the Act (1987:667) on economic associations. Law (2016:121).
Gifts to non-profit or equivalent purposes
72 §/expires U: 2016-07-01/
The general meeting may decide on gifts to public
or equivalent purposes, if, having regard to
aims of the nature, the company's position and
the circumstances in General may be regarded as reasonable.
The Board may, for such purposes, only use assets
with respect to the company's position is of minor importance.
72 section/entry into force: 07/01/2016
The general meeting or, if the matter is of minor importance with regard to the company's financial position, the Board may make a donation to a non-profit or similar purposes, if, having regard to the nature of ändamålets, the company's position and the circumstances in General may be considered reasonable, and the gift is not contrary to § 64 second to fourth paragraphs. Law (2016:121).
Liquidation
Voluntary liquidation
73 § decision on the voluntary winding up of a mutual
insurance companies shall be taken by the general meeting.
For the winding-up order in cases other than when there is reason
for an order for compulsory winding-up under section 74 requires is assisted by two
thirds of all voters. Further conditions to
the decision shall be valid, provided for in the articles of Association.
When there are grounds for an order for compulsory winding-up under section 74,
the decision, effective immediately. In other cases, the general meeting of shareholders
decide that liquidation must enter a specific date.
The provision in Chapter 11. the fourth paragraph of section 1 of the law (1987:667) if
economic associations concerning the notification of the decision shall also apply
for mutual insurance companies.
Compulsory liquidation
74 § Provision in Chapter 11. 4 paragraph 1 Act
(1987:667) if the decision of the economic associations of if
liquidation shall apply also for mutual
insurance companies.
Bolagsverket should decide that a mutual insurance company
shall go into liquidation if
1. the company's entire portfolio has been transferred,
2. an authorisation to operate the insurance business that has
granted for a fixed period of time has elapsed without any new
permission has been granted,
3. the permit to operate insurance business has
revoked,
4. the company is bankrupt completed
with excess and the AGM not within prescribed time has
made a decision on liquidation under section 79, or
5. registered insurance company lacks jurisdiction to register
Board of directors or the Managing Director.
Decision on liquidation shall not be notified, if it is established that
winding-up the Foundation ceased during handling.
Questions about winding up under the first or second subparagraph
tested on notification by the Swedish financial supervisory authority or at the request of
the Board of Directors, Board Member, Executive Director or
part-owner or person entitled to vote who is not a shareholder.
In the cases referred to in the second subparagraph of paragraph 3, the Swedish companies registration office to make
the decision on liquidation as soon as practically possible,
However, no later than the day following that on which the application or notification of
the liquidation came in to Bolagsverket.
In the cases referred to in the second subparagraph of paragraph 4 or 5 is necessary to consider the question
on the application of a creditor or someone else whose right
may be dependent on there being someone who can represent the
the company.
The decision on liquidation effective immediately. Team (2013:166).
The implementation of the liquidation
section 74 75 cases under section 3, Chapter 11. 5 and
6 § § the Act (1987:667) about cooperative societies do not apply.
In regards to the implementation of the liquidation of
mutual insurance companies 11 kap. 5, 6 a – 17 § § the Act on
economic associations with the addition as follows from paragraphs 76 to 78.
In a case under paragraph 74 1, 2, 4 or 5 applies
even Chapter 11. section 6 of the Act on cooperative societies.
Team (2013:166).
Accounting under liquidation
76 section in Chapter 11. 12 of the law (1987:667) on economic associations stated that certain provisions do not apply to their respective annual report and its treatment of the meeting. The provisions of Chapter 5. section 1 and section 2 of the 6 and 7 Act (1995:1560) on the annual accounts of insurance companies on the application of Chapter 5. 20, 37-44 and 48 of the annual accounts Act (1995:1554) shall not apply. Law (2015:826).
Parcel
77 section at the parcel of the mutual insurance company's assets
to those who were partners in the company at the time of
the winding up order share in assets according to the
fördelningsgrunder specified in the articles of Association.
Barriers against the decision on the termination of the liquidation
78 section in addition to Chapter 11. second sentence of the first paragraph of section 17 of the Act
(1987:667) on economic associations concerning a decision on
to a liquidation shall cease and the mutual
the insurance company's business resume may not be taken, if
There is reason for liquidation under this Act. A
the decision to resume the activities must not be made if it
is not full coverage for the company's obligations.
Bankruptcy
§ 79 provisions concerning bankruptcy in Chapter 11. 19 and 20 of the law
(1987:667) on economic associations shall also apply to
mutual insurance companies.
Fusion
Transferring company
80 § mutual insurance companies may be transferring company
in a merger only if another mutual insurance company
or equivalent legal person resident in another
country within the EEA than Sweden is the acquiring company.
Applicable provisions
81 section At fusion with a mutual insurance company applies
12 Cape. Act (1987:667) on economic associations with the
exceptions and additions resulting from the second paragraph.
Instead of 12. 10-12, 14-16 and 35 of the law on
economic associations apply 82-84 and 86 of this chapter.
In section 85 this chapter provides rules on the application of Chapter 12. 6
and 17 of the Act on cooperative societies. In this chapter 86 §
There are rules on the application of Chapter 12. paragraph 21 of the same law.
Application for authorization to effect the merger plan
§ 82 If the merger plan applies to all insurance companies,
should both devolution as takeover companies apply for
permission to execute the plan. In a cross-border
Fusion, the application shall be made by the Swedish company
participating in the merger. The application shall be made to the FSA.
By fusion through combination insurers should also
apply for a licence pursuant to Chapter 2. 4 § and approval by
the articles of Association pursuant to Chapter 2. section 8 of the acquiring company.
At the cross-border merger, this applies only if the
acquiring company shall be domiciled in Sweden.
The application referred to in the first subparagraph shall be submitted within one month after
the merger plan is valid for all the companies and, if
the merger plan has been registered under Chapter 12. section 6 of the Act
(1987:667) on economic associations, within two years of the
the merger plan has been published in accordance with Chapter 15. paragraph 2 of the same law.
The financial supervision authority shall inform the registration office and
The Swedish tax authorities concerning the application of the first subparagraph and, if
final decision has been announced on the occasion of the
such applications. Team (2013:456).
83 section during the processing of an application for authorisation to
effect a merger plan to the financial supervision authority to examine whether
policyholders and other creditors receive a
by collateral, if such protection is needed with regard
to the merging insurance companies ' financial
conditions and if the creditors do not already have such a
Security. Team (2013:456).
When an application is to be refused
§ 84 an application under section 82 shall be rejected if the
1. the merger plan has not been approved in the competent scheme or to
their content contravenes the law or the
the articles of Association,
2. the merger has been prohibited under the Competition Act (2008:579)
or pursuant to Council Regulation (EC) No 139/2004 of the
20 January 2004 on the control of concentrations between undertakings or
review of the merger is in progress under the competition act or the
the said regulation,
3. policyholders and other creditors don't have
providing such a reassuring security referred to in section 83
or the merging companies ' financial conditions in General
is such that the merger cannot be considered compatible with the
policyholder or other creditors ' interests, or
4. it is justified in the public interest.
If the application cannot be granted because the trial
under the competition act or the Council Regulation (EC) No 139/2004
and the trial is likely to be completed within a short period of time, may
the case in abeyance for a maximum period of six months.
Registration of merger
85 § the register in 12 Cape. paragraph 6 and section 17
first subparagraph, Act (1987:667) on economic unions shall in
rather than refer to insurance register.
Instead of the prescribed on the date of notification
for enrollment in 12 Cape. the second subparagraph of paragraph 17 of the law on
economic associations, such notification shall be made within two
months after the FSA's authorisation to
the Chief Executive of the merger became final.
Team (2013:456).
Absorption of wholly owned subsidiary
86 § rules on merger by acquisition in 12 Cape. section 21
Act (1987:667) about cooperative societies should only apply to
merger of companies within the meaning of § 80 this chapter.
The parent company shall apply for an authorisation to effect
merger with the Swedish financial supervisory authority. The application must be lodged
at the latest one month after the merger plan has been
applicable in the parent company and, if the merger plan has
registered under Chapter 12. section 6 of the law on financial
societies, at the latest two years after the statement that the plan
has been registered has been published.
In the case of such a case, the provisions of 83 and
84 section, mutatis mutandis. The surrendering company
shall relate to the subsidiary and the acquiring company
refers to the parent company.
The financial supervision authority shall inform the registration office on applications
According to the second paragraph, and if the final decision
issued in response to such requests.
The Swedish companies registration office shall after such notification register
the State under Chapter 12. section 21 of the law on financial
compounds.
What is said about the register in the 12. paragraph 21 of the fourth
law on cooperative societies should instead refer to
the insurance register. Team (2013:456).
Damages
Chapter 87, the provisions of section 13. Act (1987:667) on economic
compounds of liability for infringement of the provisions which
therein also apply to mutual insurance companies. What
provided there is mutual insurance company also apply
in case of violation of this Act.
It provided for in chapter 13. section 1 of the Act on cooperative societies
If the Board of Directors shall also apply to the settlor of a
mutual insurance companies.
Firma
88 § mutual insurance company should contain the words
mutual and insurance. If the business intends to announce
insurance of property only within a limited geographical
area, the firm enter the area of the company but
the word mutual may be omitted.
The Board of Directors may adopt secondary name. Secondary name cannot contain
the word mutual.
The firm shall clearly differ from the firms listed in the
registers referred to in chapter 14. § 1. Apart from that there are provisions
If the registration of trade names Act (1974:156).
Registration, etc.
section 89 of Chapter 14. section 1 provides for registration agency
and insurance records.
90 section For registration of a mutual insurance company applies
15. 2-6 of the Act (1987:667) on economic associations. The
as is said there about the register should instead refer to
the insurance register.
For appeals against decisions by the FSA comes to chapter 17.
1-3 paragraphs instead of 15. section 6 of the law on financial
compounds.
Penalties and liquidated damages
91 § provisions of Chapter 16 of the. Article 1, first and third paragraphs
and section 2 of the Act (1987:667) on economic associations of punishment
and a penalty applies to mutual insurance companies.
Team (2013:443).
Chapter 13. Corporate law provisions for
insurance associations
Introductory provisions
What is an insurance Association
section 1 of The Insurance Association is an association which has as its purpose the
to promote the economic interests of their members by operating
insurance business in which members participate by
use the Association's services as a policyholder or as
insured.
Application of General provisions for economic associations
section 2 of the provisions of the Act (1987:667) on economic associations
applicable to insurance associations subject to this
team. For the purposes of the provisions of the law on financial
associations of insurance societies, what it says about the
1. Economic Association relate to insurance Association, and
2. the register of associations refer to insurance register.
References in the law on cooperative societies to the provisions
in the same law shall, where appropriate, refer to the provisions in
This law that apply instead of or in addition to the provisions
the law on cooperative societies.
3 §/expires U: 2016-07-01/
The provisions of an economic Union purpose accommodation in
Chapter 1. section 1 of the Act (1987:667) on economic associations apply
not for the insurance associations.
3 section/entry into force: 07/01/2016
The provisions of an economic Union purpose accommodation in Chapter 1. section 1 of the Act (1987:667) about cooperative societies do not apply to insurance associations.
The provisions of the Act on the investing members cooperative societies do not apply to insurance associations.
Law (2016:121).
Responsibility for the Insurance Association's obligations
4 § in addition to the provisions on liability for an association
obligations in Chapter 1. section 3 of the Act (1987:667) on economic
associations get it in an insurance rules
provision should be made for a member to cover liabilities, provisions, or
losses in the insurance operations, which the Association cannot cover
by taking the space their own assets or funds, by
make capital contribution to society (Levy).
Formation of an insurance Association
Business capital
§ 5 an insurance Association must not be formed without
business capital. Capital may be contributed by other than
members.
For registration by an insurance Association, requires that all
business capital has been paid.
The solvency margin shall be returned when it is no longer needed
for that movement to be able to operate efficiently and
repayment is compatible with the provisions on own funds
size and composition in Chapter 7.
The solvency margin shall also be refunded if no registration
takes place under section 7.
Bylaws
6 § insurance rules should, in addition to what follows
of Chapter 2. 2 paragraph 1-3 and 6-12 Act (1987:667) if
economic associations, indicate:
1. whether the movement should refer to both direct insurance
reinsurance acceptances,
2. the Association shall operate the insurance business outside
EEA,
3. the conditions for membership of the Association,
4. the amount of the solvency margin,
5. the possible right of return accruing to the
contributed capital business,
6. the right to vote at any general meeting conferred
the contributed business capital;
7. in what order the solvency margin must be paid in and
be repaid, and
8. for which types of insurance, in which situations, next to
the amount and the order in which the levy can occur in
members and how the levy is to be implemented.
In a life insurance Association applies in addition to the statutes
shall explain how the Association's loss may be covered.
Registration, etc.
section 7 instead of provisions concerning registration in Chapter 2. paragraph 3 of the
the first and second paragraphs, the law (1987:667) on economic
unions, applies for an insurance Association to
1. activities may commence when the decision on the licence to operate
insurance business has been granted, and
2. notification for registration shall be made not later than six months after
that such a decision is handed down.
As provided in Chapter 2. section 4, first subparagraph, the law of
economic associations on measures to obtain committed
contributions or fees should instead refer to
the solvency margin.
The Association's members, etc.
section 8/expires U: 2016-07-01/
It provided for the right of a member to exit in Chapter 3.
the first sentence of the first subparagraph of paragraph 4 of the law (1987:667) if
cooperative societies do not apply in respect of
insurance associations if the Member due to their employment
is obliged to belong to the Insurance Association.
The provision on the obligation to keep the the Member list
available in Chapter 3. the third subparagraph of paragraph 6 of the law on financial
unions do not apply to insurance associations.
section 8/entry into force: 07/01/2016
It provided for the right of a member to exit in Chapter 3. the first sentence of the first subparagraph of paragraph 4 of the law (1987:667) about cooperative societies do not apply in respect of the insurance associations if the Member because of his employment is required to belong to the Insurance Association.
The provision on the obligation to keep the list of members is available in Chapter 3. the fourth subparagraph of paragraph 6 of the law on cooperative societies do not apply to insurance associations.
Law (2016:121).
Subordinated debentures
§ 9/expire U:2016-07-01 by law (2016:121)./
Rules on the maximum amount of the subordinated debentures from
other than members of Chapter 5. 1 paragraph Act (1987:667)
If the cooperative societies do not apply to insurance associations.
Instead, the sum of such efforts after the contribution amount
to a maximum of the sum of other equity.
If there are serious reasons, the financial supervisory authority in a
case-by-case basis, decide on the senior subordinated debentures than specified in the
the first paragraph.
The Association's leadership
Executive Director
section 10/expires U: 2016-07-01/
The provisions of Chapter 6. the first and third subparagraphs of paragraph 3 of
Act (1987:667) on economic associations of Executive
Director does not apply to insurance associations. Instead
applies to the Board in an insurance Association shall designate a
Executive Director. The Executive Director shall not
Chair of the Board.
section 10/entry into force: 07/01/2016
The provisions relating to the Executive Director in Chapter 6. section 3(1) the law (1987:667) about cooperative societies do not apply to insurance associations. Instead, apply to the Board of Directors of an insurance Association shall appoint an Executive Director. The Executive Director shall not be the Chairman of the Board. Law (2016:121).
Disqualification of Board member and the Executive Director
11 §/expires U: 2016-07-01/
The rules on disqualification of a member of the Board of directors or the
Executive Director in Chapter 6. section 10 of the Act (1987:667) if
economic associations also applies to a matter of agreement between the
Insurance Association and a legal person
the Board member or the Executive Director alone
or together with someone else may represent. This applies to
but not if the
1. Insurance Association owns all the shares in the Association's
counterparty, and
2. the defendant is a different company than an insurance company
which may not distribute profits.
11 §/entry into force: 07/01/2016
Instead of the rules on conflict of interest for a member of the Board or the Executive Director, in Chapter 6.
paragraph 10(2) the Act (1987:667) on economic associations the following applies for insurance associations. The provisions of Chapter 6. 10 section 3 does not apply if
1. Insurance Association owns all the shares in the Association's counterpart, and
2. the defendant is a different company than an insurance company which must not distribute profits. Law (2016:121).
section 12 of the regulations prohibiting deputies to follow
certain provisions of the Association's organs in Chapter 6. paragraph 13 of the second
law (1987:667) on economic unions applying to
insurance associations where regulations run counter to
provisions of this Act or Act (1995:1560) if
annual report of the insurance companies.
/Rubriken expires U: 2016-07-01/
Exceeding of powers or jurisdiction
section 13/expire U:2016-07-01 by law (2016:121)./
The provision on a substitutes ' exceeding
power in Chapter 6. the first sentence of section 14 of the Act (1987:667) if
cooperative societies do not apply to insurance associations when
the Board of directors or the Managing Director has breached a
Regulation on the subject of the Association's activities or other
regulations given in the statutes or by another
the voluntary agencies.
If the representative has undertaken an act of
the Association and then have acted in contravention of the provisions of
the law on economic associations of voluntary agencies ' control,
applies to this Act is not against the Association.
General meeting
The right to decide in the Association's Affairs
section 14/expires U: 2016-07-01/
In addition to the provisions on Union members ' right to
decide in the Association's Affairs in Chapter 7. section 1 of the Act
(1987:667) on economic associations, an insurance Association
the statutes provide for the right to vote for those who contributed
business capital.
section 14/entry into force: 07/01/2016
In addition to the provisions on Union members ' rights to decide on the Association's Affairs in Chapter 7. 1-3 of the law (1987:667) on economic associations, an insurance Association in the Constitution provide for the right to vote for the person who contributed the business capital. Law (2016:121).
/Rubriken entry into force: 07/01/2016
Place of the general meeting
14 section/entry into force: 07/01/2016
The provisions on the place of the general meeting in Chapter 7. section 13 of the Act (1987:667) about cooperative societies do not apply to insurance associations. Law (2016:121).
FSA's duty to call a general meeting
section 15/expires U: 2016-07-01/
The obligation to call a general meeting as
The Swedish companies Registration Office has under Chapter 7. the second subparagraph of paragraph 7 the law
(1987:667) about cooperative societies do for
insurance associations rather than apply to the financial supervision authority.
Team (2013:745).
section 15/entry into force: 07/01/2016
The obligation to call a general meeting as the Swedish companies Registration Office has under Chapter 7. second paragraph of section 15 of the Act (1987:667) on economic associations, to insurance associations rather than apply to the financial supervision authority. Law (2016:121).
Councillor
16 §/expires U: 2016-07-01/
In addition to the provisions on the Council in Chapter 7. section 12 of the first
law (1987:667) on economic unions applying to
insurance associations that at least half of the Council shall
be appointed by the members of the Association or of organizations that can
considered to represent members.
16 section/entry into force: 07/01/2016
In addition to the provisions on the Council in Chapter 7. paragraph 1, second subparagraph, and paragraphs 40 to 42 Act (1987:667) on economic associations applicable to insurance associations that at least half of the Council shall be appointed by the members of the Association or of organizations that can be considered to represent the members.
Law (2016:121).
The information before the Board election
section 17 of the President before the General Meeting Board elections will be held in
an insurance Association provide information of the meeting on the
Mission on which the choice applies in other companies.
Audit and special examination
Competence requirements, etc.
section 18 instead of 8. Article 1, first subparagraph, and paragraph 5 of the law
(1987:667) on economic unions applying to
insurance associations to
1. the general meeting shall elect at least one auditor,
2. the statutes may be determined that one or more auditors
shall be appointed in any other way,
3. only those who are authorized or approved auditor may
to be an auditor of an insurance Association, and
4. at least one of the auditors appointed by the general meeting shall
be a certified public accountant.
The provisions of Chapter 8. section 18 of the Act (1987:667) on economic
associations for the registration of an auditor shall also apply to
auditor appointed under this section. Team (2013:235).
/Rubriken expires U: 2016-07-01/
Surplus distribution and other use of the Association's property
/Rubriken entry into force: 07/01/2016
Bonuses and other use of the Association's property
Distribution of society's resources for members
§ 19/expires U: 2016-07-01/
In lieu of the provisions for the payment of the Association's
funds to members of 10 Cape. section 1 of the Act (1987:667) if
economic associations applicable to insurance associations to
the Association's funds may be distributed to members only in the form of
refund or, in conjunction with the Association's liquidation, as
plot settlement.
The provisions of Chapter 10. 2-5 of the law on cooperative societies
If dividends, bonus issues and dividends of surplus
does not apply to payments of the Association's funds to
members of an insurance Association.
19 section/entry into force: 07/01/2016
In place of the provisions on transfers of value from the Association in Chapter 9. 1 and 2 of the Act (1987:667) on economic associations applicable to insurance associations to the Association's funds may be distributed to members only in the form of bonuses or, in conjunction with the Association's liquidation, as the plot proceeds.
The provisions on transfers of value, profits, compensation and bonus issues in Chapter 9. 3 and 4 sections and 10 Cape. 1 to 13 sections and section 21 of the Act on cooperative societies do not apply to payments of the Association's funds to members of an insurance Association. Law (2016:121).
Distribution of profits to those who contributed business capital
section 20 of the Insurance Association, the distribution of profits shall be made to them
as contributed capital business, if it adheres to the statutes.
The use of annual profit
21 § annual profit in a life insurance Association and the amount carried
over from restricted equity to unrestricted equity should
be used for bonuses, to the extent
1. the profit or the amount transferred must not be used
for the distribution of profits or to cover losses under
provisions of the bylaws, or
2. subject to the provisions of this Act or Act (1995:1560) if
annual report of the insurance companies.
Consolidation
section 22 A life insurance Association to have a consolidation.
The consolidation Fund may be reduced only to cover
losses or for other purposes specified in the statutes. A
such a reduction can only be decided by the general meeting.
Distribution of bonuses
section 23 of The life insurance Association to give bonuses to
policyholders and other eligible due
insurance with a distribution based on the insurance
contribution to surplus, subject to the provisions of
the insurance contract or statutes.
Upon surrender or transfer pursuant to Chapter 11. paragraph 5 of the
Insurance Contracts Act (2005:104),
1. entitlement to the refund shall be determined according to the same distribution and
policies that would have applied for insurance cases, unless a
deviation is justified with regard to the
(a)) the remaining insurance workers ' collective rights to
refund, or
b) Insurance Association's financial situation, and
2. fees shall be determined on the basis of the costs incurred
on the repurchase or transfer and taking into account the
the claim still outstanding against the insured for costs
related insurance contract.
23 a of the U:2016-07-01/expires by law (2015:68)./
The provisions of section 23 of the second paragraph also applies to
buy-back when the insurance must be completed according to the law
(2015:62) for identification of reportable accounts
on the occasion of FATCA. Law (2015:67).
/Rubriken expires U: 2016-07-01/
Allocation to the reserve fund
24 §/expire U:2016-07-01 by law (2016:121)./
The provisions on the allocation to the reserve fund in the 10 Cape. 6 §
first and fourth paragraphs Act (1987:667) on economic
unions do not apply to insurance associations.
Repayment of operating capital
section 25 of the reimbursement of business capital may only be decided by the
the annual general meeting. The meeting's decisions shall be notified to the Swedish companies Registration Office
for registration. For registration it is necessary that the financial supervisory authority
have given their permission to the refund. Any
reimbursement may not be made before the decision has been registered.
If an insurance Association has gone into liquidation or been declared
in bankruptcy, which paid the solvency margin does not take
receive payment from the Association's assets for the claim in respect of
paid-in capital of activity until the Association's other liabilities
have been fully paid or sufficient resources allocated to
this.
/Rubriken expires U: 2016-07-01/
Recovery of undue payments
section 26/expire U:2016-07-01 by law (2016:121)./
The provisions of Chapter 10. section 7 of the Act (1987:667) if
economic associations for reimbursement for payments in the
violation of the law shall also apply to payments in violation of
This law.
Liquidation
Compulsory liquidation
27 § in addition to the provisions on compulsory winding up in Chapter 11. 4
and 4 a of the law (1987:667) on economic associations apply
for the insurance associations to the companies registration office shall decide to
the Association shall go into liquidation, if
1. the Association's entire portfolio has been transferred,
2. an authorisation to operate the insurance business for certain time
has elapsed without any new authorisation has been granted,
or
3. the permit to operate insurance business has
been revoked.
In the cases referred to in the first subparagraph 3 shall
The Swedish companies registration office take the decision on liquidation as soon as it is
practicable, but not later than the day following that on which the application
or notification about liquidation came in to Bolagsverket.
The decision on liquidation effective immediately.
A question about winding up referred to in the first subparagraph shall be
the application of the Board, a member of the Board of Directors, the Executive
the Director, a Union Member, a holder of a
the publishing share or on notification by the Swedish financial supervisory authority.
In the cases referred to in the first subparagraph, the provisions of
11 kap. 5 and 6 of the law on cooperative societies do not
applied. Team (2013:166).
FSA notice
section 28 in Chapter 11. section 4, third subparagraph, and paragraph 4 (a)
Act (1987:667) on economic societies is provided for
to questions about the compulsory liquidation of a business association in
some cases be examined after the notification of the Registrar
or at the request of some executives of the Association.
In addition, the issues of liquidation of an insurance Association
According to these clauses are tested after notification of
The Swedish financial supervisory authority.
Accounting under liquidation
section 29 of Chapter 11. 12 of the law (1987:667) on economic associations stated that certain provisions do not apply to their respective annual report and its treatment of the meeting. The provisions of Chapter 5. section 1 and section 2 of the 6 and 7 Act (1995:1560) on the annual accounts of insurance companies on the application of Chapter 5. 20, 37-44 and 48 of the annual accounts Act (1995:1554) shall not apply. Law (2015:826).
Barriers against the decision on the termination of the liquidation
section 30 in addition to the provision in Chapter 11. section 17, first subparagraph, second
sentence Act (1987:667) on economic unions applying to
insurance associations that a decision on liquidation shall
cease and the Association's activities resumed may not be taken,
If there is reason for liquidation under this Act. A
the decision to resume the activities must not be made if it
is not full coverage for the Association's obligations.
Fusion
Surrendering compound
section 31, an insurance Association may be surrendering Association at
a merger only if another Union or
the corresponding legal entity resident in a different country within the
EEA than Sweden's takeover.
Applicable provisions
32 section At fusion with an insurance Association does not apply 12 Cape.
10-12, 14-16 and 35 § § the Act (1987:667) on economic
compounds. Instead, 33-35 of this chapter. In 36 §
This chapter includes special provisions for the application of
12 Cape. section 17 of the Act on cooperative societies. When the merger concerns
an insurance Association and a wholly-owned subsidiary, the
33-35 §§ mutatis mutandis. What is said there about devolution
Association shall instead refer to the subsidiary.
Application for authorization to effect the merger plan
33 § When the merger plan is valid for all societies,
both devolution as takeover Insurance Association request
If permission to execute the plan. In a cross-border
Fusion, the application shall be made by the Swedish associations
participating in the merger. The application shall be made in
The Swedish financial supervisory authority.
At the merger by combination, the insurance associations
In addition, apply for a licence pursuant to Chapter 2. paragraph 4 and
approval of the statutes referred to in Chapter 2. section 8 of the
taking over the compound. At the cross-border merger terms
This is just about the takeover, the Association shall be domiciled in
Sweden.
The application referred to in the first subparagraph shall be submitted within one month after
the merger plan is valid for all societies and, if
the merger plan has been registered under Chapter 12. section 6 of the Act
(1987:667) on economic associations, within two years of the
the merger plan has been published in accordance with Chapter 15. paragraph 2 of the same law.
The financial supervision authority shall inform the registration office and
The Swedish tax authorities concerning the application of the first subparagraph.
The financial supervision authority shall also inform the Office if
final decision has been announced on the occasion of the
such applications. Team (2013:456).
34 § in the processing of an application for authorisation to
effect a merger plan to the financial supervision authority to examine whether
policyholders and other creditors receive a
by collateral, if such protection is needed with regard
to the merging insurance unions ' economic
conditions and if the creditors do not already have such a
Security. Team (2013:456).
When an application is to be refused
35 § an application under section 33 shall be rejected if the
1. the merger plan has not been approved in the competent scheme or to
their content contravenes the law or the
the statutes,
2. the merger has been prohibited under the Competition Act (2008:579)
or Council Regulation (EC) No 139/2004 of 20 January 2004
on the control of concentrations between undertakings or for review of
the merger is in progress under the competition act or the said
the regulation,
3. policyholders and other creditors don't have
providing such a reassuring security provided for in § 34
or the merging unions ' financial conditions in
Moreover, such that the merger cannot be considered compatible with the
the interests of policyholders and other creditors, or
4. it is justified in the public interest.
If the application cannot be granted because the trial
under the competition act or the Council Regulation (EC) No 139/2004
and the trial is likely to be completed within a short period of time, may
The Swedish financial supervisory authority to explain the matter should rest for a certain
time which may not exceed six months.
Registration of merger
36 section instead of the stipulated on the notification to
The Swedish companies registration office in Chapter 12. the second subparagraph of section 17 of the Act (1987:667) if
economic associations, an application shall be made not later than two months
from the FSA authorisation of the Executive
the merger became final. Team (2013:456).
An action against a formal decision on the cross-border merger
37 §/expires U: 2016-07-01/
Instead of the rule in Chapter 7. 17 paragraph
first sentence Act (1987:667) on economic associations of
bringing actions, in addition to those mentioned in Chapter 7. section 17
the second paragraph, the following. An action against the decision of the meeting of
approval of the merger plan concerning the cross-border merger
shall not be brought after the financial supervision authority by a
a decision which has become final has given permission to the
execution of a merger plan. Team (2013:456).
37 section/entry into force: 07/01/2016
Instead of the provision for bringing actions in Chapter 7.
the first sentence of the third paragraph of section 44 law (1987:667) on economic associations, in addition to those mentioned in Chapter 7.
paragraph 44, as follows. An action against the decision of the meeting approving the merger plan concerning a cross-border merger shall not be brought after the financial supervisory authority, a decision that has a legal effect has provided consent to the execution of a merger plan.
Law (2016:121).
Damages
section 38 Provisions in chapter 13. 1-3 of the law (1987:667) if
economic associations of liability for breach of
provisions which apply to insurance associations
even in case of violation of this Act.
Firma
39 section instead of the rule in chapter 14. Article 1, first paragraph
the first sentence of the third paragraph of the law (1987:667) if
economic associations if the Association's business case for
insurance associations to its corporate name shall contain the word
Insurance Association and the word Insurance Association or
abbreviation of the expression must not be put into a secondary name.
Only the insurance associations may use the term in their business
the Insurance Association.
Penalties and liquidated damages
40 §/expires U: 2016-07-01/
Instead of 16. 1 paragraph Act (1987:667)
If economic associations in a fine person who
1. willfully or negligently fails to bring
Member list referred to in Chapter 3. section 6 of the law on financial
compounds, or
2. intentionally or negligently violate chapter 13. 39 §
second subparagraph, this law.
40 section/entry into force: 07/01/2016
Instead of 16. 1 paragraph Act (1987:667) on economic associations in a fine person who
1. intentionally or negligently not for membership in accordance with Chapter 3. 6 and 7 of the law on cooperative societies, or
2. intentionally or negligently violate chapter 13. 39 of this Act. Law (2016:121).
Chapter 14. Transfer of portfolio
Agreement on the transfer
section 1 of the insurance companies (the company being acquired) may completely
or partly assign his portfolio to another
insurers (the acquiring insurer).
Transfer may be made to
1. a Swedish insurance company, or
2. a foreign insurer allowed to operate
insurance business in Sweden or who is authorised in a
country within the EEA.
Portfolios may be transferred even if the surrendering
the company has gone into liquidation. Law (2015:700).
Meeting's approval
section 2 of the agreement between the insurance company regarding the transfer of
portfolios will be valid to be approved by the general meeting
in the merged company. Law (2015:700).
Documents to be made available for the meeting
section 3 of the following documents should be made available to shareholders
and the persons entitled to vote in the transferring undertaking for at least
a week before the general meeting at which the question of approval of
the transfer agreement to be treated and to be presented at the meeting:
1. a proposal for a formal decision,
2. agreement on the transfer,
3. a statement of the Board of Directors of the circumstances that can
be of importance to the assessment of the proposal's suitability for
the company and its policyholders and other
eligible because of insurance,
4. the opinion of the Auditors of the Board's statement
According to the 3, and
5. If the annual report should not be treated at the meeting,
a) a copy of the annual report which contains the last
balance the profit and loss account, provided with a
Note If the decision of the general meeting of the company's profit or
loss,
(b)) a copy of the audit report for the year in the annual report
regards,
c) one of the Board signed statement of such
events after the annual report were left as is by
essential to the company's financial position, and
d) an opinion on the statement referred to in (c),
signed by the company's Auditors.
The documents shall immediately be sent to the shareholders and the
voters who request them and provide their mailing address.
Law (2015:700).
Registration of the meeting's approval
4 section When an agreement on the transfer of portfolio has
approved by the general meeting, shall notify the transferring company
General meeting for registration.
Where a notification referred to in the first subparagraph have not been made within four
months from the decision or if the companies registration office by a decision
which has become final has dismissed such notification or
refused registration of the decision, the issue of transfer of
insurance stocks fell. If an appeal against the decision of the general meeting
aside, however, the time is counted from the day when the judgment won
the force of law. Law (2015:700).
Authorization to transfer
paragraph 5 of the insurance undertaking shall execute a deed of assignment
with the permission of the financial supervision authority. Law (2015:700).
Application for enforcement
section 6 of the application for authorization to effect a transfer agreement
to be done by both the transferring undertaking that the
taking over the insurer. Applications must be submitted to
The financial supervision authority within four months of
the decision of the meeting of the merged company for approval of
the contribution agreement was registered.
The financial supervision authority shall inform the registration office on the applications
and if the final decision is given on the occasion of the
them.
If applications are not made within the prescribed time or if
they have been rejected, to the companies registration office to explain that the question of
the transfer has fallen. Law (2015:700).
Conditions for authorisation
section 7 of the State to execute a deed of assignment shall be given, if
1. the right of insured persons and other
eligible due to insurance is not impaired,
2. the acquiring insurer have the capital base
required since the handover have been taken into account, taking into account has been
such exceptions may be granted in accordance with Chapter 5.
section 16 of the Act (1998:293) on foreign insurers and
supplementary pension funds in Sweden, and
3. competent authority of the country where the risk is situated or where
commitments should be fulfilled by agreeing to transfer or not
has given its opinion.
If the takeover the insurer does not have permission to
propel insurance operations in Sweden, the capital base is certified
of the supervisory authority. Having regulator included, for the EEA
insurers, the competent authority of its home country, and,
for an insurer domiciled in a country outside the EEA, the
competent authority in the EEA country who monitor
the insurer's solvency. Law (2015:700).
Procedure for supplementary investigation
paragraph 8 of the financial supervision authority may submit to the transferring undertaking
or the acquiring insurer to enter with the
additional investigation that is necessary for the inspection,
to establish that the right of the insured
and other eligible because of insurance does not
deteriorate. Law (2015:700).
Publication of application
section 9 Of the application shall be rejected immediately, the financial supervisory authority in
Post-och Inrikes Tidningar and the ortstidningar which
inspection finds appropriate announce application content with
a statement that an agreement on the transfer of insurance portfolio
has been made and where the agreement and other investigations are held
available.
The notice shall contain the injunction for the policyholder
and other eligible due to insurance policies
concerned by the transfer to the specified period of time, at least one month after
the announcement, in the FSA Register if they have something to
object to the application. Law (2015:700).
Opinion of the competent authority
section 10 Before consent is granted, the financial supervisory authority give the
competent authority of the country where the risk is situated or where
commitments should be fulfilled if the opportunity to be heard.
the transfer relates to insurance contracts concluded by a
secondary establishment in another country, the competent
authority in the country are given the opportunity to comment.
Law (2015:700).
When the application may be examined
section 11 of the financial supervision authority shall examine the application for authorisation to
effect of transfer when the authorities referred to in
section 10 has given its opinion or, if they have not given an opinion, three
months of the foreign authority received
FSA's message. Law (2015:700).
The registration of a licence for the enforcement
12 § When permission to execute the contribution agreement has
submitted, the insurer shall immediately notify the takeover
the decision for registration. If the takeover
the insurer is a foreign insurer, shall
notification shall be made by the merged company.
The Swedish companies registration office shall immediately record the decision. When registration
has been transferred responsibility for the transferred
insurance stocks on the assumption the insurer.
Law (2015:700).
Intelligence from the acquiring insurer
section 13, If transfer occurs to an insurance company or a
foreign insurers licensed to operate
insurance business in Sweden to, then the transfer has
executed, the acquiring insurer leave a
notification of the transfer to any policyholders who
are affected by it. The financial supervision authority may, in a particular case
decide in what way the notification shall be submitted.
Law (2015:700).
Announcement of stock transfers in another country within the EEA
section 14 if in a stock of direct insurance has
transferred included risks situated in or commitments
to be performed in another country within the EEA, the financial supervisory authority
publish the permitted transfer in that country within the meaning of
the provisions there. If the transfer decision is published on
corresponding ways in the country concerned, need inspection
not publish the decision there. Law (2015:700).
Proceedings in bankruptcy if the return of the transfer agreement
section 15 Of the surrendering company declares bankruptcy then
authorization to transfer has been given, shall, for the purposes of
It provided for in the Bankruptcy Act (1987:672) if the right of action
If the return of the agreements, the agreements referred to in paragraph 1 of this
Chapter is considered concluded the day permission to execute agreements
was given. Law (2015:700).
Specific provisions on the transfer of the life insurance portfolio
on liquidation or bankruptcy
section 16 When a life insurance company has gone into liquidation or
been declared bankrupt, the stock of life insurance policies if possible
be transferred to one or more other insurers listed
in article 1, first subparagraph. Law (2015:700).
section 17 of the State to execute a deed of assignment at
liquidation or bankruptcy should be given if the conditions
set out in paragraph 7 of the first paragraph 2 and 3 and the second paragraph is
met. In the case of such an agreement applies in other 8-15 sections.
Law (2015:700).
15. The aptitude test of ownership in insurance company
Requirements on the acquisition permit
§ 1 a direct or indirect acquisition of shares of a
insurance companies, which means that the acquirer's total
holdings constitute a qualifying holding referred to in Chapter 1. section 15, the
be done only with the permission of the financial supervision authority. The same applies to
acquisition in which a qualifying holding is increased
1. so that it is equal to or exceeds 20, 30 or
50% of the share capital or voting rights for all
shares, or
2. so that the insurance company becomes a subsidiary.
Conditions referred to in the first subparagraph shall be given before
the acquisition. An application for authorisation shall be made in writing.
section 2 If an acquisition referred to in article 1, first subparagraph has been made
through the Division of property, inheritance, wills, General parcel or other
Similarly, required instead to the transferee
to keep the shares. The purchaser shall apply for permission
for such an acquisition within six months after the date on which the shares
obtained.
Confirmation of receipt
paragraph 3 of the financial supervision authority shall within two working days of an
complete application under section submitted to the inspection
send a confirmation to the customer about this.
Conditions for authorisation to acquire
paragraph 4 of the Consent shall be given to acquisition referred to in paragraphs 1 and 2, if
the transferee is deemed appropriate to exercise a significant influence
over the management of the insurance company and it can be assumed that
the acquisition is economically sound. Consideration should be given to the acquirer's
the likely impact on the insurance company.
paragraph 5 of the assessment under paragraph 4, the following should be considered:
1. the acquirer and capital strength,
2. where as a result of the acquisition will be included in
the Board of Directors of insurance company or be executing
Director of it, or be a substitute for any of them,
sufficient insight and experience to participate in the management of the
an insurance company nor otherwise is suitable for a
such a task,
3. If there are grounds to believe that the purchaser will
counteract in insurance business is conducted in a
manner consistent with this Act and the regulations
governing the company's activities, and
4. If there are grounds to believe that the acquisition is connected with
or may increase the risk of
a) money laundering as referred to in Chapter 1. paragraph 5 of the 6 teams (2009:62) on measures
against money laundering and terrorist financing, or
b) offences under paragraph 2 of section 2, 3 or 4 § lagen (2002:444) of punishment
for the financing of particularly serious crime in some
cases, with respect to offences under section 2 of the Act (2003:148) of punishment
for terrorist offences.
The acquisition conditions for the insurance holding company or a
mixed financial holding company
section 6, if the acquirer is a company or a
mixed financial holding company, the assessment of
acquirer special consideration if its management
meets the requirements for the management of such companies
According to Chapter 9. section 10 of this Act and Chapter 5. section 16 of the Act
(2006:531) on special supervision of financial conglomerates.
Acquisition at the close links
section 7 of the acquisition would lead to the close links between
insurance company and another, should permit only
If the relationship does not hinder an effective supervision of
insurance company.
When the decision in respect of the acquisition permit shall be notified, etc.
paragraph 8 of the FSA's decision in a matter of permission to
acquisition referred to in paragraphs 1 and 2 shall be notified within 60 working days
After the confirmation referred to in section 3 was sent
(the assessment period). If the inspection requests additional
data, the assessment period shall be extended.
The financial supervision authority shall be deemed to have granted permission for the acquisition
referred to in paragraphs 1 and 2, if the inspection is not within
the assessment period has announced the final decision in the case.
Consultation with the competent authority
§ 9 the issue of the permit referred to in paragraph 1 may be decided upon only after
consultation with the competent authority in the other country within the EEA where
the acquirer is
1. a in the country authorized insurance undertakings,
credit institutions, electronic money or company
investment firm, or of the resident
management companies which are authorised to carry on business
in accordance with the provisions of European Parliament and Council directive
2009/65/EC of 13 July 2009 on the coordination of laws, regulations and
administrative provisions relating to undertakings for collective
investment in transferable securities (UCITS),
2. the parent undertaking of such an undertaking referred to in paragraph 1,
or
3. a natural or legal person controlling such
companies referred to in 1. Law (2011:887).
Decision on the time for completion of acquisition
section 10 If the financial supervision authority grants permission to an acquisition,
the inspection may decide that the acquisition will be implemented within a
certain period of time. The inspection may decide to extend this period.
Notification obligation for anyone who sells
section 11 of The who has decided to sell a qualifying holding
or as much of a qualifying holding of shares in
an insurance company that the remaining ownership will
to be less than any of those specified in article 1, first paragraph
borders shall notify the financial supervision authority.
Notification obligation for insurance company
section 12 of An insurance company shall submit annually to
The financial supervision authority shall notify the names of owners who have a
qualifying holding of shares in the company and the size of the
the holdings.
When an insurance company becomes aware that the company's
shares have been the subject of such an acquisition referred to in 1
or section 2 or for a disposal referred to in section 11, shall
notify the company as soon as the acquisition or disposal of
The Swedish financial supervisory authority.
When an insurance company otherwise becomes aware that
It has close links with anyone, the company shall as soon as
notify the financial supervision authority.
Notification obligation for owners who is legal person
section 13, If a legal person has a qualifying holding in a
insurance company, will be the legal entity as soon as
notify changes of which included in its management to
The Swedish financial supervisory authority.
Voice ban
paragraph 14 of the financial supervision authority may decide that the owner of a
qualifying holding of shares at the general meeting may not represent
more shares than corresponding to a holding which is not
qualified
1. If the owner combats or likely to prevent
insurance in business is conducted in a manner that is
consistent with the requirements of this Act and regulations
regulating the company's activity,
2. If the owner materially breached obligations in
trade or business or in other economic affairs or
is guilty of serious crime,
3. If the owner is an insurance holding company or a mixed
financial holding company and its management do not comply with the
requirements for the management of such company pursuant to Chapter 9.
section 10 of this Act and Chapter 5. section 16 of the Act (2006:531) if
special supervision of financial conglomerates, or
4. If there are grounds to believe that the holding in connection with
or may increase the risk of
a) money laundering as referred to in Chapter 1. paragraph 5 of the 6 teams (2009:62) on measures
against money laundering and terrorist financing, or
b) offences under paragraph 2 of section 2, 3 or 4 § lagen (2002:444) of punishment
for the financing of particularly serious crime in some
cases, with respect to offences under section 2 of the Act (2003:148) of punishment
for terrorist offences.
If the owner of a qualifying holding of shares have not
applied for a permit for an acquisition referred to in § 1 or 2,
the financial supervision authority may decide that the owner of the meeting may not be
representing the shares to the extent that they are covered by a requirement on
State.
If someone in contravention of a decision by the Swedish financial supervisory authority has a
qualifying holding of shares, the holder does not represent
the shares at the meeting to the extent that the holding is in conflict with
the decision.
Avyttringsplikt
section 15 of the financial supervision authority may submit to an owner referred to in section 14
the first paragraph to dispose of so much of the shares to
holding then is not qualified. An owner referred to in
section 14 of the second or third subparagraph may be required to dispose of so
large part of the shares to the holding does not conflict with
Inspectorate's decision.
section 16 If an insurance company has close links with
someone else and it prevents the effective supervision of the company,
The financial supervision authority shall submit to the holders of shares, which causes
that the relations are close, to dispose of as much of the shares
that this is no longer the case.
The Swedish financial supervisory authority may also decide that the
the subject of a decision taken under the first subparagraph may not represent
the shares at the meeting. In that case, section 18 shall apply.
When shares are not eligible
section 17 of the Shares which are the subject of a prohibition under section 14, or
notice under section 15 shall not be taken into account when it is required
the consent of the owner to a proportion of the shares in
insurance company to enable a decision to be valid
or a power shall be exercised unless the managers have
designated under section 18.
Appointment of trustee
section 18 if there are special reasons, the financial supervision authority may request
that the district court appoints a suitable person as custodian
representing such shares under section 14 of may not be represented by
the owner. Such applications are heard by the District Court of the place where the
the owner has his domicile, or, if the owner is not domiciled in
Sweden, the Stockholm District Court.
A trustee is entitled to reasonable compensation for the work and
outlay. The royalty shall be payable by the owner of the shares and
shall, on request, be advanced by the insurance company. If the
debtor does not accept the trustee's claims, is determined
compensation awarded by the District Court.
Appropriations
section 19 of the Government may provide for the handling of
granted pursuant to paragraphs 1-7.
16. Publication
Publication of solvency and operations report
(1) an insurance undertaking shall publish a solvency-and
activity report once per year. The report will be updated in the
the cases referred to in paragraphs 4 and 6. Law (2015:700).
The contents of the solvency and operations report
section 2 of the Solvency and the activity report will contain a
description of the insurance undertaking's
1. activities and results;
2. corporate governance system,
3. risk profile,
4. methods of valuation for solvency purposes, and
5. the solvency situation.
An insurance company that uses keyword matching adjustment
According to Chapter 5. paragraph 7 of the report shall describe this and the
portfolio of liabilities and the corresponding assets on which
the adjustment is used and quantify the effects of an absence of any
matching adjustment on the company's financial position. A
insurance companies that use volatility adjustment under
Chapter 5. paragraph 9 of the report will quantify the effects of a
abolition of the volatility adjustment on the company's financial
position.
An insurance undertaking may partially or completely leave the
information to be published by the report,
reference to information which the company published for
to comply with other legal or administrative requirements, if
These data are equivalent to the nature and extent of the risk.
Law (2015:700).
Exemption from the requirement of publication
paragraph 3 of the financial supervision authority may, in a particular case, decide that a
insurance companies don't have to disclose information
specified in section 2 of the first paragraph 1 – 4, if a publication
would mean that
1. its competitors unduly favored, or
2. the company is in breach of the obligation of secrecy intended to protect
policyholder or another company has a
motpartsrelation to.
An insurance undertaking which has been granted a derogation shall specify
This and the reasons for the derogation contained in the report.
Law (2015:700).
Updates of solvency and operations report
Updates on the solvency capital requirement is not met
section 4 of the insurance undertaking does not comply with the
the solvency capital requirement shall immediately update earlier
published data on the solvency and
activity report, about
1. the deficit is substantial, and
2. The financial supervisory authority has not received any realistic
the action plan within two months from the date of
the company discovered that the deficit was significant.
If the financial supervision authority has taken the view that the action plan is
realistic, but the deficit has not been corrected within six
months from the time it was discovered, the deficit
published by the company at the end of that period.
At the same time, the company shall publish an explanation of
the causes of the remaining shortfall, the impact of
This, the corrective measures taken by
the company and what additional corrective actions are
planned. Law (2015:700).
§ 5 at the request of the financial supervision authority, an
insurance companies that do not comply with the solvency capital requirement,
While the deficit is significant and a realistic
the action plan has not been submitted to the supervision authority within the
period referred to in paragraph 4(1) 2, publish
1. how large the deficit is,
2. an explanation of the causes of the deficit,
3. consequences of the deficit, and
4. What are the corrective actions taken by
the company. Law (2015:700).
Updates on the minimum capital requirement is not met
section 6, an insurance undertaking does not comply with the
the minimum capital requirement shall immediately update earlier
published data on the solvency and
activity report, about the FSA
1. believes that the company will not be able to submit a
realistic, short-term financial recovery plan, or
2. has not received any such plan within one month from the date of
When the company discovered that the minimum capital requirement was not
met.
If the FSA has considered that a financial
recovery plan is realistic, but the deficit has not
corrected within three months from the time it was discovered, the
the deficit be made public by the company not later than the end
by this period. At the same time, an entity shall publish a
explanation of the causes of the remaining deficit,
the consequences of this, what are the corrective actions
taken by the company and which additional corrective
actions that are planned. Law (2015:700).
section 7 at the request of the financial supervision authority, an
insurance companies that do not meet the minimum capital requirement,
at the same time as any of the circumstances set out in paragraph 6 of
first subparagraph arise, publish
1. how large the deficit is,
2. an explanation of the causes of the deficit,
3. consequences of the deficit, and
4. What are the corrective actions taken by
the company. Law (2015:700).
Systems and control documents
section 8 of the insurance undertaking shall have in place appropriate
information and reporting systems to meet the
the provisions of paragraphs 1 to 7 and have a policy that ensures the
that all information published is continuously
relevant.
Solvency-and activity reports, as well as updates of these
shall be approved by the insurance company's Board of directors before they
is published. Law (2015:700).
Appropriations
§ 9 the Government or authority the Government determines
may provide for
1. contents of the solvency and activity report pursuant to
section 2,
2. What are the functions of an application for an exemption from the requirement of
publication in accordance with paragraph 3 shall include, and
3. content of information and reporting systems and
According to section 8 of the policy. Law (2015:700).
Chapter 17. Supervision
Registration authority
1 § Bolagsverket's registration authority for
insurance companies. The Swedish companies registration office shall keep a
Insurance directory. At this writing the information as referred to in
This law, the Swedish companies Act (2005:551), the law (1987:667) if
economic associations or regulations shall be notified to the
registration. Law (2015:700).
Supervision and its extent
section 2 of the financial supervisory authority has oversight of insurance companies.
Supervision includes activities are operated under
1. this law,
2. the regulations governing the company's activities,
3. the company's articles of incorporation or bylaws,
4. the company's technical guidelines and
bases and guidelines for management of
conflicts of interest, and
5. governing documents that the company has established and that have their
because of the regulations governing the company's activities.
The FSA also has oversight of the
insurance company owner and management meet
the aptitude requirements of this law.
The Swedish financial supervisory authority should assume a proactive and
risk-based approach. Law (2015:700).
Cooperation with the competent authorities
paragraph 3 of the financial supervision authority shall in its supervisory activities work together
and exchange information with the competent authorities, the European
the Commission and the European insurance and
occupational pensions authority to the extent permitted by
Sweden's membership in the European Union. Law (2015:700).
3 a of the financial supervision authority may refer the matters related to a
procedure by another competent authority in the EEA to
The European insurance and occupational pensions authority
dispute resolution in the case, as evidenced by articles 33, 38, 155
and 158 of the Solvency II directive. Law (2015:700).
Intelligence from an insurance company if the stub
activities
4 section when an insurance company has started its activities,
the Board of directors or the Managing Director shall immediately inform
The financial supervision authority if the law (2015:700).
Information from an insurance company
paragraph 5 of the insurance undertaking shall submit to the financial supervision authority
information on their activities as the inspection request. If
the company operates in another country within the EEA, the,
to the extent permitted by Sweden's membership in the
The European Union, provide the information to the competent
authority in the country that the authority will need to
carry out their tasks. Law (2015:700).
section 6 of the Government or the authority, as the Government determines
announces that certain information according to § 5
must be submitted to the financial supervision authority shall be submitted to
The central statistical office. Law (2014:494). Law (2015:700).
Site survey
section 7 of the financial supervision authority, when the inspection is of the opinion that it is
necessary, carry out an examination of a
insurance companies.
The Board of Directors and the Executive Director shall at the
time as the FSA decides to keep
insurance company assets, accounting materials and
other documents available for review by
executives of the inspection or by someone else who
supervisory authority has decreed.
The Swedish financial supervisory authority must carry out an examination of a
companies that have been commissioned by an insurance undertaking to
performing certain activities or certain features, if needed
for the supervision of the insurance undertaking. Law (2015:700).
Resolution adjustment
7 a § If an insurance undertaking no longer meets the
the conditions for permission to use the matching adjustment
According to Chapter 5. section 7 of the financial supervision authority shall submit to the company
to remedy the deficiencies within two months from the date of
the conditions were no longer fulfilled.
If the deficiencies are not remedied within the time limit referred to in
the first paragraph, the company shall be required to immediately
cease use of the matching adjustment.
Law (2015:700).
Information from surveys in other than
insurance companies
§ 8 the obligation pursuant to sections 5 and 7, to provide information and
keep assets and documents available for review
also applies to
1. the Board of Directors and the Executive Director or
equivalent bodies in a company whose activity is exclusively
should be to assist an insurance company or as a
insurance companies have a controlling interest in,
2. the Chairman and the Executive Director or
equivalent executives in a claims Board,
criteria Board or other similar bodies, which assist a
insurance companies, and
3. the Management Board and the Executive Director of a
limited liability company, if the FSA with the company's consent has
decided on such an obligation. Law (2015:700).
section 9 If there is commonality between, on the one hand, a
insurance undertakings and, on the other hand, a company like this
This law is not applicable to or an economic association,
The financial supervision authority shall submit to the company or the Association to
provide a separate accounting of interest community. Such
injunction may only be communicated if required with regard
to the supervision of insurance business. Report shall
provided in accordance with the instructions of the financial supervision authority.
Law (2015:700).
The appointment of an actuary
paragraph 10 of the financial supervision authority may appoint one or more actuaries
together with insurance company actuary perform the
technical investigations and calculations
the company.
Actuary is entitled to equitable remuneration from
the insurance company for its work. The size of the fee
determined by the financial supervision authority.
The financial supervision authority shall issue an instruction to the actuaries
veterinarian designated by the inspection. An actuary has
designated by the financial supervision authority shall, regardless of the general meeting's
instructions follow the instruction that the inspection has
issued. Law (2015:700).
Appointment of Auditor
section 11 of the financial supervision authority may appoint one or more auditors
together with other auditors participate in the audit of a
insurance companies.
The auditor is entitled to equitable remuneration from insurance company
for his work. The size of the fee determined by the
The Swedish financial supervisory authority.
The financial supervision authority shall issue an instruction for the Auditors
veterinarian designated by the inspection. An accountant who has
designated by the financial supervision authority shall, regardless of the general meeting's
instructions follow the instruction that the inspection has
issued. Law (2015:700).
Audit and special reviewer's reporting obligations
section 12 of an accountant or auditor shall immediately
report to the Swedish financial supervisory authority if he or she at
the performance of his duties in an insurance company,
knowledge of the conditions
1. can constitute a material violation of the regulations
regulating the company's activity,
2. may adversely affect the company's continued operation,
3. can lead to rejection of the auditor to the balance sheet
or the income statement are identified or to note
According to Chapter 9. 33 or 34 of the Swedish companies Act (2005:551) or
Chapter 8. section 13 of the Act (1987:667) on economic associations,
or
4. may mean that the company or has
failure in compliance with the solvency or MCR
or a capital requirement to be fulfilled by a company
has been granted a derogation as referred to in Chapter 1. 19 or 19 b.
Auditor and Inspector has a corresponding
reporting requirements if he or she becomes aware of
conditions referred to in the first subparagraph in relation to
assignment as auditor or the Special Inspector has in
the insurance company's parent companies or subsidiaries or
a company that has a similar relationship with the
insurance company. Law (2015:700).
Convening of the Board of directors or the general meeting of shareholders
paragraph 13 of the financial supervision authority may convene the Board of Directors of a
insurance companies. The inspection may also request that the Board of Directors
call for extraordinary general meeting. If the Board fails to comply with a
such a request, the Inspectorate may issue such a notice.
Representatives of the inspection may be present at the meeting and at the
such a Board meeting that the inspection has
convened as well as participate in the deliberations. Law (2015:700).
General Counsel in bankruptcy
section 14 When an insurance undertaking has been declared bankrupt,
The financial supervision authority shall order a general agent. The General
the delegate should participate in the bankrupt estate trustee
management, together with the trustees appointed
under the Bankruptcy Act (1987:672).
The Attorney General shall ensure that the policyholder
covered by the preferential rights arising from the insurance contracts.
The Attorney General may make such a request if the
dismissal of the trustee referred to in Chapter 7. paragraph 5 of the Bankruptcy Act.
Although the decision on the sharing of the bankrupt estate management has
the Attorney General, may participate in the management of its
a whole.
The provisions of the Bankruptcy Act on fees to the trustee in bankruptcy
also applies to the Attorney General. Law (2015:700).
The FSA powers at an insurance company
liquidation
15 § during the liquidation of an insurance undertaking has
The Swedish financial supervisory authority the same powers in respect of the joint liquidators
as the inspection in respect of the Board of Directors. Law (2015:700).
Presentation of the company's ability to manage the changed
economic conditions
16 at the request of the financial supervision authority, an
insurance companies establish and inspection provide a
statement regarding the company's ability to manage events
or changes in economic conditions that could
affect the company's financial position.
The obligation referred to in the first subparagraph shall also apply to operations
covered by the contract referred to in Chapter 10. § 19.
Law (2015:700).
Report on the technical provisions
section 17 at the request of the financial supervision authority, an
insurance companies submit a report which shows that the level
on the technical provisions are appropriate and that the
calculation of them are carried out with the relevant methods and with
adequate statistical data. Law (2015:700).
Supervision of the internal model
section 18 at the request of the financial supervision authority, an
insurance companies that use an internal model to submit a
calculation of the solvency capital requirement with the use of
the standard formula. Law (2015:700).
§ 19 at the request of the financial supervision authority, an
insurance companies that use an internal model, but that
no longer meets the requirements for the use of such,
submit an action plan for how the company intends to within
reasonable time to correct the deficiencies. Such a plan need not
be established, if the company can show that the infringement is
call. Law (2015:700).
section 20 of The companies not to establish and implement the
plan referred to in section 19 by decision of the financial supervisory authority
calculate the solvency capital requirement with the use of
the standard formula. Law (2015:700).
section 21 at the request of the financial supervision authority, an
insurance companies that use an internal model to verify
the calibration of the internal model and verify that the
its specification is consistent with generally accepted
market practice. This will be achieved through the use of relevant
reference portfolios, and assumptions that are based on external
tasks. Law (2015:700).
Company-specific parameters
section 22 Of the insurance companies ' risk profile deviates significantly
from the assumptions underlying the calculation of the
the solvency capital requirement using the standard formula, and it is therefore
inappropriate to calculate the solvency capital requirement in accordance with this, the
The financial supervision authority may decide that the company, for the purpose of calculating
the capital requirement for the risk categories relating to insurance risk,
to replace a subset of parameters according to
the standard formula with company-specific parameters.
Law (2015:700).
Calculation in accordance with an internal model instead of with
the default formula
section 23 Of the risk profile of an insurance undertaking deviates significantly
from the assumptions underlying the calculation of the
the solvency capital requirement using the standard formula, and it is therefore
inappropriate for the company to calculate the solvency capital requirement
According to this, the financial supervision authority may decide that the company
to use a full or partial internal model
the calculation of the solvency capital requirement. Law (2015:700).
Capital Add-ons
section 24 of the financial supervision authority may, upon review, decide on a
Add-on to the solvency capital requirement (capital allowances) for a
insurance companies, if the
1. the company's risk profile deviates significantly from the
assumptions underlying the calculation of the
the solvency capital requirement using the standard formula, and
a) a decision on the use of an internal model in accordance with section 23 of the
is inappropriate or has been shown to be devoid of effect, or
(b)) a full or partial internal model is
be prepared,
2. the company's risk profile deviates significantly from the
assumptions underlying the calculation of the
the solvency capital requirement as a total or partial
internal model, as a result of one or more
quantifiable risks are not taken into account to a sufficient
and the company does not within a reasonable time has adapted
model to its risk profile,
3. the company uses the matching adjustment according to Chapter 5. section 7,
volatility adjustment according to Chapter 5. section 9, a temporary
adjusted risk-free interest rate structure in accordance with Chapter 5. 10 § or
temporary deductions in the calculation of the actuarial
provisions under Chapter 5. section 12 and the corporate risk profile
deviates significantly from the assumptions underlying the
for adjustments, or
4. the company's corporate governance system differs significantly from
requirements of 10 Cape. section 1, while deviations means that
the company cannot guarantee proper identification,
measurement, monitoring, management and reporting of the risks
which the company is exposed to, or likely to be exposed
and it is unlikely that deficiencies can be remedied within
a reasonable period of time. Law (2015:700).
section 25 A capital add-on referred to in section 24 (1) and (2) shall be calculated
so as to ensure that the insurance undertaking complies with the
the level of protection in accordance with Chapter 8. § 1.
A capital add-on referred to in section 24, paragraph 3 shall be proportionally
to the significant risks arising from the
abnormalities that have led the capital add-on.
A capital add-on referred to in section 24, paragraph 4 shall be proportionally
against the risks due to the shortcomings in the
the system of governance. Law (2015:700).
section 26 After a decision on the capital add-on shall
insurance undertaking's solvency capital requirement shall be the sum of
capital allowance and the solvency capital requirement calculated in accordance with
the standard formula or, if the undertaking has been authorised to
use a full or partial internal model, in
accordance with this. A capital add-on imposed pursuant
of the 24 section 4 shall not be included in the solvency capital requirement calculation
of the risk margin in a company that values the best
estimate and the risk margin separately. Law (2015:700).
27 § when the capital add-on shall be decided in accordance with section 24 of 2 or 4,
The financial supervision authority shall submit to the insurance company to take
the measures needed to remedy the deficiencies
led the capital add-on. Law (2015:700).
section 28 a decision on the capital add-on shall be reviewed at least once
per year. The decision to change when the conditions on which
the decision has been changed. Law (2015:700).
Fees to the FSA
section 29 Insurance companies, with the fees help cover
the cost for the FSA's activities and
The central statistical Office's activities under the Act (2014:484)
If a database for monitoring and supervision of
financial markets. Law (2014:494). Law (2015:700).
Appropriations
section 30 the Government may provide for such fees
referred to in section 29.
The Government or the authority that the Government may
provide for what information a
insurance undertakings shall submit to the financial supervision authority pursuant to the
§ 5, and when and how they should be submitted. Law (2015:700).
Chapter 18. Interventions
Action against the insurance undertaking
When the FSA to intervene
section 1 of the financial supervision authority shall intervene if
1. an insurance company has breached its obligations
under this Act, the regulations governing the company's
operations, the company's articles of incorporation or bylaws, or
the company's technical guidelines,
base, guidelines for management of
conflict of interest or such documents and forms that have their
because of the regulations governing the company's activities,
2. the articles of Association, statutes, technical
the guidelines, the calculation basis, guidelines for
handling of conflicts of interest or policy documents do not
longer is satisfactory with regard to the scope and
the nature of the business, or
3. insurance portfolio is not enough for the required
risk equalisation. Law (2015:700).
How the FSA to intervene
section 2 of the Intervention under paragraph 1 is made by the issue of
injunction to take corrective action within a specified period by ban
to enforce decisions or by observation.
The FSA may also, pursuant to section 10 limit a
insurance company legal control or prohibit the company
to dispose of their assets in Sweden.
If a violation is serious, the insurance company
authorisation is withdrawn or, if there is enough warning
will be notified. Law (2015:700).
When the financial supervision authority may refrain from intervention
paragraph 3 of the financial supervision authority may refrain from action if
1. a breach is minor or excusable,
2. the insurance company makes the correction, or
3. any other authority has taken action against the company
and these measures are deemed inadequate. Law (2015:700).
Action plan for non-solvency capital requirement
section 4 If an assurance undertaking does not comply with the
the solvency capital requirement, the financial supervision authority shall submit to the
the company that
1. within two months from the date when the deficiencies were found to
establish an action plan and submit the plan to the
Inspectorate for approval, and
2. take the necessary measures to ensure that within six months from the
the day on which the deficiency was found to meet again
the solvency capital requirement.
If appropriate, the financial supervision authority may extend the
the time limit referred to in the first subparagraph 2 by three months.
Law (2015:700).
Extended deadline in exceptional circumstances
§ 5 If the European insurance and
occupational pensions authority has announced that there is
exceptional circumstances and these conditions affect
an insurance undertaking which is the subject of an action under
4 section, the financial supervision authority may extend the period referred to in
4 § 2 with a maximum of seven years.
An insurance company shall, during such a period was
three months to submit a progress report on actions that have
taken, and to what extent the solvency capital requirement is again
been met.
If an insurance company progress report shows that it is not
There has been some significant progress in recovery meet
the solvency capital requirement from the shortage, it was found out
until the report was filed, should the FSA decide
It extended the deadline to expire.
Law (2015:700).
paragraph 6 of the financial supervision authority shall submit an insurance company
to take the necessary measures to ensure that
the company can meet the solvency capital requirement without application
of a temporarily adjusted risk-free interest structure under 5
Cape. section 10 or a temporary deduction under Chapter 5. section 12
by 1 January 2032 and, within two months from the date
then submit a plan for lack of phasing-in, it was found to
the inspection.
Company shall submit a progress report to the FSA.
Law (2015:700).
section 7 of the financial supervision authority shall revoke an authorization to
use a temporary structure adjusted according to risk-free interest
Chapter 5. section 10 or a temporary deduction under Chapter 5. section 12,
If the progress report referred to in paragraph 6, second subparagraph indicates that
the company will not be able to fulfil the solvency capital requirement
by 1 January 2032. Law (2015:700).
Financial recovery plan at the lack of minimum capital requirements
accommodation
section 8 If an assurance undertaking does not comply with the
the minimum capital requirement or capital requirements applicable after
the company has been granted a derogation as referred to in Chapter 1. 19
or 19 b of the financial supervision authority shall submit to the company to
within one month from the date the deficiency was found to establish a
financial recovery plan and submit the plan to the
Inspectorate for approval.
The financial recovery plan must contain measures
the company will take to within three months from the date of
the shortage was found again meet the minimum capital requirement or
the capital requirements after the enterprise has
a derogation as referred to in Chapter 1. 19 or 19 b.
Law (2015:700).
Violations of the decision on correction
§ 9 About an insurance company operates in a different
country within the EEA and the company does not comply with
The financial supervision authority or the competent foreign authority request
for correction, the inspection shall take the necessary measures
to prevent further violations. The inspection shall
inform the competent foreign authority of the measures
taken. Law (2015:700).
Prohibition or restriction of the right to dispose of assets
paragraph 10 of the financial supervision authority may limit an insurance company
legal control or prohibit the company to dispose of its
assets in Sweden, if
1. the undertaking does not comply with the applicable provisions of
technical provisions,
2. the undertaking does not comply with the solvency capital requirement and the
There are special circumstances that give rise to
fear that the company's financial position will be
deteriorate further,
3. the undertaking does not comply with the minimum capital requirement or a
capital requirements to be met by an undertaking
a derogation as referred to in Chapter 1. 19 or 19 b, or
4. the decisions on the revocation of the company's condition
deemed necessary to protect the interests of the
policyholders and other eligible because
of insurance has.
The financial supervision authority may decide how the insurance business
should be run after a decision as referred to in the first
paragraph. Law (2015:700).
Revocation of authorization
section 11 if someone included in an insurance company's Board of Directors
or is its Executive Director or responsible for a
central function does not satisfy the requirements set out in Chapter 2.
4 § 4, the Swedish financial supervisory authority to revoke the company's licence.
It may, however, be made only if the inspection has decided to
the object that a person is included in the Board of directors or is
Executive Director or responsible for a central function
and if he or she, since one of the inspection, fixed period of
no more than three months have passed, still remains in the
the Board of directors or the Managing Director or Manager
for a central function.
Instead of withdrawing the authorisation may
The financial supervision authority may decide that a Board member or
the Chief Executive Officer or the person responsible for a central
function may no longer remain in their position.
The FSA will then appoint a replacement. Long
Mission relates to its insurance company has appointed a
New Board member or the Managing Director or
responsible for a central function. Law (2015:700).
section 12 of the financial supervision authority shall revoke an insurance company
permission, if the company
1. not notified for registration within the prescribed period
or notification has been shelved or rejected by a decision
which has become final,
2. have declared that they forgo the permit,
3. has been declared bankrupt, or if a decision was made to
the company should go into compulsory liquidation,
4. do not comply with the minimum capital requirement or a capital requirement
to be met by an undertaking which has been granted the exception
According to Chapter 1. 19 or 19 (b) §, and the company's financial
recovery plan is clearly insufficient, or
5. within three months from the date on which the company did not
longer meet the minimum capital requirement or a capital requirement
to be met by an undertaking which has been granted the exception
According to Chapter 1. 19 or 19 (b) §, has taken the measures
specified in an approved financial recovery plan.
Law (2015:700).
paragraph 13 of the financial supervision authority may revoke an insurance company
permission, if the company
1. no longer meets the requirements for a permit;
2. not within one year from the date the authorization was given has begun to drive
such a movement as the authorization applies;
3. for a continuous period of six months has not pushed
insurance business,
4. not within the time limits provided for in paragraphs 4 and 5 have
taken the necessary measures to comply with the
the solvency capital requirement specified in an approved
the action plan, or
5. a serious breach of the provisions in force otherwise
for the business.
In the cases referred to in the first paragraph, instead warning
granted if it is enough. Law (2015:700).
section 14 If an insurance company authorisation is revoked, the
The Swedish financial supervisory authority to determine how the liquidation of operations should
take place.
A withdrawal decision may be subject to a ban to continue
all or part of the movement. Law (2015:700).
Notification to the competent authority and to the European insurance
and occupational pensions authority
section 15 of the financial supervision authority shall notify a decision under section 10
to the competent authorities of the countries where the company
According to intelligence runs insurance activities under 3
Cape. 1 or section 8. Such a decision shall also be notified to the
the competent authorities of the countries where the company has
assets as well as to the European insurance and
occupational pensions authority.
The financial supervision authority shall notify a decision concerning revocation of
condition for an insurance company to operate
insurance to the competent authorities in the other countries
within the EEA and the European insurance and
occupational pensions authority.
The financial supervision authority may, in connection with a notification referred to in the first
or the second paragraph, request the competent authority in
cooperation with the Inspectorate to take corresponding measures. If
the company's licence has been revoked, may request relate to the
the competent authority shall also otherwise take the steps
necessary to protect the interests of policyholders and
other eligible because of insurance.
Law (2015:700).
Penalty
section 16 Of the financial supervision authority has issued a decision on
Note or warning against an insurance company,
the inspection may decide that the company shall pay a
penalty.
The fee to the State. Law (2015:700).
section 17 of the penalty should be set at no less than five thousand dollars
and not more than fifty million.
The fee shall not exceed ten per cent of
the insurance company's turnover immediately preceding
fiscal year. If the infringement has taken place in
the insurance company's first year of operation, or if the information
otherwise, if the turnover is missing or incomplete,
turnover is estimated.
The fee must not be so large that the insurance undertaking after
the fee has been imposed does not meet the requirements of
Chapter 4. § 1. Law (2015:700).
section 18 when the penalty fee is determined, the Special
taking into account the gravity of the infringement, which has
prompted the note or warning and how long
the offence has continued. Law (2015:700).
Late payment fee
section 19 of an insurance undertaking in time leaves the
information which has been prescribed by virtue of Chapter 14. section 18
second paragraph 1, the financial supervision authority may decide that the company
shall pay a late charge with a maximum of 100 000 SEK.
The fee to the State. Law (2015:700).
Enforcement of the decision on the penalty fee and late fee
section 20 of the penalty or late fee payable to
The financial supervision authority within thirty days after the decision on the
It has become final, or within such longer period as is specified in the
the decision. Law (2015:700).
paragraph 21 of the FSA's decision to levy a penalty or
late charge may be effected without previous judgment or
rash, if the fee has not been paid within the time specified in the
section 18. Law (2015:700).
section 22 Of the penalty or late fee is not paid
within the time specified in section 18, the financial supervision authority shall submit the
unpaid fees for the collection. Provisions for the recovery of
governmental claims Act (1993:891) for the recovery of
State Law claims, etc. (2015:700).
section 23 of an agreed penalty or late charge falls
away to the extent that enforcement has not been made within five
years from the decision became final. Law (2015:700).
Action against companies
section 24 If any of the leadership of the insurance holding company
does not meet the requirements set out in Chapter 9. section 10,
The financial supervision authority shall submit to the company to correct
the relationship. Law (2015:700).
Intervention against the which has no permission
section 25 if someone is driving such a movement covered by this law
without being entitled to it, the financial supervisory authority
submit it to cease operations. The inspection may
decide how the decommissioning of the movement to occur. In the notice
the financial supervision authority shall inform the Court on application by
the inspection may decide that it should go in
liquidation if the order is not complied with.
If it is uncertain if the law applicable to the particular motion,
The financial supervision authority shall submit to the operator's movement to leave
the information about the movement that inspection need to
determine if this is the case. The who is an auditor of a company is
required to provide, at the request of the inspection
information on the company's motion that the auditor has a
aware of during the performance of their duties. Law (2015:700).
section 26 If a corporation or a cooperative does not follow
a notice under section 23 of the first subparagraph to cease
movement, right, at the request of the financial supervision authority,
decide the company to go into liquidation.
In these cases, apply 25 Cape. 10, 25, 28-44, 46 and 47 of the
Swedish companies Act (2005:551) and Chapter 11. 5 and 7-16 sections and section 17
fourth and fifth paragraphs of the law (1987:667) on economic
compounds.
Decision on liquidation shall not be granted if, during the
processing at the right shows that the movement has ceased.
The decision on liquidation effective immediately. Law (2015:700).
VITE
section 27 If the financial supervision authority notifies the injunction or prohibition
under this Act, the Inspectorate shall reconcile the injunction with
liquidated damages. Law (2015:700).
Authorization
section 28 of the Government or the authority, as the Government determines
may provide for
1. content of an action plan in accordance with paragraph 4,
2. the contents of a plan for the phasing-in and a progress report
According to section 6, and
3. the contents of a financial recovery plan under section 8.
Law (2015:700).
19. Group supervision
Undertakings in a group
section 1 of the group includes a company, its subsidiaries and
other affiliated companies, and the companies that the subsidiary
has an ownership interest in.
In a group also includes companies that are United by strong and
long-lasting financial relationships because of contractual or
otherwise, provided that one of the companies by
to coordinate decision-making in companies exercising a
control of the other companies. It companies
which exercises a dominant influence shall be regarded as
parent company and other companies as subsidiaries.
Second subparagraph applies only if that to establish and
finish the financial relations referred to where required
permission by the Group supervisor. Law (2015:700).
Case of group supervision shall be exercised
section 2 of the Special supervision of insurance undertakings in an
Group (group supervision) shall be exercised under this chapter.
Group supervision referred to in 4, 5, 7 to 40, 42 to 64 and 74-103 sections should
exercised over
1. insurance undertakings which are parent undertakings to or have
a participating undertaking in at least one insurance undertaking, a
EEA försäkringsgivare or an insurer from
third country,
2. insurance companies that have a common or essentially
joint management with another insurance undertaking, a
EEA försäkringsgivare or an insurer from
third country, and
3. insurance undertaking the parent undertaking of which is a
insurance holding company headquartered in the EEA or
mixed financial holding company which has its head office in
The EEA.
Group supervision pursuant to sections 65 to 73 shall be exercised over
insurance undertaking the parent undertaking of which is an insurer
from third countries, an insurance holding company with
Head Office outside the European economic area or a mixed financial
holding companies having their head office outside the European economic area.
Group supervision under section 41 shall be exercised over insurance undertakings
the parent undertaking of which is an insurance holding company with
diversified activities. Law (2015:700).
section 3 of the 4-10 section contains general provisions on group supervision and
in the 11 and 12 of the rules of decision, in whole or in part,
do not take account of a company belonging to a group at the
group supervision. Law (2015:700).
The level of group supervision
section 4 If, in the top of a group is an insurance undertaking,
an EEA försäkringsgivare, an insurance holding company with
Headquarters in the EEA or a mixed financial
holding companies with head offices in the EEA which are parent undertakings
to such insurance undertakings as are referred to in paragraph 2 of the other
paragraph 1 or 2, the provisions on group supervision in 5,
7-40, 42-64 and 74-103 §§ apply only at the level of this
ultimate parent company within the EEA.
If it is at the head of a group is an insurance undertaking, a
EEA-försäkringsgivare, an insurance holding company with
Headquarters in the EEA or a mixed financial
holding companies with head offices in the EEA which are parent undertakings
to an insurance holding company or mixed financial
holding company which in turn is the parent company to such a
insurance undertakings referred to in the second subparagraph of paragraph 2 of 3,
the provisions on group supervision in 5, 7 to 40, 42 to 64 and 74-103 § §
apply only at the level of this ultimate parent company
within the EEA. Law (2015:700).
The continued supervision of the individual insurance companies
§ 5, an insurance company that is part of a group that is subject to
of group supervision is also under the supervision of individual
insurance company under this Act. Law (2015:700).
The Group supervisor and its responsibility
section 6, For insurance undertakings referred to in the second subparagraph of paragraph 2 of 1 – 3
should there be a group supervisor with responsibility for
group supervision. If there are several competent authorities, shall
the Group supervisor shall be appointed from among them Law (2015:700).
When the FSA is the Group supervisor
section 7 of the financial supervision authority shall be the Group supervisor if the
the group is one or more insurance companies, but
No EEA försäkringsgivare.
The financial supervision authority shall also be group supervisor
1. where, in the top of a group is a
insurance companies,
2. in the top of a group is a
insurance holding company or a mixed financial
holding company which is the parent company to a
insurance companies,
3. If an insurance holding company with a head office in Sweden
or a mixed financial holding company has its head office
in Sweden, the parent undertaking of an insurance undertaking and a
or more EEA-försäkringsgivare,
4. If the group is more than one such
insurance holding company or a mixed
financial holding company referred to in article 247(2) b iii of
The Solvency II directive, with head offices in different States within the
EEA, including Sweden, and also in the same States,
subsidiaries which are insurance companies or
EEA försäkringsgivare of which the subsidiaries have the
largest balance sheet total is an insurance undertaking,
5. If an insurance holding company or a mixed
financial holding company is the parent company of one or
several insurance companies and one or more
EEA försäkringsgivare but do not have the head office in one of the
countries where the subsidiaries are located, and the subsidiaries
has the largest balance sheet total is an insurance undertaking,
6. in cases other than those referred to in 1 to 5, when one or more
insurance undertaking and one or more EEA försäkringsgivare
in a group and the company with the largest
the balance sheet total is an insurance undertaking, or
7. If the inspection together with the relevant competent
authorities are in agreement in accordance with
the provisions of paragraph 8 of the second paragraph. Law (2015:700).
Agreement and the decision on the appointment of
Group supervisor
section 8 When the financial supervisory authority under section 7 shall be
Group supervisor, inspection together with
the competent authorities concerned may agree to a different
authority in the EEA than inspection shall be appointed to
Group supervisor. The FSA will meet a
such an agreement, if it is inappropriate to the inspection
appointed to the Group Supervisor with regard to the Group's
structure and the relative importance of the activities of the group in
different countries.
About it in a different case than that referred to in the first subparagraph
would be inappropriate, taking into account a group's structure and
the relative importance of its activities in different countries to
the Group supervisor appointed under the grounds referred to in
Article 247(2) of the Solvency II directive, the financial supervisory authority
conclude an agreement on the inspection or
the competent authority shall be the regulatory authority for the Group
Group.
If an agreement referred to in the second subparagraph means that
The financial supervision authority is appointed as group supervisor, shall
the inspection shall take a decision on this and submit decision
to the group.
An agreement referred to in the first or second subparagraph,
meet within three months from the date of issue of such
agreement was awakened by a relevant authority. The relevant
the Group should be given an opportunity to be heard. Law (2015:700).
Referral of a case if the appearance of the Group supervisor to the European insurance and
occupational pensions authority
section 9 If the FSA or any of the relevant competent
authorities within the three-month period set out in section 8 has
referred the matter to the European insurance and
occupational pensions authority and asked for its assistance in
accordance with article 19 of Regulation (EC) no 1094/2010, in
amended by European Parliament and Council directive
2014/51/EU, inspection and the relevant competent
authorities await the decision of the European insurance
and occupational pensions authority may take under
Article 19(3) of that regulation. The financial supervision authority shall follow the
such a decision on the merits. If the FSA had been appointed to the
Group supervisor, shall transmit the inspection decision
and the reasons for it to the insurance company and
the College of supervisors.
The FSA may not refer a matter to the
The European insurance and occupational pensions authority after
the three-month period has expired, or a decision has
been taken. Law (2015:700).
section 10 If a decision provided for in §§ 8 and 9 cannot be made, the
the task group supervisor shall be carried out by the authority
Article 247(2) of the Solvency II directive.
Law (2015:700).
Decision not to take account of a company in a group at
group supervision
11 § When the FSA is the Group supervisor may
the inspection in an individual case may decide that, in whole or in
in part, does not take account of a company belonging to a group at the
group supervision of
1. the company is located in a country outside the EEA, and there are
legal impediments to the transfer of the necessary information,
2. the undertaking is of minor importance with respect to the objectives of
group supervision, or
3. it would be inappropriate or misleading with regard
for the purpose of group supervision to allow the company subject to the
it.
When the first subparagraph 2 is applicable to multiple
company, such decision may not be taken, but if companies
together is of little importance with respect to the objectives of
group supervision.
Before the financial supervision authority makes a decision under the first
paragraph 2 or 3, not to take account of an insurance company
or an EEA-försäkringsgivare in a group to the inspection
hear the competent authorities concerned by the decision.
Law (2015:700).
section 12 Of the financial supervisory authority under section 11 2 of the first subparagraph of
or 3 decides not to take into account an EEA-försäkringsgivare in
one group, the company that is at the head of the group in
Sweden, at the request of the financial supervision authority, provide the
information provided by a competent authority in
EEA-försäkringsgivarens country needs for its oversight of
EEA försäkringsgivaren. Law (2015:700).
Parallel framework
section 13, If a mixed financial holding company within the scope of
equivalent rules on the supervision of insurance undertakings
in a group and the supervision of conglomerates, in particular
with regard to risk-based supervision, the financial supervision authority, when
the inspection is the Group supervisor, after consultation with the
competent authorities concerned, grant a derogation from this
Chapter so that the mixed financial holding company only
need to apply the relevant provisions of
conglomerate. Law (2015:700).
section 14 If a mixed financial holding company within the scope of
equivalent rules on the supervision of insurance undertakings
in a group and the supervision on a consolidated basis in accordance with the law
(2014:968) if special supervision of credit institutions and
securities companies, in particular with regard to risk-based supervision,
The Swedish financial supervisory authority, when the inspection is
the Group supervisor, after consultation with the authority
responsible for supervision on a consolidated basis in accordance with the law,
exempt from this chapter so that the mixed
financial holding company only need apply
relevant provisions of the biggest sector under 2
Cape. section 3 of the Act (2006:531) on special supervision of
financial conglomerates. Law (2015:700).
section 15 of the financial supervision authority shall inform the Commission of the European
banking authority, the European insurance and
occupational pensions authority if such decisions as the inspection
pursuant to sections 13 and 14. Law (2015:700).
Group solvency
Capital base and capital requirement at group level
section 16 such insurance undertakings referred to in paragraph 2 of the other
paragraph 1, 2 or 3 shall ensure that, within the Group
overall, there is a consolidated own funds which are always
at least equal to the
1. a consolidated solvency capital requirement calculated in accordance with sections 17 to 22, or
2. the additional amount that the FSA has decided to
under section 29.
At the Group solvency calculation, the assets and liabilities
valued in accordance with Chapter 5. 2 §. Law (2015:700).
Methods for the calculation of own funds and capital adequacy
section 17 of the companies included in a group in which there is a
such insurance undertakings referred to in the second subparagraph of paragraph 2 of 1
or 2, the consolidated own funds and the
consolidated solvency capital requirement calculated in accordance with
the consolidation method (method 1 as referred to in articles 230-232 of the
The Solvency II directive).
If appropriate, the financial supervisory authority, when the inspection
is the Group supervisor, decide that the consolidated
consolidated own funds and the solvency capital requirement in
the place shall be equal to the deduction and
application method (method 2 according to article 233 of the solvency
II directive) or by a combination of the specified
the methods.
Before the FSA takes such a decision, as referred to in
second subparagraph, the supervisory authority shall consult with the competent
authorities and with the group to which the decision relates. When
the consolidation method is used, the provisions of Chapter 7.
2-11 sections on own funds shall apply for the calculation of the
consolidated own funds. Law (2015:700).
Proportional view of holdings
section 18 in the calculation of consolidated own funds and
the consolidated solvency capital requirement to an affiliated
businesses are taken into account on a pro rata basis for the investment as a
such insurance undertakings referred to in the second subparagraph of paragraph 2 of 1
or 2 or such company or
mixed financial holding company within the meaning of section 2 of the other
paragraph 3 of the related undertaking. If special reasons
speaks for it, the possession and ownership interests to a
other share. Law (2015:700).
19 § When the FSA is the Group supervisor, shall
the inspection shall decide which proportional share in accordance with section 18 of the
to be taken into account in the following cases:
1. where there are no capital ties between some of the
companies in a group,
2. where a competent authority concerned has determined that a direct
or indirect holding of votes or capital in an undertaking
to qualify as a participation due to a significant
influence exercised over that undertaking, or
3. where a competent authority concerned has determined that a company
is a parent because it exerts a
dominant influence over another undertaking.
Before the FSA takes such a decision, shall
the inspection shall consult the relevant competent authorities and the
Group to which the decision relates. Law (2015:700).
Some deductions in the calculation of consolidated own funds
20 § in the calculation of consolidated own funds shall
deductions may be made so as not to double-counting of items
included in the own funds of several companies in the group. At
the calculation shall also be deducted for value created
internally within the Group and derived from mutual
funding. Law (2015:700).
The standard formula and any internal model at group level
section 21 Of the consolidated solvency capital requirement calculated
in accordance with the consolidation method, the calculation can be done either
with the use of the standard formula, or using a
full or partial internal model.
The provisions of Chapter 8. 1 to 3 and 5 to 11 sections shall apply to
calculation of the Group solvency capital requirement referred to in
the standard formula. The provisions of Chapter 9. 1-18 sections to apply
for an internal model is used to calculate the
consolidated solvency capital requirement. Law (2015:700).
Minimum value of the consolidated solvency capital requirement on
the consolidation method used
section 22 of The consolidated solvency capital requirement shall, if
the consolidation method used, amount to at least the sum of the
1. the minimum capital requirement in accordance with Chapter 8. 13-21 section for such
insurance undertakings referred to in the second subparagraph of paragraph 2 of 1 or 2,
and
2. the proportional share of the minimum capital requirement for
related insurance undertakings and the EEA försäkringsgivare.
The minimum value of the consolidated solvency capital requirement
under the first subparagraph shall be covered by own records
in the tier 1 capital base under Chapter 7. section 12. Law (2015:700).
Authorisation for the use of internal models in a group
section 23 of an internal model for the calculation of the
consolidated solvency capital requirement may also be used for
calculation of the solvency capital requirement of an individual
insurance companies or a single EEA-försäkringsgivare as
included in the group.
An application for authorization to use an internal model
calculation of the Group solvency capital requirement and
the solvency capital requirement of insurance undertaking or
EEA-försäkringsgivare that are part of the Group may be submitted to
The Swedish financial supervisory authority, when the inspection is
Group supervisor. Such an application may be made by a
insurance companies, an EEA-försäkringsgivare and its
related undertakings, or jointly by the related undertakings
to an insurance holding company or a mixed
financial holding company.
When the FSA is the Group supervisor, shall
the inspection also receive applications for authorization to
using an internal model for the calculation of
the solvency capital requirement of the insurance undertaking, and
EEA-försäkringsgivare that are part of the group, if such
the application is made
1. shared by such insurance undertakings referred to in paragraph 2 of the
second paragraph 1 or 2 and the other insurance companies and
EEA-försäkringsgivare that are part of the group, or
2. jointly by such insurance undertakings in a group
referred to in the second subparagraph of paragraph 2 of 3 and such EEA försäkringsgivare
included in the group.
If the financial supervision authority, without being the Group supervisor,
has received such an application referred to in the second or
the third paragraph and made by insurance companies and
EEA-försäkringsgivare included in the group to the left of
to the Group supervisor.
The financial supervision authority shall submit applications as soon as possible
According to the second and third subparagraphs to the relevant competent
authorities. Law (2015:700).
The law applicable to the examination of an application for a permit
section 24 When financial supervisory authority examines an application pursuant to section 23 of the
second subparagraph shall apply this law. The inspection may, however, also
apply provisions according to regulations in a different
State within the EEA applies to such internal model referred to in
the application. Once the application has been submitted to the supervision authority, the
This, however, only if it is necessary for effective oversight
of insurance undertakings or EEA försäkringsgivare.
Law (2015:700).
The processing of permit applications
25 § When the FSA is the Group supervisor, shall
the inspection within six months from the time a complete
application under section 23 has been filed, if possible, reach agreement
with the competent authorities concerned of the decision
should be taken on the application. This agreement
and the reasons for it shall be provided in writing.
The financial supervision authority shall make a decision in accordance with
the agreement and send it to the applicants.
If such an agreement referred to in the first subparagraph shall not
can meet within the specified period, the financial supervisory authority
alone make the decision on the application. The decision shall
include the reasons that determined the outcome of the case and report
comments and reservations from competent authorities
expressed during the six-month period.
Law (2015:700).
Dispute resolution
section 26 Of the financial supervisory authority or any of the relevant competent
authorities within the period of six months referred to in section 25
the first paragraph has referred the matter to the European
insurance and occupational pensions authority in accordance with
Article 19 of Regulation (EC) no 1094/2010, in wording as
European Parliament and Council Directive 2004/51/EC, shall
the inspection wait with a decision pursuant to section 25, second subparagraph
and await the decision of the European insurance and
occupational pensions authority may adopt pursuant to article
19 (3) of the same regulation. The FSA should follow a
decision in the matter of the European insurance and
occupational pensions authority.
Where a case is referred to the European insurance and
occupational pensions authority and the decision proposed by the
Panel in accordance with article 41(2), 41(3) and 44.1.3 in
Regulation (EU) no 1094/2010, in wording as
European Parliament and Council Directive 2004/51/EC, is rejected,
finansinspektionen shall take the final decision.
The FSA may not refer a matter to the
The European insurance and occupational pensions authority after
the six-month period referred to in the first subparagraph are
expired or a decision has been taken. Law (2015:700).
Decision of a foreign group supervisor
section 27 a decision by a foreign group supervisor applies
in Sweden if it has been taken
1. following an agreement in respect of an application
under articles 231 and 233.5 of the Solvency II directive, to
use an internal model to calculate both the
consolidated solvency capital requirement and the solvency capital requirement
of an insurance undertaking or an EEA-försäkringsgivare as
in a group or the solvency capital requirement of a
insurance companies and the EEA-försäkringsgivare included in the
Group, or
2. because the authorities have not agreed within
six months.
The decision is binding on the undertakings concerned and
The financial supervisory authority and shall be the basis for supervision
supervision. Law (2015:700).
Action if the risk profile of an insurance undertaking deviates from
assumptions for the internal model at group level
section 28 when an insurance company risk profile deviates
materially from the assumptions which form the basis of a
internal model as determined in accordance with section 27 which includes
the insurance company and are used for the calculation of a
consolidated solvency capital requirements, the financial supervision authority
decide on a capital add-on in addition to the solvency capital requirement
applicable to the insurance undertaking in accordance with the internal
the model, if the company is not in a proper way has taken
measures in response to the comments made by the authority
performed. The provisions of chapter 17. paragraphs 24 to 28 shall apply to a
such decisions on capital additions.
Where such capital add-on referred to in the first subparagraph of
because of special circumstances, is not an appropriate measure,
may the FSA rather than submit to the
insurance company to calculate the solvency capital requirement in accordance with the
the standard formula in Chapter 8. 1 to 3 and 5 to 11 sections. The Swedish financial supervisory authority
get for such insurance undertakings, in accordance with chapter 17, section.
section 24, to decide on a capital add-on in addition to the
solvency capital requirements that emerge with the implementation of
the standard formula. Law (2015:700).
Capital Add-ons at group level to the consolidated
the solvency capital requirement
section 29 of the financial supervision authority may, where the inspection is
Group supervisor, decide on a capital add-on in addition to
the consolidated solvency capital requirement, if this capital requirement
not consistent with the risk profile of the group, or if
the conditions provided for in chapter 17. 24 section 4 are met.
In determining whether the risk profile matches
the consolidated solvency capital requirement, the financial supervisory authority
pay particular attention if the circumstances referred to in chapter 17.
24 § exists with respect to the group.
The provisions of chapter 17. sections 25 to 28 shall apply to such
decisions on capital add-on referred to in the first subparagraph.
Law (2015:700).
Equivalence checking of affiliated insurers
from third countries
section 30 in article 227(1) and 227(2) of the Solvency II directive, see
provisions on
1. consideration of connected insurance providers from third countries,
When the Group solvency is calculated, and
2. verification of equivalence.
The financial supervision authority shall, when the inspection is
Group supervisor and no provisions for equivalence
adopted by the European Commission, on its own initiative
or at the request of such insurance undertakings referred to in
2 paragraph 1 or 2 or
insurance holding company or mixed financial
holding company referred to in the second subparagraph of paragraph 2 of 3 check if
requirements for solvency, solvency capital requirements and
own funds in a third country where an affiliated
the insurer is located, are equivalent to the requirements in
This law.
Before the inspection, after the inspection referred to in the first subparagraph,
taking a decision on equivalence shall consult
any relevant competent authorities and with the
The European insurance and occupational pensions authority. If a
other authority has taken a decision on equivalence,
The Swedish financial supervisory authority to take a decision which differs from it only
If there have been significant changes in the prudential regime in
that third country. Law (2015:700).
Referring to the European insurance and
occupational pensions authority in the event of disagreement on the equivalence
section 31 of the financial supervision authority may refer a case to
The European insurance and occupational pensions authority in
accordance with article 19 of Regulation (EC) no 1094/2010, in
the wording according to European Parliament and Council directive
2014/51/EU, if the inspection does not agree with a decision of the
question on equivalence of a
the Group supervisor in accordance with article 227(2) of the solvency
II. A case may be referred to the European
insurance and occupational pensions authority within three months
from there to the Group supervisor announced its decision.
Law (2015:700).
Recurrent estimates of capital base and capital requirement on
group level
32 § consolidated own funds and consolidated
the solvency capital requirement applicable under this chapter shall
calculated at least once a year. The calculations are to be performed by
such insurance undertakings referred to in the second subparagraph of paragraph 2 of 1
or 2 or of such company or
mixed financial holding company within the meaning of section 2 of the other
subparagraph 3. Law (2015:700).
33 section If it is at the head of a group of such
insurance undertakings referred to in the second subparagraph of paragraph 2 of 1 or 2
should the company report the results of the calculations
According to § 32 and essential information that is the basis
them to the Group supervisor. If the top of a
Group is an insurance holding company with a head office
in the EEA or a mixed financial holding company with
Headquarters within the EEA, rather than the parent company
be responsible for reporting.
The financial supervision authority may, where the inspection is
the Group supervisor, after consultation of the relevant competent
authorities and the Group decide that another company in the
the group will be responsible for reporting under the first
paragraph. Law (2015:700).
section 34 the firm that will be responsible for reporting under section 33
to continuously monitor the Group solvency capital requirement.
If there is reasonable cause to believe that the Group's
risk profile has changed significantly since the date of the last
reporting of the solvency capital requirement at group level,
the company make a recalculation of this requirement and as soon as
possible to report this to the financial supervision authority, when
the inspection is the Group supervisor. The Swedish financial supervisory authority
may, under the same conditions, request a revised calculation
the solvency capital requirement. Law (2015:700).
Measures in case of non-compliance with the solvency capital requirement
for the Group
section 35 If a group fails to meet the team
the solvency capital requirement referred to in section 16 or if there is a risk of
Such deficiency within three months, such
insurance undertakings referred to in the second subparagraph of paragraph 2 of 1 or 2
or such an insurance holding company or mixed
financial holding company referred to in the second subparagraph of paragraph 2 of 3
notify the supervisor immediately.
The Group supervisor shall inform the relevant authorities.
The Group's situation should be analysed within the College.
The provisions of chapter 18. 4-8 sections on action plan, extended
deadline, intelligence and financial recovery plan shall
apply mutatis mutandis in the event of such deficiency referred to in
the first paragraph. Law (2015:700).
Group solvency of insurance undertakings that are subsidiaries of
insurance holding companies and mixed financial
holding company
36 § when an insurance company is a subsidiary of a
insurance holding company headquartered in the EEA or
mixed financial holding company has its head office within the EEA,
to the calculation of the Group solvency shall be made with due regard also to the
company or mixed financial
holding company. The calculation shall be made in accordance with section 16 of the other
subparagraph, and 17 to 22 and 29 sections.
In the calculation referred to in the first subparagraph, the parent company
managed as an insurance company subject to
1. the provisions on solvency capital requirements in Chapter 8. 1-11 sections, 9
Cape. 1-18 sections, and
2. the conditions referred to in Chapter 7. 2-11 sections, for entries in the
own funds shall be included to cover this requirement.
Law (2015:700).
Reporting of significant risk concentrations and significant
transactions within a group
37 § Significant risk concentrations and significant
transactions of certain species within a group should at least once
per year are reported to the FSA, when inspection
is the Group supervisor. What these kinds of
risk concentrations and transactions is, together with
appropriate thresholds, be decided by the Swedish financial supervisory authority for
each individual group. The thresholds shall be based on
the solvency capital requirement or technical provisions
or both of these values, and taking into account the Group's
structure and risk management systems. The inspection shall, before
These decisions are communicated to the competent authorities concerned, consulting
and the group.
In the assessment of risk concentrations within the meaning of the first subparagraph
should the FSA consider risks of dispersion within
the group, conflicts of interest and level of risks and
scope.
Also, transactions made with natural persons who have
close relations with any company in the group to
reported.
If a transaction is a very significant extent, the
be reported as soon as possible. Law (2015:700).
38 § reporting under section 37 shall be made by the
insurance companies that are at the top of the group, or if the
does not exist for such an undertaking, by the insurance undertaking,
insurance holding company or mixed financial holding
holding company as the financial supervisory authority, when the inspection is
the Group supervisor, after consultation with relevant
the competent authorities and the group.
The obligation to report in accordance with the first subparagraph,
not if the financial supervision authority according to § 39 decided not to
apply the provisions of this section. Law (2015:700).
Exceptions where supervision also shall be exercised according to the law on the Special
supervision of financial conglomerates
39 section On it in a group are such a parent company
referred to in paragraph 4 and that company, in turn, is a subsidiary of
such an undertaking as referred to in Chapter 3. section 1 of the Act (2006:531) if
special supervision of financial conglomerates,
The Swedish financial supervisory authority, when the inspection is
Group supervisor, decide on the level of this
subsidiaries not to apply the provisions on supervision under
37 and 38 § § regarding risk concentrations and transactions
within a group.
Before the FSA takes such a decision shall
the inspection shall consult with the competent authorities concerned
of the decision. Law (2015:700).
Exemption from the requirement of supervision over risk concentrations and
transactions within a group
section 40 of the financial supervision authority may, where the inspection is
the Group supervisor, after consultation with the competent
authorities decide that supervision of such
risk concentrations and intra-group transactions of a group referred to
in paragraphs 37 and 38 shall not be exercised at the level of such
insurance undertakings referred to in the second subparagraph of paragraph 2 of 1 or 2,
or at the level of the insurance holding company or
mixed financial holding companies referred to in paragraph 2 of the other
paragraph 3, which is an affiliated company of a regulated
device or itself is a regulated entity or a mixed
financial holding company covered by the Act (2006:531)
If the special supervision of financial conglomerates.
Law (2015:700).
Supervision of intra-group transactions which the parent company is
a mixed-activity insurance holding company
41 section when an insurance company is a subsidiary of a
mixed-activity insurance holding company,
insurance company have a good control over transactions
with mixed-activity insurance holding company and
its other affiliated companies.
On the supervision over the requirements of the first subparagraph
section 37 shall apply mutatis mutandis. Law (2015:700).
Corporate governance systems within a group
the provisions of chapter 42, section 10. on corporate governance will apply in
applicable on group level.
Either of such insurance undertakings referred to in paragraph 2 of the
second paragraph 1 or 2 or
insurance holding company or mixed financial
holding company referred to in paragraph 2 3 shall be responsible
in order to meet the requirements of Chapter 10. on corporate governance in the applicable
parts are followed at the group level. If appropriate, the
The financial supervisory authority in a particular case, decide that a different
companies of the Group shall be responsible for ensuring that the requirements are observed.
In a group where there is such insurance companies
referred to in the second subparagraph of paragraph 2 of 1 or 2 or
insurance holding company or mixed financial
holding company referred to in the second subparagraph of paragraph 2 of 3, the system of
risk management, internal control and reporting implemented
consistent in all undertakings included in the scope of the group supervision so that
These systems and reports can be controlled at the group level.
The system of internal control within a group shall include:
1. procedures relating to the Group solvency in order to identify and measure
any significant risk the group is exposed to and the appropriate
align the capital base of the risks, and
2. sound reporting and accounting procedures to
monitor and manage transactions within the Group and
risk concentrations. Law (2015:700).
43 § own risk and solvency assessment covering the whole
the Group shall be carried out in accordance with Chapter 10. 11-13 sections of a
such
1. insurance undertakings referred to in paragraph 1 or 2
2, or
2. the insurance holding company or mixed financial
holding company referred to in the second subparagraph of paragraph 2 of 3.
When the FSA is the Group supervisor may
supervisory authority, after consulting the members of the
the College of supervisors, decide that the undertakings referred to in the first
subparagraph may make its own risk and solvency assessment under 10
Cape. 11 – 13, §§ at group level and at the level of a subsidiary
within the group. A single document shall include all
assessments. Such a document shall be communicated simultaneously to the
The financial supervisory authority and the competent authorities concerned.
A decision pursuant to the second subparagraph, shall not affect
the subsidiary's obligations under 10 Cape. paragraphs 11-13.
Law (2015:700).
Access to information
section 44 an insurance undertaking referred to in section 2, a company that
included in the same group as such insurance undertakings and
such natural persons referred to in section 37, third paragraph,
on request, provide information to each other as needed to
comply with the requirements of this chapter. Law (2015:700).
Professional secrecy
45 § A Board member or other executives at a
companies in the fulfilment of the obligations under this
Chapter, knowledge of business conditions in an undertaking or
of a person referred to in section 44 shall provide data, may not
improperly disclose what he or she learned nor
leverage the knowledge in breach of the respondent's interest.
Law (2015:700).
Obligation to provide data
46 § a business that in the performance of obligations under the
This chapter provides the knowledge referred to in section 45, is guilty
to disclose information about an individual's circumstances to
the company, if during an investigation under the provisions of
preliminary investigation in criminal proceedings is requested by a person
or if, in a case concerning legal assistance in criminal matters on
the production of another State or International Tribunal
requested by prosecutors. Law (2015:700).
Message ban
47 § The investigators or prosecutors request
information according to § 46 may decide that the company and its
Directors and employees shall not disclose to the customer
or for any third parties that information has been provided in accordance with
section 46 or that there is an investigation or case
on legal assistance in criminal matters.
Such a ban may be communicated if required to a
investigation of crimes should not be compromised or to meet
an international agreement which is binding for
Sweden.
The ban should be limited in time, with the possibility of
extension, and may not be for longer than is
justified by the purpose of the ban. In a case
on legal assistance in criminal matters may, however, the ban be limited
only if the State or international court which has applied
on legal aid agrees to this.
If a prohibition is no longer justified with regard to its
purpose, shall-patient basis or the Prosecutor may decide to
the mandate is repealed. Law (2015:700).
Responsibility
48 § anyone who willfully or recklessly violates
a communication ban under section 47 is sentenced to a fine.
Law (2015:700).
Obligation to provide information to the financial supervision authority
49 section A insurance undertakings referred to in paragraph 2 shall, on the request of
Financial institutions-proposed provide the information needed for
group supervision. Law (2015:700).
50 § If an assurance undertaking does not comply with its
disclosure according to § 49 within a reasonable time,
The financial supervision authority shall submit to another company within the Group
to provide information concerning this company directly to
the inspection, if the information is needed for group supervision.
Law (2015:700).
Control of information
51 § financial supervisory authority may in place check all
information necessary for the supervision of
1. insurance companies subject to group supervision,
2. related undertakings of the insurance undertaking,
3. the parent undertaking of the insurance undertaking, and
4. companies that are related to the parent company to
insurance company. Law (2015:700).
52 § financial supervisory authority shall, at the request of a competent
authority in another country within the EEA, on-the-spot checks
information necessary for the supervision of the Agency.
The inspection must carry out the verification itself or entrust a
accountant or other expert to do this. If the competent
authority requests it, it may be present at the inspection.
The Group supervisor shall be informed of the measures taken
measures. Law (2015:700).
Referring to the European insurance and
occupational pensions authority
53 § financial supervisory authority may refer the matters related to a
procedure by a competent authority in the EEA to the European
insurance and occupational pensions authority for the settlement of disputes
in the case that is apparent from articles 248, 249, 255 and 260 in
The Solvency II directive. Law (2015:700).
Publication
Publication of a solvency-and activity report on
group level
§ 54 such insurance undertakings referred to in paragraph 2 of the other
paragraph 1 or 2 or insurance holding companies
or mixed financial holding company within the meaning of section 2 of the
second paragraph 3 shall publish a solvency-and
activity report at the group level. The report shall be made public
at least once a year.
The provisions of Chapter 16 of the. 2-8 sections of the publication shall be applicable
mutatis mutandis. Law (2015:700).
Publication of a single solvency and
activity report at the group level and for individual companies in a
Group
55 § such insurance undertakings referred to in paragraph 2 of the other
paragraph 1 or 2 or insurance holding companies
or mixed financial holding company within the meaning of section 2 of the
second subparagraph, 3 may, with the permission of the financial supervision authority,
If the inspection is the Group supervisor shall publish a
common solvency and operations report both at the group level
as for the individual companies in the group.
Before the financial supervision authority gives permission for a common
report, the Commission shall consult the competent authorities concerned in
the College of supervisors. Law (2015:700).
The content of the common solvency and
activity report
56 § joint report according to section 55 shall contain
data on
1. the Group's overall business and financial solvency in accordance with section 54, and
2. each individual subsidiaries within the group which is a
the insurance company or an EEA-försäkringsgivare and
information about its operations and solvency according to Chapter 16.
2-8 sections.
Missing data referred to in the first subparagraph 2 of
the report, the financial supervision authority shall submit to the daughter company
the publication of these data, if
1. the subsidiary is an insurance undertaking,
2. The FSA requires that comparable
the insurance company is required to disclose such information, and
3. the omitted information is essential.
The provisions of Chapter 16 of the. 2-8 sections of the publication shall be applicable
mutatis mutandis. Law (2015:700).
Publication of the structure of a group
57 § Insurance companies, insurance holding companies and
mixed financial holding companies to annually at group level
publish
1. the legal structure of the group to which the company belongs
in,
2. a description of any subsidiaries, branches
and significant related undertakings in the group, and
3. the organizational and decision-making structure.
Law (2015:700).
Late fee for insurance holding companies and mixed
financial holding companies
58 section If an insurance holding company headquartered in
Sweden or a mixed financial holding company with
Head Office in Sweden in time reports or
publish information in accordance with the provisions of
This chapter, the financial supervision authority may decide that the company
shall pay a late charge with a maximum of 100 000 SEK.
Law (2015:700).
The fee to the State.
59 § late payment fee must be paid to the financial supervisory authority
within thirty days after the decision if it has a
final or within such longer period as is specified in the decision.
Law (2015:700).
60 § finansinspektionen's decision to remove the late fee
may be executed without previous judgment or order, if the fee
has not been paid within the period specified in section 59.
Law (2015:700).
section 61 Of the late payment fee is not paid within the time
specified in section 59, the financial supervision authority shall submit the unpaid
the fee for the recovery. Provisions for the recovery of
governmental claims Act (1993:891) for the recovery of
State Law claims, etc. (2015:700).
62 § A determined late charge falls away in the
extent to which the enforcement has not been made within five years from the
the decision was final. Law (2015:700).
Management of insurance holding companies and mixed
financial holding companies
63 § an insurance holding company or a mixed
financial holding company shall ensure that those referred to
included in the Board of Directors of the company or be executing
Director of it, or be a substitute for any of them
satisfy the requirements set out in Chapter 2. paragraph 4 4.
An insurance holding company or a mixed financial
holding company shall, as soon as possible to the FSA
notify changes of which included in its management according to
the first paragraph.
An insurance holding company or a mixed financial
holding company shall notify the supervision authority if any of the
persons referred to in the first subparagraph has been replaced due to
that he or she no longer meets the eligibility requirements.
Law (2015:700).
Intervention against insurance holding companies and mixed
financial holding companies and its management
64 § if someone in the management of a company
or a mixed financial holding company does not meet the
the requirements set out in Chapter 2. 4 § 4, the financial supervisory authority
submit to the company to correct the ratio.
The financial supervision authority may submit a
insurance holding company or a mixed financial
holding companies to take steps to make the correction, if
holding company does not meet the requirements for the
According to EU regulations adopted on the basis of Solvency
II, this chapter or rules adopted
pursuant to this chapter. Law (2015:700).
Parent undertakings outside the EEA
Verification of equivalence
65 § When the parent undertaking of an insurance undertaking is a
insurance providers from third countries, a
insurance holding company with a head office outside of the EEA or
a mixed financial holding company has its head office
outside the EEA pursuant to article 2 of the third paragraph, the provisions
in paragraphs 66 to 73, if the FSA would have been
the Group supervisor if the criteria set out in article
247(2) of the Solvency II directive would be applicable. At
the assessment of whether the inspection would have been
the Group supervisor shall not be taken of the part of the top
of the group that are outside of the EEA. Law (2015:700).
66 § financial supervisory authority shall, unless the Commission adopted the
any delegated Act in question, check if the supervision
be exercised by the supervisory authority in the third country is equivalent to
the group supervision provided for in the Solvency II directive.
The financial supervision authority is required to perform such a check on
the request of the parent undertaking or of an EEA försäkringsgivare
within the group. Law (2015:700).
67 § Before the FSA decides on the issue of
equivalence, the supervision authority shall consult the relevant competent
authorities. The inspection will also be before the opinion
consulting the Committee of European insurance and
occupational pensions authority. If another authority has taken
decision on equivalence, the financial supervision authority shall take a
decision which differs from it only if there have been significant
changes in the supervisory regime in the third country
referred to.
If the European Commission has decided that the supervision
is not equivalent to 71 and 72 sections apply.
Law (2015:700).
section 68 If an insurance holding company with a head office outside
EEA, a mixed financial holding company has its head office
outside of the EEA or an insurer from third countries is
parent undertakings of a parent undertaking within the meaning of section 2 of the
third, the verification of equivalence referred to in
section 66 shall be carried out at the level of this company instead of at
the level of the undertaking referred to in paragraph 2 of the third paragraph.
On equivalent supervision is not exercised by the supervisory authority of the
third country referred to in the first subparagraph, the Swedish financial supervisory authority
decide on a new verification of equivalence at a lower level,
provided that there is an insurance holding company with
Head Office outside the European economic area, a mixed financial
holding company with a head office outside the European economic area or a
insurance providers from third country parent undertaking of
an insurance company. Law (2015:700).
If supervision is equivalent
69 § finansinspektionen must rely on the supervision
exercising supervisory authority in the third country, if this oversight
are deemed to be equivalent to group supervision provided for in
The Solvency II directive.
If supervision is deemed to be equivalent, the financial supervisory authority,
after consultation with the relevant regulatory authorities and in a
case-by-case basis, decide to fully or partially not exercise
group supervision at the level of the undertaking which is at the head of
Group within the EEA. Such a decision may only be taken if this
would lead to a more effective supervision of the group.
Law (2015:700).
If supervision is temporarily equivalent
70 § group supervision shall be exercised by the financial supervision authority in the
cases, the European Commission has taken a decision in accordance with
Article 260.5 in the Solvency II directive, that those
be exercised by the supervisory authority in the third country is temporarily
equivalent, while there is an insurance company that
is a subsidiary of a parent undertaking outside the EEA and
the subsidiary has a balance that is greater than
the balance sheet total of the parent undertaking. Law (2015:700).
If supervision is not equivalent
71 § if supervision is not equivalent to
The FSA decide either that the rules on
group supervision in 4, 5, 7 to 40, 42 to 64 and 74 – 83 sections shall apply
on the group in the same way as if the company is at the top of the Group
had had its head office in the EEA, or decide that a
such a method referred to in section 72 shall apply to the group.
General principles and methods described in 4, 5, 7 – 40,
42 – 64 and 74-103 section shall apply at the level of a
companies from third countries, a mixed
financial holding company from a third country or a
insurance providers from third countries.
When calculating group solvency, a parent in the
third country is managed as an insurance company subject to
of the same criteria to items of own funds shall be
are included to cover the solvency capital requirement as regards
According to Chapter 7. 2 to 11 sections. Law (2015:700).
72 § after consulting the relevant competent authorities may
The financial supervision authority may decide to use other protection methods
than those resulting from the application of 4, 5, 7 to 40, 42 to 64 and 74-103 sections, if
These methods ensure that the supervision of companies in
the group is sufficient.
The financial supervision authority shall inform the competent
authorities, the European Commission and the European
insurance and occupational pensions authority when such other
supervisory methods used. Law (2015:700).
73 § financial supervisory authority, with the support of 72 § request that a
shareholders who have a controlling influence over
the insurance company will set up a company
or a mixed financial holding company has its head office
within the EEA. The inspection may then decide that the provisions of
This law shall apply to the undertakings in the group which is headed
of this holding company. Law (2015:700).
National class supervision
Decisions on national class supervision
section 74 If the parent undertaking which is at the head of a group
According to paragraph 4 has its head office in another country within the EEA than
Sweden, the financial supervision authority may decide that the provisions of
group supervision should also apply at the level of such
insurance undertakings referred to in the second subparagraph of paragraph 2 of 1 or 2
or at the level of such insurance holding company with
Head Office in Sweden or mixed financial
holding company with headquarters in Sweden, as referred to in paragraph 2 of the
second paragraph 3. Law (2015:700).
§ 75 a decision pursuant to section 74 must be limited so that it refers to the
one or more of the following areas for group supervision:
1. Group solvency in accordance with §§ 16-36,
2. significant risk concentrations and internal transactions
in a group according to §§ 37 and 38, and
3. risk management and internal control pursuant to §§ 42 and 43.
Before the FSA takes such a decision, as referred to in
§ 74 to the inspection shall consult with the Group supervisor
and the parent company within the EEA which is at the head of a group
According to paragraph 4. Law (2015:700).
Decisions on national during the group supervision for the purposes of
special supervisory regime
§ 76 finansinspektionen shall not decide on the national
in the group supervision under section 74, of the companies that are in the
the top of the group within the EEA has received such permits
the first subparagraph of article 237.1 of the Solvency II directive
to be covered by a special supervisory regime.
Law (2015:700).
section 77 Of the financial supervisory authority has decided on the national
in group supervision and the undertaking which is at the head of
Group within the EEA are allowed under article 237.1 first
subparagraph of the Solvency II directive that is covered by a special
supervisory regime, to inspection, set aside the decision on the
in group supervision. Law (2015:700).
section 78 Of the financial supervisory authority has decided on the national
in group supervision in respect of group solvency, the company
at the head of the group in Sweden will not be permitted to
Let any subsidiary included in the Special
supervisory regime referred to in paragraph 85. Law (2015:700).
Calculation of the Group solvency after decision on national
in group supervision
79 § the method the Group supervisor has determined
for the calculation of the Group solvency in accordance with article 220 of the solvency
II shall also apply to undertakings which are the subject of a
decisions on national class supervision in respect of group solvency.
Law (2015:700).
Internal models and national class supervision
80 section about the company that according to paragraph 4 is at the head of a group
in the EEA have obtained permission under article 231(1) or
Article 233.5 of the Solvency II directive to use an internal
model for the calculation of the Group solvency capital requirement and
the solvency capital requirement of the insurance undertaking, and
EEA-försäkringsgivare that are part of the group, the internal
the model also apply to undertakings which are the subject of a
decisions on national class supervision in respect of group solvency.
Law (2015:700).
81 § financial supervisory authority may impose
the capital add-on to the solvency capital requirement of the
companies that are in the top of the group in Sweden in such a
situation referred to in section 80, if
1. the risk profile of the undertaking which is at the head of
the subgroup deviates significantly from the risk profile as the
internal model is based on, and
2. the company does not take the correction after the inspection
has submitted to the company to take action. Law (2015:700).
capital allowance referred to in section 82 81 § because of specific
circumstances is not an appropriate measure,
The Swedish financial supervisory authority, under the conditions set out in section 81
1 and 2 instead decide that the company that is at the head of
the subgroup shall calculate the Sub-group's solvency capital requirement
According to the standard formula. Law (2015:700).
Agreements on coordinated group supervision over a
subgroup
83 § financial supervisory authority may agree with the competent
authorities on the coordination of group supervision over a
during the group referred to in section 74 and a corresponding subgroup in
These competent authorities ' home countries.
If an agreement was reached under the first paragraph,
National class supervision under section 74 is not exercised.
The provisions in article 216(2) – 216.6 in Solvency II
If national during the group supervision shall apply mutatis mutandis
at coordinated group supervision over a subgroup.
About finansinspektionen hits such an agreement
referred to in the first subparagraph, it shall inform the inspection well
the Group supervisor that the company that is at the head of
Group within the EEA where the reasons for the agreement.
Law (2015:700).
Supervision of some groups with centralised risk management
– special supervisory regime
Application for authorisation for subsidiaries that are covered by
special supervisory regime
84 § an insurance company, an EEA-försäkringsgivare, a
insurance holding company headquartered in the EEA or
mixed financial holding company has its head office within the EEA
which is the parent undertaking of an insurance undertaking may apply for
authorisation for subsidiaries that are covered by the provisions of
special supervisory regime in paragraphs 88 to 95. The application shall be submitted to
The Swedish financial supervisory authority.
When the financial supervisory authority received an application pursuant to the first
subparagraph, the supervisory authority shall, without delay, submit it to the
other members of the College. Law (2015:700).
Decision concerning the special supervisory regime
85 § financial supervisory authority shall, within three months from the date of
all members of the College a part of an application
According to article 237.1 of the Solvency II directive, if possible,
agree with the other members of the College on
the decision should be taken on the application.
The inspection shall take a decision in accordance with
the agreement. The decision shall contain the reasons particularly
the outcome of the case and handed to the applicants. The decision is
binding on the undertakings concerned and the financial supervisory authority and the
should be the basis for supervision.
If such an agreement referred to in the first subparagraph shall not
can be reached within the period specified, the
The Swedish financial supervisory authority, when the inspection is
Group supervisor, alone make the decision by reason of
the application. The decision shall contain the reasons which determined the end
in the matter and present comments and reservations from
competent authorities expressed during the
the three-month period. The decision shall be communicated to the applicant
and the other supervisory authorities concerned. Even such a
decision is binding on the undertakings concerned and
The financial supervisory authority and shall be the basis for supervision
supervision. Law (2015:700).
Referring to the European insurance and
occupational pensions authority in the event of disagreement regarding applications
86 § financial supervisory authority may refer a case to
The European insurance and occupational pensions authority in
accordance with article 19 of Regulation (EC) no 1094/2010, in
the wording according to European Parliament and Council directive
2014/51/EU, if the inspection is not within three months may be
in agreement with the competent authorities in accordance with paragraph 85
paragraph. A case shall not be referred to the European
insurance and occupational pensions authority after
the three-month period has expired, or a decision has been taken.
Where a case is referred to in the first paragraph referred to the
European insurance and occupational pensions authority and the
the decision proposed by the Panel, in accordance with articles
41(2), 41(3) and 44.1.3 of Regulation (EU) no 1094/2010, in
the wording according to European Parliament and Council directive
2014/51/EU, is rejected, the Group supervisor shall take the
final decision. Law (2015:700).
87 § Condition to benefit from the special supervisory regime may
be notified only if
1. The financial supervision authority exercising group supervision of the parent undertaking
at the group level and has not decided to exclude
the subsidiary under section 11,
2. the subsidiary subject to the parent's
risk management processes and internal control mechanisms,
as well as the relevant authorities have determined that
the parent company exerts a prudent management of
the subsidiary,
3. the parent company has received an authorisation as referred to in article
246(4) of the Solvency II directive to make its own risk and
solvency assessment covering the whole group and at the level of
the subsidiary, and
4. the parent company has received an authorisation as referred to in article
256(2) of the Solvency II directive to publish a joint
solvency and business reporting at group level and at the level of
the subsidiary. Law (2015:700).
The meaning of special supervisory regime
88 § a parent undertaking authorised under section 85 shall
calculate the solvency capital requirement of the subsidiary
covered by a special supervisory regime even according to §§ 89-95.
The calculations shall be without prejudice to
the provisions of section 29. Law (2015:700).
Measures in the event that the subsidiary's risk profile deviates
from an internal model within a group
89 section When the solvency capital requirement of insurance undertaking
a subsidiary is calculated using an internal model
decision pursuant to section 25, the financial supervisory authority, if
supervisory authority received an application under section 84, in the cases
referred to in chapter 17. section 24, submit a proposal to the other members
in college that there shall be established a
capital additions for the subsidiary, in addition to the
solvency capital requirements resulting from the application of the
internal model. The financial supervision authority may propose such a
capital Add-ons only if
1. the subsidiary risk profile deviates significantly from the
internal model, and
2. the company does not within a reasonable time after the FSA's
notification of departure has adapted the model to their
risk profile.
Where such capital add-on referred to in the first subparagraph of
because of special circumstances, is not an appropriate measure,
the FSA may instead propose the College
the subsidiary shall calculate its solvency capital requirement
in accordance with the standard formula in Chapter 8. 1 to 3 and 5 to 11 sections.
Law (2015:700).
Measures in the event that the subsidiary's risk profile deviates
materially from the assumptions made for the calculation
According to the standard formula
90 § When the solvency capital requirement of the subsidiary is calculated
with the standard formula, the financial supervisory authority, if the inspection
received an application under section 84, exceptionally, propose
the company replaces a subset of parameters according to
the standard formula with company-specific parameters in the
calculate the teckningsriskmoduler for life insurance,
non-life insurance and health insurance, in accordance with chapter 17, section.
section 22. The financial supervision authority may make such a proposal only
If
1. the subsidiary risk profile deviates significantly from the
assumptions made for the calculation in accordance with the standard formula,
and
2. the company does not within a reasonable time after the FSA's
notification of departure has adapted the assumptions to their
risk profile.
The financial supervision authority may, under the conditions set out in
the first paragraph, in the cases referred to in chapter 17. section 24, to propose
the College a capital add-on for the subsidiary
In addition to the solvency capital requirement as an application of the
the standard formula. Law (2015:700).
Decisions by agreement within the College
91 § financial supervisory authority shall communicate the grounds for the proposal
referred to in paragraphs 89 and 90 of the subsidiary and
the College of supervisors. The financial supervision authority shall, if possible, be
in agreement with other agencies within the College of
the decisions to be taken in response to the proposed
measures. The financial supervision authority shall make a decision in
accordance with the agreement. Law (2015:700).
Measures for the solvency capital requirement is not met
section 92 If a subsidiary which is subject to the Special
supervisory regime does not comply with the solvency capital requirement, the
The financial supervision authority shall, without delay, communicate the action plan
to the College by the subsidiary after injunction
According to chapter 18. 4 section submitted to the supervision authority in order to
six months from the date the deficiency was found to restore
level of own funds, funds or reduce their risk profile for
to satisfy the solvency capital requirement. The Swedish financial supervisory authority
must also submit a proposal for approval of the plan to
the College of supervisors. FSA's obligations under
This provision shall be without prejudice to the corresponding provisions
as regards the supervision of individual insurance undertakings.
The financial supervision authority shall, if possible, within four months from the
the day on which the deficiency was found to reach agreement within the
the College about the FSA's proposals for approval
of the action plan. The financial supervision authority shall make a decision in
accordance with the agreement. Law (2015:700).
Measures in case of deterioration of the economic situation in a
daughter companies
section 93 Of the FSA notes deterioration of the
economic conditions in a subsidiary which is subject to the
special supervisory regime, to inspection without delay
notify the College if the measures inspection
suggest. The proposed measures will be discussed in
the College, though it is not a crisis situation.
The financial supervision authority shall, within one month from the notification, about
It is possible, agree with other authorities in
the College about the decisions to be taken with
reason of the proposed measures. Law (2015:700).
If a deal cannot be struck
§ 94 of such agreement referred to in section 92
subparagraph, or to paragraph 93 cannot be struck within the
specified time period, the financial supervisory authority alone shall take a
decision. The decision shall contain the reasons which have determined
the outcome of the case and report observations and reservations
from the competent authorities concerned expressed
during the period. Law (2015:700).
Measures concerning the minimum capital requirement is not met
section 95 If a subsidiary which is subject to the Special
supervisory regime does not comply with the minimum capital requirement, the
The Swedish financial supervisory authority without delay provide the financial
recovery plan for the College as a subsidiary
According to chapter 18. section 8, submitted to the Inspectorate.
The financial supervision authority shall also inform the College of
each action that the subsidiary shall take to dealer
comply with the minimum capital requirement. FSA
obligations under this provision shall not affect the
the corresponding provisions applicable to the supervision of a
individual insurance companies. Law (2015:700).
Referring to the European insurance and
occupational pensions authority in the event of disagreement about the proposals
96 § financial supervisory authority may refer a case to
The European insurance and occupational pensions authority in
accordance with article 19 of Regulation (EC) no 1094/2010, in
the wording according to European Parliament and Council directive
2014/51/EU, if the inspection is not within the specified time may come
in agreement with the Group Supervisor with regard to such proposals
referred to in 89, 90, 92 and 93 section.
If the FSA is the Group supervisor and may not
come to an agreement with the competent authority that has authorised a
EEA-försäkringsgivare which is a subsidiary undertaking and which
covered by a special supervisory regime, the Inspectorate under the
the conditions provided for in the first subparagraph shall refer the
the matter to the European insurance and
occupational pensions authority.
Applies a case a proposal pursuant to section 89 or 90, there
be referred to the European insurance and
occupational pensions authority within one month from the FSA
proposal.
The FSA may not refer a matter according to 92
or § 93 of the European insurance and
occupational pensions authority, if there is a crisis situation and
nor after the four-month period in section 92
subparagraph or the one-month period in paragraph 93 has expired
out. Law (2015:700).
97 section where a case is referred to the European insurance
and occupational pensions authority under section 86 or 96, shall
Finansinspektionen defer their decision and await the
decisions taken by the European insurance and
occupational pensions authority may adopt pursuant to article
19 (3) of Regulation (EU) no 1094/2010, in wording as
European Parliament and Council Directive 2004/51/EC.
The FSA should follow a decision in the matter of
The European insurance and occupational pensions authority.
The inspection shall take a decision in accordance with
The European insurance and occupational pensions authority
decision. Authority's decision shall contain the grounds on which
particularly the end of the case and handed over to the
the subsidiary and the College. The decision is binding
for the companies involved and the financial supervisory authority and shall be
the basis for supervision. Law (2015:700).
Termination of special supervisory regime
98 § financial supervisory authority should decide that a State that
covered by a special supervisory regime under section 85 shall
cease to be valid if:
1. the conditions set out in section 87 1, 3 or 4 are no longer met;
or
2. the condition laid down in paragraph 2 of section 87 is no longer met and the lack
not remedied within a reasonable period of time. Law (2015:700).
99 § When the FSA is the Group supervisor, shall
the inspection in cases where the specific prudential regime has
ended due to the condition of the 87 § 1 is no longer
met immediately inform the relevant competent
the Agency and its parent company about this. Law (2015:700).
100 § parent company of a subsidiary which is subject to the
special supervisory regime is responsible for the conditions of § 87
2-4 are met. If the conditions are not fulfilled, the
the parent company, without delay, inform the financial supervision authority,
If the inspection is the Group supervisor and the
competent authority for the subsidiary. The parent undertaking shall
also submit a plan to remedy the deficiencies within a reasonable
time. Law (2015:700).
101 § When the FSA is the Group supervisor, shall
inspection at least once a year, check that the conditions
referred to in section 87 2-4 are met. The inspection shall also
implement such a check at the request of the relevant competent
authority, if the authority has reason to believe that
the condition is no longer followed.
If the financial supervision authority during an inspection as referred to in the first subparagraph
considers that the conditions are not met, the inspection
require the parent company to submit a plan to address
deficiencies within a reasonable time. Law (2015:700).
Lack of criteria fulfilment
section 102 Of the Swedish financial supervisory authority, after consulting the
the College determines that the plan referred to in 100 or
101 section is inadequate or if such a plan is not carried out in
a reasonable period of time, the terms of section 87 2-4 are not satisfied.
The inspection shall immediately notify the relevant competent
Authority accordingly. Law (2015:700).
Applicable law in the examination of applications
section 103 When the financial supervisory authority considers an application for the Special
supervisory regime, this law shall apply. The inspection may
However also apply provisions according to regulations in a
State of the EEA apply to such an application. When the application
has been submitted to the inspection, however, applies only if
It is necessary for the effective supervision of
insurance companies or EEA försäkringsgivare.
Law (2015:700).
Appropriations
§ 104 Government or authority the Government determines
may provide for
1. how the consolidated own funds and consolidated
the capital requirement shall be calculated in accordance with paragraphs 16 to 22,
2. how the consolidated own funds and consolidated
the capital requirement shall be calculated when the requirements are equivalent under the
section 30,
3. the contents of and the scope and performance of the
reporting under section 33,
4. the content of an action plan and a financial
recovery plan in accordance with section 35, second paragraph,
5. what information a company shall submit to the
The financial supervision authority pursuant to sections 37 and 49,
6. enterprise management system within a group according to § 42,
7. content of its own risk and solvency assessment in a
Group in accordance with section 43, and
8. how consolidated own funds and consolidated
the capital requirement shall be calculated in accordance with paragraph 71.
Law (2015:700).
20 chapter. Special purpose vehicles
Permits for special purpose vehicles
Obtain a permit
section 1 Permits required to operate activities
Special purpose vehicles. Law (2015:700).
Conditions for authorisation
a special purpose vehicle, section 2 shall be authorised to drive
activity, where
1. the articles of association or rules consistent with this
law and regulations governing a special purpose vehicles
articles of incorporation or bylaws and otherwise contains the
Special provisions are needed to take account of
the scope and nature of the planned activities, and
2. the planned activities likely to meet
requirements in accordance with the provisions of this law and other
regulations governing the activities.
Law (2015:700).
Examination of the articles of incorporation and bylaws
section 3 of the question of approval of articles of incorporation or the bylaws of the
a special purpose vehicle shall be examined in connection with the question of
the company shall be permitted to carry on business as
Special purpose vehicles are tested.
A, prepare their decision to adopt articles of association or
the bylaws must not be registered before the articles of association or
the Bylaws have been approved. Law (2015:700).
4 section a special purpose vehicle that has decided to change its
articles of association or statutes shall apply for approval of
the change. The change shall be approved if the articles of association or
the statutes are consistent with the provisions governing a
company or an economic union statutes or
Bylaws and otherwise contains the various provisions which
necessary with regard to the scope and nature of the company's
activity.
A, prepare their decision on amendment of the articles of association or
the bylaws must not be registered before they are approved.
Law (2015:700).
Examination of the application
section 5 An application for a permit to carry on business as
Special purpose vehicles, as well as questions about the approval of articles of incorporation
or by-laws under section 3 or 4, are examined by
The Swedish financial supervisory authority. Law (2015:700).
EU regulations
6 § Additional provisions for special purpose vehicles, see
1. Commission Regulation (EU) 2015/35 of 10
October 2014, supplementing the European Parliament and
Council directive 2009/138/EC relating to the taking-up and pursuit of
insurance (Solvency II), and
2. the Commission's implementing Regulation (EU) No 2015/462 of the
19 February 2015 establishing technical standards for
implementation concerning procedures for supervisory
approval of the establishment of special purpose vehicles, for cooperation
and exchange of information between supervisory authorities in the
apply to special purpose vehicles as well as to determine the format and
templates for the tasks that the special purpose entities shall report in
accordance with European Parliament and Council directive
2009/138/EC.
The provisions concerning
1. conditions for the authorisation,
2. mandatory contractual conditions,
3. corporate governance system,
4. supervisory reporting,
5. solvency requirements,
6. revocation of a licence, and
7. cooperation and information exchange between
regulators. Law (2015:700).
Supervision of special purpose vehicle
Registration authority
7 § Bolagsverket's registration authority for
Special purpose vehicles. A special purpose vehicle to be registered in
company or association register with a special
designation. In these tables, the data in that
According to the statutes shall be notified for registration.
Law (2015:700).
Supervision and its extent
paragraph 8 of the financial supervisory authority has oversight of special purpose vehicles.
Supervision includes activities are operated under
1. regulations governing the activities,
2. the company's articles of incorporation or bylaws, and
3. governing documents that the company has established and that have their
because of the regulations governing the company's activities.
Law (2015:700).
Information from a special purpose vehicle
section 9, a special purpose vehicle must provide the financial supervision authority the
information on their activities as the inspection request.
Law (2015:700).
Fees to the FSA
section 10 special purpose vehicles, with fees help cover
the cost for the FSA's activities.
Law (2015:700).
Interventions for special purpose vehicles
When the FSA to intervene
section 11 of the financial supervision authority shall intervene if
1. a special purpose vehicle has breached its obligations
(a) according to the regulations governing the company's) activities,
(b) the company's articles of association or by-laws), or
c) company's governing documents that have their basis in the regulations
regulating the company's activity, or
2. the articles of Association, statutes, or policy documents under 1
no longer is satisfactory with regard to the
the scope and nature of the business.
Law (2015:700).
How the inspection will intervene
12 § Intervention under section 11 is made through the issuance of
injunction to take corrective action within a specified period of time, by
prohibition to enforce decisions or by observation.
If a violation is serious, the conduit
authorisation is withdrawn or, if there is enough warning
will be notified. Law (2015:700).
When the financial supervision authority may refrain from intervention
paragraph 13 of the financial supervision authority may refrain from action if
1. a breach is minor or excusable,
2. special purpose vehicle makes correction, or
3. any other authority has taken action against the company
and these measures are deemed inadequate. Law (2015:700).
Violations of the decision on corrections
section 14 If a special purpose operating in another country
in the EEA, and the company does not comply with
The financial supervision authority or a competent foreign authority
the request for correction, the inspection shall take the measures
is needed to prevent further violations.
The inspection shall notify the competent foreign
the authority on the measures taken. Law (2015:700).
In case of withdrawal of authorization
section 15 If a special purpose vehicles withdrawn,
The Swedish financial supervisory authority to determine how the liquidation of business
should occur.
A withdrawal decision may be subject to prohibition
keep all or parts of the business. Law (2015:700).
Penalty
section 16 Of the financial supervision authority has issued a decision on
Note or warning to a special purpose vehicle, shall
the inspection may decide that the company shall pay a
penalty. Law (2015:700).
The fee to the State.
section 17 of the penalty should be set at no less than five thousand
dollars and not more than fifty million.
The fee may not exceed 10% of the conduit
turnover in the last financial year. If the infringement
has taken place in relation to the first year of operation, or
for information about net sales otherwise missing or
flawed, turnover is estimated.
The fee must not be so large that the conduit after the
that charge has been imposed does not meet the requirement of full
funding. Law (2015:700).
section 18 when the penalty fee is determined, the Special
taking into account the gravity of the infringement, which has
prompted the note or warning and how long
the offence has continued. Law (2015:700).
Late payment fee
Article 19 If a special purpose vehicle in time to provide the information
that have been prescribed pursuant to section 26 of the first paragraph,
The financial supervision authority may decide that the company shall pay a
late fee with a maximum of 100 000 SEK.
The fee to the State. Law (2015:700).
Enforcement of the decision on the penalty and
late payment fee
section 20 of the penalty or late fee payable to
The financial supervision authority within thirty days after the decision
If it has become final, or within such longer period as
specified in the decision. Law (2015:700).
paragraph 21 of the FSA's decision to levy a penalty or
late charge may be effected without previous judgment or
rash, if the fee has not been paid within the time specified
in section 20. Law (2015:700).
section 22 Of the penalty or late fee is not paid
within the time specified in section 20, the Swedish financial supervisory authority (finansinspektionen) leave
the unpaid fee for collection. Provisions on
recovery of State assets can be found in the Act (1993:891) if
recovery of State assets etc Law (2015:700).
section 23 of an agreed penalty or late charge falls
away to the extent that enforcement has not taken place within the
five years from the date that the decision was final. Law (2015:700).
Intervention against the which has no permission
section 24 If any operating as special purpose vehicles without
be eligible for it, the financial supervision authority shall submit to the
him to cease operations. The inspection may decide
how the decommissioning of operations will take place. In order to be
The FSA disclose that right after the application of
the inspection may decide that it should go in
liquidation if the order is not complied with.
If it is uncertain if the law applicable to a given activity,
shall submit to the financial supervision authority which operates the business
to provide the information on the activities that the inspection
need to determine if this is the case. The who is an auditor of
a company is required to provide, at the request of the inspection
information about the company's activities that the auditor has
become aware of during the performance of their duties.
Law (2015:700).
section 25 If a special purpose vehicles fail to comply with an injunction
According to paragraph 24 to cease operations, the
the right, on application by the Swedish financial supervisory authority, decide to
the company to go into liquidation.
In these cases, apply 25 Cape. 10, 25, 28 to 44, 46 and 47 of the
Swedish companies Act (2005:551) and Chapter 11. 5 and 7 – 16 sections and
section 17 of the fourth and fifth paragraphs of the law (1987:667) on economic
compounds.
Decision on liquidation shall not be granted if, during the
processing at the right shows that the business has ceased.
The decision on liquidation effective immediately. Law (2015:700).
Appropriations
section 26 of the Government or the authority, as the Government determines
may provide for the information a
Special purpose shall submit to the financial supervision authority according to section 9.
The Government may provide for such fees
referred to in section 10. Law (2015:700).
21. Appeal, etc.
Appeal against the decision of the financial supervisory authority
section 1 of the FSA's decisions in the cases provided for in chapter 17. section 13
the first paragraph and chapter 18. 26 section shall not
subject to appeal. Law (2015:700).
section 2 of the FSA's decision referred to in Chapter 11. 1 section
paragraph 1 may be appealed to the Government. Law (2015:700).
paragraph 3 of the Second decision of the financial supervisory authority in individual cases under
This Act may be appealed to the administrative court.
Law (2015:700).
Writ of a decision shall apply immediately
paragraph 4 of the financial supervision authority may provide that a decision on the ban,
order or revocation shall take effect immediately.
Law (2015:700).
Explanation that the case unnecessarily residence
§ 5 If the decision in a case if the condition referred to in Chapter 2. 4 §
not given within six months of the date on which the application was
in, or in a case under Chapter 3. 2 § within three months
or in a case under Chapter 3. 7 or section 17 within one month,
the applicant may request an explanation of court case unnecessary
residence.
A request for a declaration referred to in the first subparagraph shall
be made of the General Administrative Court. Leave to appeal
required for an appeal to the administrative court.
If the Court makes a declaration, the application shall be deemed to have been refused
of the financial supervision authority if the decision then was not communicated
in the corresponding time limits referred to in the first subparagraph of
the respective case. Law (2015:700).
Appeal of Bolagsverket's decision
section 6 of the General Board's decision in cases under Chapter 11. section 45, Chapter 12.
74 section or chapter 13. section 27 be appealed to the District Court in the city
where the insurance company's Board of Directors has its seat.
The letter of appeal should be submitted to the SCRO within
three weeks from the date of the decision.
In case of an appeal as referred to in the first subparagraph applies to law
(1996:242) about court cases. Law (2015:700).
Transitional provisions
2010:2043
Regulations concerning the entry into force of this law will be given in the law
(2010:2044) on the introduction of the insurance business law
(2010:2043).
2013:115
1. this law shall enter into force on 1 July 2013.
2. Older regulations apply for decisions rendered
before the entry into force.
2013:166
1. This law shall enter into force on 25 april 2013.
2. Older provisions apply to cases that have come into
to the companies registration office before entry into force.
2013:456
1. this law shall enter into force on the 15 July 2013.
2. Older provisions apply to cases that have come into
Swedish financial supervisory authority (finansinspektionen) before entry into force.
2013:672
1. this law shall enter into force on August 1, 2013.
2. Older provisions still apply to the
reporting obligations relating to the period prior to 1 January
2014.
2015:700
1. this law shall enter into force on the 1 January 2016.
2. insurance undertakings which at the entry into force of the Act
engaged in activities relating to occupational pension insurance policies
apply to the part of the business, until 31
December 2019, the applicable provisions of 1 to 7, 14, 16 and 17
Cape. in the older wording and instructions given
on the basis of those provisions. For activities relating to
occupational pension insurance is valid during the time specified in other
the relevant provisions of Chapter 10 to 15 and 19. This law.
The Government or the authority that the Government may
provide for the purposes referred to in the first subparagraph
the provisions of Chapter 10 and 19. This law on a
the occupational pension business of insurance undertakings.
For an insurance company referred to in the first subparagraph
the provisions referred to in that paragraph, even the part of the
insurance operations relating to other life insurance business,
If this is of little significance.
The Government or the authority that the Government may
provide for what is meant by calling scope
According to the third paragraph.
An insurance company referred to in the first subparagraph may, after
notification to the financial supervision authority, applying this law even on
activities relating to occupational pension scheme.
3. The financial supervisory authority in a particular case may decide that a
insurance companies by 1 January 2016 ceased
to subscribe for new insurance contracts and exclusively administer
his existing portfolio in order to terminate their activity
do not need to apply the sections of this Act.
For reinsurance companies as last modified on december 10, 2007
ceased to underwrite new reinsurance contracts and exclusively
administer their existing portfolio in order to terminate the
activities for older provisions.
The Government or the authority that the Government may
provide for the conditions referred to in the first subparagraph of
the exception and the extent of them.
4. the own funds of an insurance company records in tier 1 capital
issued before 17 January 2015 and eligible
in own funds according to the decision of the financial supervision authority pursuant to
of Chapter 7. section 3 of the older wording, but as of december 31,
2015 may not exceed 50% of the capital base, to
31 december 2025 are classified as level 1
Chapter 7. section 7 of this Act.
An insurance company's own fund items in tier 1 capital
issued before 17 January 2015 and eligible
in own funds according to the decision of the financial supervision authority pursuant to
of Chapter 7. section 3 of the older wording, but as of december 31,
2015 may not exceed 25% of the capital base, to
31 december 2025 are classified as level 2 according to
Chapter 7. section 7 of this Act.
The Government or the authority the Government may
provide for the types of own fund items which
shall be subject to the provisions of the first and second subparagraphs.
5. For an insurance company that re-package loans into
transferable securities or other financial instruments
for loans issued prior to January 1, 2011,
the conditions pursuant to article 135(2) of the Solvency II directive only
If the underlying exposure have been expanded or become
replaced after 31 december 2014.
6. For insurance companies at its entry into force does not
meet the requirements for sufficient own funds according to Chapter 7. 1 §
the first paragraph, but meeting the requirements for sufficient
capital base under Chapter 7. paragraph 1 of the older wording, should
the provisions of this paragraph shall apply instead of
the provisions of chapter 18. section 5 of this Act.
The financial supervision authority shall submit to the company to take
necessary measures to comply with the solvency capital requirement
by 31 december 2017 and that every third month
submit a progress report to the FSA to
include a description of the measures taken
and how the work is progressing to meet
the solvency capital requirement.
If appropriate, the financial supervision authority may extend the
the time limit of three months.
If the report shows that there have been no
significant progress on the company's ability to
meet the solvency capital requirement by 31 december 2017,
should the provisions concerning intervention in this law applies.
7. For insurance companies at its entry into force does not
meet the requirements for sufficient own funds according to Chapter 7. 1 §
second subparagraph, but meeting the requirements for sufficient
capital base under Chapter 7. paragraph 1 of the older wording, should
the provisions of chapter 18. section 8 and section 12 of this Act 4 and not 5
apply in the first year after the law
date of entry into force.
8. The financial supervision authority may, in a particular case
decide that an insurance company in connection with the adjustment of
the calculation of the minimum capital requirement in accordance with Chapter 8. section 14 of this
team until 31 december 2017 shall use a
the solvency capital requirement calculated in accordance with the standard formula.
9. the transitional provisions referred to in 2, 4 and 5, and
According to Chapter 5. section 10, Chapter 8. section 12 and 18. section 7 applies to
individual insurance undertakings, without prejudice to
the provisions on capital base and capital requirement at group level in
19. section 16 of this Act apply mutatis mutandis to the
group level.
10. the transitional provisions according to 6 apply to individual
insurance undertakings apply, notwithstanding the provisions of
capital base and capital requirement at group level in chapter 19. 16 and 35
§§ This law, mutatis mutandis at group level if
insurance companies in a group, meet the team
capital requirements under Chapter 9. 4 § in the older wording, but
does not meet the capital requirement.
11. The financial supervision authority may levy fees even before the law
effective for applications and notifications under the new
the rules on solvency, special purpose vehicles, exemptions depending
on size, group supervision and determination of the application of
transitional provisions, once these have come into
inspection prior to its entry into force.
12. An insurance company at its entry into force have
an equalization reserve for credit insurance according to Chapter 5. 10 and
11 § § in the older wording should, in addition to reductions to
cover technical deficits in credit, insurance,
annually make the reductions required to liquidate
the Equalization reserve on 31 december 2019.
2015:826
1. this law shall enter into force on the 1 January 2016.
2. The law shall apply for the first time for the financial years beginning after december 31, 2015.
2016:121
1. this law shall enter into force on 1 July 2016.
2. Older provisions apply in the case of value transfer from mutual insurance companies, if the calculation shall be based on an annual report which is established before the entry into force.