Insurance Law (2010:2043)

Original Language Title: Försäkringsrörelselag (2010:2043)

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Read the untranslated law here: http://rkrattsbaser.gov.se/sfst?bet=2010:2043

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.