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Regulation

The operations of insurance companies are regulated by several laws. As all of the Nordic countries are either members of the EU or have signed the EEA agreement, the EU directives and regulations play a major role in insurance regulations. 

The most important laws governing Nordic insurance markets are the Local Insurance Companies Act and Insurance Contracts Act.

The introduction of Solvency II has had a significant impact on both P&C and life insurance. Especially in regard to life insurance, the new solvency requirements have made insurance companies change their risk portfolios and implement new reporting requirements, such as stress tests.

European Commission, official website

National regulations also play an important role in terms of governing the Nordic insurance markets. Most of the differences between national legislation relates to the taxation of insurance-related incomes or the amount of statutory insurances. The Nordic countries differ most from each other in the sector of life insurance and motor vehicle insurance.

Finnish Financial Supervisory Authority
Swedish Financial Supervisory Authority
Danish Financial Supervisory Authority
Norwegian Financial Supervisory Authority

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Updated 16 Jun 2020