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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

United Kingdom

The insurance industry is governed by a numerous statutes primarily the Financial Services and Markets Act 2000 and the Insurance Act 2015. Although there are separate legal systems and differences between the various legal jurisdictions of the United Kingdom, the laws relating to the insurance market are substantially the same.

Insurance providers are either dual regulated, by the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), if their activities include insurance underwriting, or solo regulated by the FCA if their activity involves insurance intermediation and no carrying of insurance risk. Under the UK’s Road Traffic Act the purchase of motor insurance is compulsory for those wishing to drive in the United Kingdom, requiring that, at a minimum, a driver be insured against liability for injury to other persons and damage to their property in the event of an accident. Other personal lines general insurance products are not compulsory.

Gibraltar

Insurance companies in Gibraltar are authorised and regulated by the Gibraltar Financial Services Commission. Under the Gibraltar Authorisation Regime, such firms can operate in the UK under passporting arrangements which recognise regulatory equivalence with UK prudential and conduct regulatory requirements. Insurance companies in Gibraltar also comply with the European Union’s Solvency II legislation.

Supervisory Authorities of Sampo Group Entities Operating in the UK Market:

Financial Conduct Authority
Gibraltar Financial Services Commission

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Updated 29 Sep 2021