Aggregated News From Investment Management Regulators

Legislative initiative to enhance the competence requirements of board members and management of pension insurance companies


Please complete the required fields.

The regulations governing the professional competence and experience of board members and management of pension insurance companies are, in view of the importance of the companies’ activities, partly inadequate and disproportionate compared with those of other insurance companies, company pension funds and industry-wide pension funds.

Competence requirements are required for the board members and the managing director of pension insurance companies, but not for the executive management, who in practice are responsible for the preparatory work undertaken in the company to support the company’s senior management and as the basis for expert and responsible decision-making.

In a legislative initiative made to the Ministry of Social Affairs and Health, the FIN-FSA proposes that professional competence and experience requirements for pension insurance companies be amended to better correspond with the current competence requirements in life and non-life insurance companies and a number of institutions for occupational retirement provision.

At the same time, the FIN-FSA should be empowered to issue regulations regarding the content and fulfilment of the above-mentioned competence and experience requirements.

For further information, please contact:

Kaisa Forsström, Head of Department, Insurance Supervision. Requests for interviews are coordinated by FIN-FSA Communications, tel. +358 9 183 5030, weekdays 9.00–16.00.

See also:

Legislative initiative (in Finnish)

Source link

Regulator Information

Abbreviation: FIN-FSA
Jurisdiction: Finland

Recent Articles

SEC Approves Registration of First Security-Based Swap Data Repository; Sets the First Compliance Date for Regulation SBSR

The Securities and Exchange Commission today announced that it has approved the registration of its first security-based swap data repository (SDR).

Regulation for a different world

Speech by our CEO, Nikhil Rathi, delivered at Association of Foreign Banks – CEO Programme 2021 – The UK Regulatory Landscape Post-Brexit and Beyond.  Speaker: Nikhil...

Keynote speech by the Chairman of the FSMA at a high-level conference on sustainability reporting organized by the European Commission

On Wednesday, 6 May 2021, Jean-Paul Servais, Chairman of the FSMA and Vice Chair of IOSCO, gave a speech at a major conference of...

Credit Suisse Bonds / Suisse Capital Wealth Bonds (Clone of FCA authorised firms)

Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out...

We believe this firm may be providing financial services or products in the UK without our authorisation. Find out why you should be wary...

Get the latest from Regulatory.News in your inbox!