Kindlustusjärelevalve

Kindlustusjärelevalve refers to the supervision and regulation of the insurance sector. In Estonia, this function is primarily carried out by the Estonian Financial Supervision Authority (Finantsinspektsioon). The main objective of kindlustusjärelevalve is to ensure the stability and soundness of the insurance market, protect the interests of policyholders, and maintain public trust in insurance companies.

The Estonian Financial Supervision Authority oversees insurance undertakings operating in Estonia, whether they are Estonian companies or branches of foreign insurers. This supervision involves monitoring the financial health of insurance companies, including their solvency, capital adequacy, and risk management practices. They assess whether insurers are able to meet their obligations to policyholders.

Kindlustusjärelevalve also focuses on the conduct of insurance business. This includes ensuring that insurance companies adhere to relevant laws and regulations, such as those governing insurance contracts, marketing practices, and claims handling. The authority intervenes when necessary, taking corrective actions or imposing sanctions to address any breaches of regulations or unsound business practices. The ultimate goal is to create a safe and reliable environment for insurance services, promoting fair competition and protecting consumers.