Vakuutusyhtiölaki

Vakuutusyhtiölaki refers to the Finnish legislation governing insurance companies. This law, officially the Act on Insurance Companies (Vakuutusyhtiölaki, 1062/2018), establishes the framework for the establishment, operation, and supervision of insurance companies in Finland. It sets out requirements for the authorization of insurance companies, their capital adequacy, governance, and risk management. The law aims to ensure the solvency of insurance companies and protect policyholders.

Key provisions of the Vakuutusyhtiölaki include regulations on the types of insurance that can be offered, the formation of insurance companies, and the requirements for their management and boards of directors. It also details the procedures for mergers, acquisitions, and the liquidation of insurance companies. Furthermore, the law addresses consumer protection aspects, including information disclosure requirements for policyholders and rules for handling complaints.

The Vakuutusyhtiölaki is administered by the Finnish Financial Supervisory Authority (Finanssivalvonta), which is responsible for supervising insurance companies to ensure they comply with the law and maintain financial stability. The law is periodically updated to align with European Union directives and to adapt to changes in the insurance market. It plays a crucial role in maintaining trust and stability within the Finnish insurance sector.