FI conducts supervision of firms which have received authorisation from FI to conduct business on the financial market.
Supervision is one of FI's most important tools. While part of its supervisory work focuses on managing incidents and acute problems that may arise, the main purpose of FI's supervision is to prevent problems from occurring. In order for supervision to make the greatest difference and reap the most benefits, it must therefore and to the greatest possible extent be both risk-based and forward-looking.
The purpose of insurance supervision is to secure a reasonable balance between the risks and solvency of insurance undertakings so that they can fulfil their obligations to policyholders.
It is also important to monitor the insurance sector from a consumer protection perspective so consumers can make well-informed decisions based on clear information.
The supervision conducted by the Insurance section targets everything from very small to very large firms. The total number of firms under supervision in the insurance area can roughly be broken down into:
Disregarding pension foundations (for which the county administrative boards have primary supervisory responsibility) and a number of small, local firms that are not subject to a reporting obligation, there are around 1,200 firms that are subject to FI's ongoing supervision.
Several Swedish insurance companies are active in other countries, and several foreign countries are active on the Swedish market. The supervision of insurance companies with operations in more than one EU country is conducted through supervisory colleges, i.e. groups of representatives from supervisory authorities in the countries where the companies are active. This work is governed by cooperation agreements with the countries' authorities.
As the home country authority, FI chairs six colleges and it participates in another nine colleges.