A firm that wants to conduct insurance business must first receive authorisation from FI in accordance with the Insurance Business Act (SFS 2010:2043). Authorisation can be granted to an insurance company, mutual insurance company or an insurance association.
A Swedish insurance undertaking can also conduct insurance business in other EEA countries. The insurance undertaking must notify FI before the cross-border operations begin.
In addition to the insurance undertakings mentioned above, there are also mutual benefit societies that were formed under earlier legislation. Mutual benefit societies offer mutual assistance for their members, e.g. a professional group, without conducting commercial insurance business. Normal remuneration in mutual benefit societies consists of pensions, illness benefits and funeral assistance. According to current legislation, mutual benefit societies will be wound down in the long term.
An insurance undertaking should have one or several actuaries who are responsible for the technical calculations. The conditions for serving as a responsible actuary at an insurance undertaking are specified in FI's regulations. The regulations contain, for example, requirements on mathematical/statistical education and relevant practical experience.
FI's insurance regulations are found under the heading Rules. Acts and ordinances in their entirety are available in their entirety in Swedish in the Swedish Parliament's database. Some are available in English. Refer to the links below.