Skandia Liv receives a warning and an administrative fine

2020-04-22 | Sanctions Insurance

Skandia, ömsesidigt (Skandia Liv ) receives a warning and must pay an administrative fine of SEK 35 million.

Summary

Life insurance company Skandia, ömsesidigt (Skandia Liv or the company) has authorisation from Finansinspektionen to conduct insurance business in accordance with the Insurance Business Act (2010:2043).

Finansinspektionen (FI) has investigated whether Skandia Liv, during the period Q4 2016–Q3 2019, complied with the rules for calculating its technical provisions, calculating its solvency capital requirement for lapse risk, and preparing its actuarial basis for calculation. Based on the information presented in this decision, the investigation shows that the company has violated the provisions of the act.

The violations are serious. Finansinspektionen makes the assessment that there are grounds for intervening against the company by issuing a warning and an administrative fine of SEK 35 million.

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