Maiden Life receives warning and administrative fine

2021-06-23 | Sanctions Insurance

Finansinspektionen is issuing Maiden Life Försäkrings AB a warning. The company must also pay an administrative fine of SEK 5.5 million.

Maiden Life Försäkrings AB (below referred to as Maiden Life or the
company) has authorisation from Finansinspektionen to conduct insurance
business in accordance with the Insurance Business Act (2010:2043).

Finansinspektionen's investigation shows that Maiden Life has not followed
the rule that an insurance undertaking must have its head office in Sweden. The
company has also not fulfilled requirements regarding outsourced operations,
independence in key functions, conflicts of interest and sound and prudent
management.

The deficiencies have been of such a nature that Finansinspektionen assesses
there to be grounds on which to intervene against Maiden Life. Several of the
matters refer to severe violations that have been ongoing for a long period of
time. There is therefore cause for Finansinspektionen to consider withdrawing
the company's authorisation. However, Maiden Life has taken measures to
rectify all of the deficiencies and has made changes to the company's Board of
Directors and senior management. Finansinspektionen currently has no cause
to assume anything other than that the violations observed during the
investigation will not be repeated. It is therefore sufficient to issue the
company a warning and an administrative fine of SEK 5.5 million.

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