FI has classified Nordea Liv Försäkringsgrupp, an insurance group based in Sweden, as a systemically important internationally active insurance group (IAIG). For its supervision, this means that there are special international standards and guidelines that the International Association of Insurance Supervisors (IAIS) supports.
The process for product approval is central from a consumer protection perspective. It aims to ensure that insurance undertakings focus on consumer interests when they develop and maintain insurance products. In an in-depth analysis that Finansinspektionen has conducted, we have seen a number of good examples of how undertakings work with and apply this process.
The risks given the highest priority in FI’s consumer protection work for 2023 are unaffordable lending, unsuitable investment products and investment fraud.
Digitalisation introduces both opportunities and risks to the financial market. After conducting a new survey, FI has noted that broader regulation on how customer data can be shared with third-party providers could make it easier for consumers to compare financial products such as occupational pensions and mortgages.
Since the publication of the stability report last autumn, inflation has slowed somewhat in the large economies but is still significantly higher than the central banks’ inflation targets. Monetary policy has therefore been tightened further, and interest rates continued to rise. High inflation and rising interest rates mean that the forecasts for global economic development continue to be weak.
In force from 2023-01-01