Mandatum Life Insurance Baltic SE and Swedbank Life Insurance SE partly gave up authorisations

05/01/2016

Based on the new capital regulation that entered into force on 1 January 2016, assurance undertakings Mandatum Life Insurance Baltic SE and Swedbank Life Insurance SE gave up their authorisations in part. The former authorisations allowed the insurers to offer accident insurance and sickness insurance as a separate contract as well as supplementary insurance of a life insurance contract.

The Financial Supervision Authority revoked Mandatum Life Insurance Baltic SE and Swedbank Life Insurance SE insurance activity authorisations, which allowed offering separately accident and sickness insurance as classes of non-life insurance (Insurance Activities Act §12 (1) 1), 2)) upon the request of the undertakings of 1 January 2016. The undertakings have confirmed that they do not have any valid separate contracts by non-life insurance classes.

Mandatum Life Insurance Baltic SE and Swedbank Life Insurance SE hold valid authorisations regarding classes of life insurance that allow offering accident insurance and sickness insurance as supplementary insurance (Insurance Activities Act §13 (1) 5), 6)).

Pursuant to the Insurance Activities Act that entered into force in January 2016, life insurance classes also include accident insurance as supplementary insurance and sickness insurance as supplementary insurance. Regarding these classes, assurance undertakings have the right to offer accident insurance and sickness insurance only together with life insurance.

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