Finland’s Financial Supervisory Authority (FIN-FSA) has imposed an administrative fine of EUR 80,000 on Fennia Life Insurance Ltd for providing incorrect information on its Solvency Capital Requirement and solvency ratio for more than eight years. The reporting failures stemmed from errors in calculating the capital requirements for life-expense risk and mass lapse risk. The incorrect information appeared in annual reports for 2016–2023 and quarterly reports covering the first quarter of 2016 through the third quarter of 2024, submitted between May 26, 2016, and Nov. 4, 2024. The fine reflects a comprehensive assessment of the nature, extent and duration of the failures. The decision is not yet legally binding, and the company may appeal to the Helsinki Administrative Court within 30 days of receiving notice of the decision.
Finland’s Financial Supervisory Authority fines Fennia Life Insurance EUR 80,000 for incorrect solvency reporting over more than eight years
Finland’s Financial Supervisory Authority has fined Fennia Life Insurance Ltd EUR 80,000 for reporting incorrect Solvency Capital Requirement and solvency ratio information over more than eight years. Errors in calculating capital requirements for life-expense risk and mass lapse risk affected annual and quarterly reporting. The decision is not yet legally binding and is subject to appeal.