Sweden to reorganise financial watchdog for Solvency II
SWEDEN - Finansinspektionen, the Swedish financial regulator, is to reorganise its monitoring activities in the run-up to the implementation of Solvency II.
The department for insurance and fund supervision will be divided into five sub-divisions to meet the expected increase in supervision demand, according to Pensionsnyheterna.
The budget for the fund and insurance supervisory division will be increased by approximately SEK100m (€11m), or 30%, over the next three years as a result of the new Europe-wide regulatory framework.
The five sub-divisions under the insurance and fund department will be categorised as insurance supervision, headed by Bertil Sjöö, currently deputy head of the insurance and fund department, and insurance and fund risk supervision, headed by Åsa Larsson, currently head of internal models.
Insurance law will continue to be headed by Louise Conradi, while the heads for fund supervision and fund law have yet to be named.
The reorganisation is scheduled for year-end, and the overall head for the department continues to be Malin Björkmo, who said supervision had to be adapted to the new regulatory framework and would require additional resources.