Sweden, Mannheimer Swartling updates

Insurance

Contributed by Mannheimer Swartling
Supreme Court rules on insurers' liability for damages
  • Sweden
  • 03 November 2020

A recent Supreme Court judgment has clarified that the general principle of contract law, prescribing liability for damages in case of a breach of contract, can apply to corporate insurance contracts despite their unique features. Although the Supreme Court's judgment is limited to corporate insurance, it is difficult to see any reason against applying the same principles with respect to insurers' breach of insurance contracts taken out by consumers.

Group insurance in Sweden: general overview and implications of EU legislative acts
  • Sweden
  • 21 July 2020

Group insurance is common on the Swedish market as the simplified risk assessment and low-cost administration enables relatively inexpensive cover for a wide range of situations. Despite its frequency on the market, it is sometimes difficult to apply the legal provisions regulating group insurance in practice. In addition, the enactment and implementation of several EU legislative acts have raised a number of issues that must also be considered.

Supreme Administrative Court rules on classification of insurance-based investment products
  • Sweden
  • 12 May 2020

In early 2019 the Council for Advance Tax Rulings declared that a unit-linked insurance plan where the beneficiary was entitled to 99% of the policy value on the realisation of the insured risk, without receiving any risk compensation from the insurer, did not constitute an insurance product. The case was recently appealed to the Supreme Administrative Court. This article analyses the case and provides an overview of Swedish insurance-based investment products regulation and the previous case law.

Changes to PRIIPs regulatory framework: helping or hindering retail investors to better understand products?
  • Sweden
  • 10 March 2020

In late 2019 the European supervisory authorities released a joint consultation paper on proposed amendments to the EU Commission Delegated Regulation 2017/653 on packaged retail and insurance-based investment products. Insurance Europe and Insurance Sweden both submitted generally negative responses to the consultation paper. This article examines the proposed changes and the potential impact on the Swedish insurance market.

Insurers' outsourcing arrangements – recent guidance from Swedish regulator
  • Sweden
  • 26 November 2019

Almost four years after the implementation of the EU Solvency II Directive in Sweden, insurers are still devoting significant resources to identifying, understanding and putting into practice the complex regulatory legislation governing outsourcing arrangements. This article outlines some of the Swedish Financial Supervisory Authority's recent clarifications and comments on outsourcing and the main requirements surrounding insurers' outsourcing arrangements.


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