Finanssivalvonta

Authorised representative’s supervision of Elo Mutual Pension Insurance Company to end

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In its decision of December 2020, the Financial Supervisory Authority (FIN-FSA) appointed an authorised representative to supervise Elo Mutual Pension Insurance Company until further notice. The FIN-FSA is now of the opinion that Elo has taken extensive and significant measures to develop its corporate governance, and the authorised representative’s supervision will be brought to an end on 30 June 2022.

On 31 May 2022, the FIN-FSA decided that the authorised representative’s supervision of Elo Mutual Pension Insurance Company will end on 30 June 2022. The supervision has been based on the FIN-FSA’s decision of 11 December 2020 to appoint an authorised representative. Under this decision, Pekka Jaatinen, Attorney-at-Law, was appointed to supervise the company’s activities from 14 December 2020 until further notice. In accordance with section 29 of the Act on the Financial Supervisory Authority (878/2008), the FIN-FSA may appoint an authorised representative to supervise the activities of an authorised supervised entity if, for example, there is evidence of incompetence or carelessness in the management of the entity’s affairs.

Elo Mutual Pension Insurance Company has taken extensive and significant measures to develop its corporate governance. The FIN-FSA considers that the management of the company’s affairs has now improved and that the authorised representative’s supervision can be brought to an end.

The decision is not legally binding, as the company has the right to appeal against it to the Administrative Court within 30 days of service of the decision.

Further information

Kaisa Forsström, Head of Department, Insurance Supervision. Requests for interviews are coordinated by FIN-FSA Communications, tel. +358 9 183 5030 (Mon–Fri 9:00–16:00).

See also

FIN-FSA decision of 31 May 2022 (pdf, in Finnish)

FIN-FSA press release of 11 December 2020: FIN-FSA appoints authorised representative to supervise the activities of Elo Mutual Pension Insurance Company

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Finanssivalvonta, or the Financial Supervisory Authority (FIN-FSA), is the authority for supervision of Finland’s financial and insurance sectors. The entities supervised by the authority include banks, insurance and pension companies as well as other companies operating in the insurance sector, investment firms, fund management companies and the Helsinki Stock Exchange. We foster financial stability and confidence in the financial markets and enhance protection for customers, investors and the insured.

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