Guidelines for good insurance practice have been updated

The guidelines for good insurance practice and general principles of insurance business have been updated and published in a more concise format. The new publication combines three guidelines that were published separately before. The contents of the guidelines have also been updated.

The new guidelines combine the principles of claims handling (published in 1998), the principles of risk selection (2002), and the good practice guidelines for insurance investigation (2014).

“Some parts of the guidelines had not aged all that gracefully. For example, one subsection outlined that the insurance policies for men and women could be priced differently”, says Amanda Aalto, legal adviser at FFI.

The guidelines offer an overview of how insurers can meet the requirements of insurance law and good insurance practice when granting consumers voluntary insurance policies, terminating them and settling compensation claims. They also seek to promote the use of mutually agreed and ethically sustainable principles and practices in insurance investigation. The guidelines serve as recommended practices.

Read the Good insurance practice and general principles of insurance business guidelines in full