Insurance supervision authority
The Insurance Supervision Authority is an institution under the Ministry of Labour, which supervises insurance companies and pension funds that have been granted permission to operate insurance activities according to the Faroese Insurance Business Act. The authority also has other supervisory responsibilities, including external supervision of the Faroese Real Estate Credit Institution (Realurin).
The Insurance Supervision Authority is not an appeal body for insurance policyholders, who may appeal according to the provisions in their insurance terms. However, the authority itself can take cases concerning good practice for review.
The Insurance Supervision Authority is organized with an administration that handles day-to-day operations and an Insurance Council. The Authority presents to the Council all cases of public interest, cases where there is specific doubt, and cases that have broad implications for the relevant insurance company or pension fund, or which the Insurance Supervision Authority otherwise deems appropriate to present to the Council.
The Insurance Supervision Authority enforces the decisions of the Insurance Council and informs the Council about how the daily operations are managed, including the processing of inquiries sent to the Insurance Supervision Authority. The LIFE Association is under the supervision of the Insurance Supervision Authority.