Wed, 12 Nov, 2014 12:08:27 AM FTimes - STT Report, Nov. 12  File picture of LähiTapiola insurance company office. Photo – Lehtikuva. The Financial Supervisory Authority (FIN-FSA) has criticised the internal contractual structure of the pension insurance company Elo.
In a letter, FIN-FSA, which is charged with supervising the country’s financial and insurance sectors, has requested Elo to revise its internal contractual structure.
Elo is the third largest pension insurance company in the country.
Pension Fennia and LocalTapiola Mutual Pension were merged in January 2014 to form Elo Mutual Pension Insurance Company.
According to FIN-FSA, LähiTapiola board should have undertaken a revaluation of the company’s contractual structures soon after the signing of the merger framework agreement.
The company’s internal audit issued a report on the issue, but, according to FIN-FSA, the board and the executive director failed to react on the observation raised.
According to FIN-FSA, the actions of the executive director and the board were not careful and reliable as the board of the pension insurance company would have expected.
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