Transparency in the Insurance Contract Law of Sweden

Abstract

The issue of transparency is a fascinating and huge topic that deserves further in-depth research. Transparency is relevant in many different perspectives, and this chapter will only encompass some of them. First, transparency is an essential element of the relationship between the insurer and the intermediaries on one hand and their customers on the other hand. Transparency is relevant in both ways: the customer needs information about the insurance, the insurer and the intermediary, and the insurer and the intermediary need information from the customer in order to provide the right product and to be able to calculate the risk. Further, transparency is an essential element of the relationships between the insurance undertakings and intermediaries on one hand and the supervisory authorities on the other hand. Even in this respect, transparency works two ways. The supervisory authority needs access to full information from insurers and intermediaries in order to provide authorisation and to conduct supervision. The issue of transparency in this sense includes, among other things, data management, reporting systems, supervisory routines, etc. The insurers and intermediaries, on the other hand, need information and guidance about the regulatory framework of conducting business. The market needs stability and predictable supervision. This chapter encompasses only transparency issues in the relationship between the insurance/intermediary and the customer. Further, focus in this chapter is only the insurers’ and intermediaries’ duties to provide information to the customers. The customers’ duties of disclosure to the insurer are not included in this chapter.