Summary in English about SFM (Swedish Insurance Broker´s Association)
SFM is the trade organization for insurance intermediaries in Sweden with approximately 1900 members.
The main purpose with SFM is to act as a common platform for the insurance intermediaries in different areas that affects the industry, such as guidance in different questions and/or acting as a discussion partner, and/or assistance in implementation of relevant regulations. SFM also offers digital education available on the website. SFM are preparing responses to the Ministry of Finance and to the Swedish Financial Supervisory Authority (SFSA) in the preparational work for coming laws and regulations. The organization also works with lobbying activities to important stakeholders to influence the development within the industry. SFM is an active member of BIPAR https://www.bipar.eu/en/home which is the European Federation of Insurance Intermediaries.
To become a member in SFM, an application first needs to be processed, and after a comprehensive investigation of the applicant, the candidate can become a member depending on the outcome of the process.
SFM have regular meetings with members and Insurance companies on a continuous basis in order to produce guidance regarding for example product oversight and governance, fifteen (15) hours of ongoing professional educational development etc. Furthermore SFM produce monthly newsletters and perform updates at the website with the result of the practical guidelines for the regulatory reporting within AML, implementation of new EU-directives and regulations etc.)
The Board of SFM has representatives from insurance intermediary companies from both life and non-life insurance products and services.
SFM have several companies within the Group. There are two 100% owned subsidiaries where one of them, SFM Service AB, is responsible for supervising and handle the members’ liability insurances, the second subsidiary, InsureSec AB, works with the market conduct for insurance intermediaries. InsureSec AB works independently from SFM for example with the licensing activity of the insurance intermediaries, InsureEd SFM AB, is another subsidiary and is owned 60 % by SFM and 40 % by members. InsureEd SFM AB is handling the education and training which is required due to regulatory obligations for insurance intermediaries. Two other subsidiaries are partly owned by SFM and by Insurance Sweden; the companies are Fullmaktskollen AB which handles the digitalization of power of attorneys, and S4I Standard for Insurance AB, which works with standardization issues within different areas covering life and non-life insurance products and services.
Don’t hesitate to contact the Office at SFM if you have any questions.