Sweden: Insurance Laws and Products

A new law on a system for screening foreign direct investments (the "FDI Act") entered into force in Sweden on 1 December 2023.

The issue of nuclear liability and nuclear liability waiver clauses will likely gain increased importance in Sweden, as the construction of new nuclear power plants successively has become a strong political objective.

On 28 June 2023, the European Commission presented a proposal aimed at creating a framework for open financial services.

The Swedish Financial Market has expanded rapidly during the last decade. Companies have broadened the scope of their business, and many new companies have entered the market. One important change is the bank-insurance concept, i.e. banking and insurance operations are offered by the same financial group. This position has been adopted by all the leading actors on the Swedish market and we have a new structure for the financial services industry today.

The Swedish Supreme Administrative Court delivered on 4 May 2004 a judgement in the case of Försäkringsaktiebolag Skandia and Ola Ramstedt v. Riksskatteverket (the National Tax Board).

The Swedish insurance industry has a long history and the Swedish insurance market has previously distinguished itself as a closed market dominated by small number of domestic companies. However, during the past decade Sweden has gradually opened the insurance market to both domestic and foreign competition