Act No. 81 of 1998 to provide for ecological damage insurance.

Compensation shall be paid under this Act for environmental damage as referred to in the Act on Compensation for Environmental Damage (737/1994), caused in Finland by operations in Finland, and for costs arising from the prevention of such damage and from restoring environment so damaged, providing that it has not been possible to collect such compensation in full from the party liable to compensate for the damage under the Act on Compensation for Environmental Damage and no compensation can be collected under the liable party's liability insurance, if any, or it has not been possible to identify the liable party. No compensation shall be paid under this Act for any environmental damage compensable under the Act on the Oil Pollution Compensation Fund (379/1974). Any private corporation whose operations involve a material risk of environmental damage or whose operations cause harm to the environment in general shall be covered by insurance against loss compensable under this Act. An Environmental Insurance Centre has been set up in order to handle matters common to insurers referred to in this Act. The Council of State shall appoint an Environmental Insurance Board.