Norway Insurance Industry – Governance, Risk and Compliance
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The Norway insurance industry report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation, and transit insurance . It specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.
The report also gives insurers access to information on prevailing insurance regulations, recent and upcoming changes in the regulatory framework, taxation, and legal system in the country. Moreover, the report includes the scope of non-admitted insurance in the country.
What are the market dynamics in the Norway insurance industry?
The Financial Supervisory Authority of Norway (FSA) is the government agency of Norway that supervises all financial segments of the country based on laws and regulations issued by the Norwegian Ministry of Finance, the Parliament, and the international accounting standards. The FSA primarily regulates the banking, insurance, securities, debt-collection agencies, real-estate agencies, pensions, and accounting segments. It was established in 1986 through a merger of the bank inspection agency, the Norwegian insurance council, and the broker control agency. The key duties and responsibilities of the FSA include promoting financial stability and managing financial conditions in the country, developing confidence among investors that the financial market will perform as intended, dealing with problems arising in the financial market, and providing concrete solutions for them, regulating and supervising the functioning of other financial institutions, advising the ministry of finance on matters related to the authorization and regulation of financial institutions, and granting them licenses according to their suitability, publishing a risk outlook report after analyzing the economic and market development of financial institutions, the primary responsibility of the FSA is to regulate and promote the overall development of all the financial segments operating in the Norway economy.
What are the different types of licenses issued in the Norway insurance industry?
The different types of insurance licenses issued in the insurance industry are life insurance license, non-life insurance license, composite insurance license, credit insurance license, reinsurance, and intermediaries.
Life insurance license
Under the life insurance license, an insurance company can underwrite and sell only life insurance contracts. The FSA may authorize life insurance companies to underwrite and sell other insurance services.
Non-life insurance license
A company licensed to carry on non-life insurance business must not sell life insurance or credit insurance but can underwrite and sell the following classes of insurance contracts such as property insurance contracts liability insurance contracts, motor vehicle insurance contracts, marine, aviation, and transit insurance contract
Composite insurance license
The FSA does not issue a composite insurance license, which permits an insurer to underwrite and sell both life and non-life insurance contracts. However, the FSA may authorize insurance companies to carry on one or more classes of insurance or a part of the class of insurance.
Credit insurance license
The law stipulates that companies licensed for credit insurance shall underwrite credit insurance only. The FSA shall determine the insurance contracts covered under the credit insurance class.
Reinsurance
The FSA issues separate licenses for carrying on the reinsurance business in Norway. Furthermore, under the Financial Corporations Law 2015, the King of Norway may exempt reinsurance companies from following the provisions of the law.
Intermediaries
In addition to granting licenses for conducting insurance activities in Norway, the FSA also issues licenses to carry out insurance mediation activities. The FSA issues license to insurance mediators according to the provisions specified in the Insurance Mediation Act of 2005. Section 2 of the Act orders companies to seek authorization from the FSA to carry on insurance brokering activities.
Norway insurance industry, by license
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Which key associations oversee the Norway insurance industry?
The key associations that oversee the Norway insurance industry are the International Association of Insurance Supervisors (IAIS), European Insurance and Occupational Pensions Authority (EIOPA), and Nordic Association of Marine Insurers (Sjøassurandørernes Centralforening – Cefor).
International Association of Insurance Supervisors
The IAIS, established in 1994, is a global, membership-driven organization that represents insurance regulators and supervisors of more than 200 jurisdictions in more than 140 countries. In addition to members, the association also includes 135 observers, which represent industry associations, professional associations, insurers, and reinsurers, as well as consultants and international financial institutions.
The primary objectives of IAIS are to contribute to global financial stability and promote the effective and globally consistent supervision of the insurance industry, to develop and maintain fair, safe, and stable insurance markets for the benefit and protection of policyholders.
European Insurance and Occupational Pensions Authority
The EIOPA, part of the European System of Financial Supervision, is an independent advisory body to the European Parliament and the Council of the EU. The main responsibilities of the EIOPA are to support the financial system’s stability, transparency of markets and financial products, protection of policyholders, pension scheme members, and beneficiaries of all European member states.
Nordic Association of Marine Insurers (Sjøassurandørernes Centralforening – Cefor)
Cefor established on August 15, 1911. The members of Cefor engage in Hull and Machinery insurance, Protection and Indemnity insurance, Cargo insurance, Legal defense, War risks insurance, Offshore Energy insurance & Builders’ risks insurance.
Market report scope
Key license types | Life Insurance License, Non-Life Insurance License, Composite Insurance License, Credit Insurance License, Reinsurance, and Intermediaries |
Key associations | International Association of Insurance Supervisors (IAIS), European Insurance and Occupational Pensions Authority (EIOPA), and Nordic Association of Marine Insurers (Sjøassurandørernes Centralforening – Cefor) |
Scope
- The report covers details of the insurance regulatory framework in Norway.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments about the country’s insurance regulatory framework.
- The report analyzes the rules and regulations about the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Norway.
- Track the latest regulatory changes, and expected changes impacting the Norwegian insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices about various types of insurance products.
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Frequently asked questions
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What are the different types of licenses issued by the Norway insurance industry?
The different types of insurance licenses issued by the insurance industry are life insurance license, non-life insurance license, composite insurance license, credit insurance license, reinsurance, and intermediaries.
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Which key associations oversee the Norway insurance industry?
The key associations that oversee the Norway insurance industry are the International Association of Insurance Supervisors (IAIS), European Insurance and Occupational Pensions Authority (EIOPA), and Nordic Association of Marine Insurers (Sjøassurandørernes Centralforening – Cefor).
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