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Governance, Risk and Compliance - The Norwegian Insurance Industry

  • ID: 3772800
  • Report
  • Region: Norway
  • 67 pages
  • GlobalData
1h Free Analyst Time

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Governance, Risk and Compliance - The Norwegian Insurance Industry

Summary

The Financial Supervisory Authority (Finanstilsynet - FSA) of Norway under the Ministry of Finance supervises and regulates the Norwegian insurance industry. The FSA regulates the insurance industry according to rules and regulations specified in the Financial Corporations Law 2015, the Insurance Act 2005 and the Insurance Contracts Act 1989. These Acts apply to insurance and reinsurance companies, except the Insurance Contracts Act.

There is no separate legislation for reinsurance operations. The FSA was established to govern and supervise various segments of the financial sector, such as banking, insurance, debt securities and accounting. The main responsibility of the FSA is to protect the rights and interests of policyholders and generate confidence in the financial market. It is also responsible for the general administration of legislations governing the finance industry. The FSA also plays an advisory role to the Ministry of Finance.

Key Findings:
  • The FSA is government regulatory body responsible for supervising and regulating the Norwegian insurance and reinsurance industry
  • Composite insurance license is not issued by the FSA
  • 100% FDI is permitted in the Norwegian insurance industry
  • Insurance policies issued in the country are exempt from premium taxes
  • The placement of non-admitted insurance is not permitted in the country. However, insurance companies from EEA Member States are permitted to underwrite non-admitted insurance contracts
The report “Governance, Risk and Compliance - The Norwegian Insurance Industry” is the result of extensive research into the insurance regulatory framework in Norway. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

The report “Governance, Risk and Compliance - The Norwegian Insurance Industry” provides -
  • An overview of the insurance regulatory framework in Norway
  • The latest key changes, and changes expected in the country’s insurance regulatory framework
  • Key regulations and market practices related to different types of insurance product in the country
  • Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Norway
  • Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations
  • Details of the tax and legal systems in the country
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 pertaining to the country’s insurance regulatory framework.
  • The report analyzes the rules and regulations pertaining to 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
  • 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 pertaining to various types of insurance product.
Note: Product cover images may vary from those shown
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1 Introduction
1.1 What is this Report About?
1.2 Definitions

2 Governance, Risk And Compliance
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulation
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Workmen’s compensation insurance
2.4.2 Motor third-party liability insurance
2.4.3 Air carriers and aircraft liability insurance
2.4.4 Natural disaster insurance for property cover
2.4.5 Professional indemnity insurance for alternative investment fund managers
2.4.6 Professional indemnity insurance for insurance brokers
2.4.7 Third-party liability insurance for remotely piloted aerial vehicles
2.4.8 Third-party liability insurance for nuclear facilities
2.4.9 Clinical trials liability insurance
2.4.10 Liability for ships with respect to oil pollution
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 European Insurance and Occupational Pensions Authority
2.5.3 The Financial Supervisory Authority of Norway
2.5.4 The Nordic Association of Marine Insurers
2.6 Non-Admitted Insurance Regulation
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and Penalties
2.7 Company Registration and Operations
2.7.1 Type of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margin
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution (ADR)

3 Appendix
3.1 Methodology
3.2 Contact Us
3.3 About the Author
3.4 Services
3.5 Disclaimer

List of Tables
Table 1: Insurance Industry Definitions
Table 2: Norway - Insurance Regulatory Framework Key Features
Table 3: Norway - Life Insurance Regulatory Framework
Table 4: Norway - Property Insurance Regulatory Framework
Table 5: Norway - Motor Insurance Regulatory Framework
Table 6: Norway - Liability Insurance Regulatory Framework
Table 7: Norway - Minimum Cover for Aircraft Third-Party Liability per Accident per Aircraft
Table 8: Norway - Corporate Tax Rates for the Financial Year 2019

List of Figures
Figure 1: Norway - Insurance Supervision and Control at Various Levels
Figure 2: Norway - Insurance Regulatory Frameworks for Company Registration and Operation
Note: Product cover images may vary from those shown
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