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Governance, Risk and Compliance - The Norwegian Insurance Industry

Published: Jun 30, 2016 | Pages: 50 | Publisher: Timetric | Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
Timetric's Governance, Risk and Compliance- The Norwegian Insurance Industry report 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 Timetric's 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.

Summary
The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Norway, including: 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.

Key Highlights
The Financial Supervisory Authority (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
 Table of Contents
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 Regulations 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 Natural disaster insurance for property cover 2.4.4 Aircraft liability insurance 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 2.5 Supervision and Control 2.5.1 International Association of Insurers Supervisors 2.5.2 European Insurance and Occupational Pensions Authority (EIOPA) 2.5.3 The Financial Supervisory Authority of Norway (FSA) 2.5.4 The Nordic Association of Marine Insurers (Sjoassurandorernes Centralforening- Cefor) 2.6 Non-Admitted Insurance Regulations 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 Types 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 margins 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 Timetric 3.3 About Timetric 3.4 Timetric's 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: Italy- Minimum Cover for Aircraft Third-Party Liability Per Accident Per Aircraft Table 8: Norway- Corporate Tax Rates for the Financial Year 2016


List of Figures
Figure 1: Norway- The Three Pillars of Solvency II Figure 2: Norway- Insurance Supervision and Control at Various Levels Figure 3: Norway- Insurance Regulatory Frameworks for Company Registration and Operation

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