Law On The National Insurance Scheme Fund

Original Language Title: Lov om Folketrygdfondet

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now

Read the untranslated law here: https://lovdata.no/dokument/NL/lov/2007-06-29-44

Law on the national insurance scheme Fund Date LAW-2007-06-29-44 Ministry the Ministry of finance Recently changed LAW-2014-04-11-12 from 01.07.2014 published in 2007 booklet 6 entry into force 01.01.2008 Change Announced short title 29.06.2007 national insurance scheme Fund Act. Purpose folketrygdfondet shall in their own name manage against the value of capital deposit the Government Pension Fund-Norway on a mission from the Ministry, jf. law 21. December 2005 about the State's pension fund section 2. National insurance scheme Fund shall also perform other tasks that manages the Ministry attribute folketrygdfondet.

§ 2. Own national insurance scheme Fund is owned by the State alone.

§ 3. -Party position folketrygdfondet is a separate legal entity.

§ 4. National insurance scheme Fund should have articles of Association, articles of association as determined by the Ministry.

§ 5. Registration in the business enterprises are recorded in the national insurance scheme fund business enterprises.

section 6. Relationship to other legislation, confidentiality etc. Administrative law does not apply to national insurance scheme Fund. Administrative law provisions on conflict of interest does for national insurance scheme Fund's elected officials, employees, and others who perform services or work for the national insurance scheme Fund.
Anyone who performs service or work for the national insurance scheme Fund, have a duty to prevent others from access or knowledge of the person concerned in connection with the service or the work gets to know about the national insurance scheme Fund's or someone else's business matters or about someone's personal circumstances. Confidentiality does not apply to the Ministry. Corresponding confidentiality arising out of the first sentence, applies to anyone who carries out a service or work for the Ministry. Administrative law section 13 other and third paragraph and § § 13 a-13 e applies.
National insurance scheme Fund is considered as a public body by law 4. December 1992 No. 126 of file section 2 letter g.

section 7. The State's own contributions and responsibility the State should by the creation of the national insurance scheme Fund make an equity deposit. Changes of the deposit and the application of the profit of the deposit may be adopted by the Ministry.
The State national insurance scheme does not Fund's booklet for commitments.

section 8. The Board should have a national insurance scheme Fund Board of directors consisting of seven members, as appointed by the Ministry for four years at a time. Appointments shall apply until the accounts are completed for the fourth year after appointments shall. The Ministry shall appoint two deputies to the Board. Return the appointment of the members and deputy members can happen for a total period of twelve years.
By the treatment of administrative matters is complemented with an additional Board one Board member and one observer who shall be elected by and among the employees.
Board members and deputies can take back before service time is up with reasonable advance notice to the Ministry.
If the Board members or deputy members resigns or dies during the time they are appointed, to be a new Member or Deputy member shall be appointed for the remaining time.
The Ministry appoints the head of the Board of Directors. The Board selects the second leader from among its members.
Board members and alternates should have paid royalties as determined by the Ministry.
The companies Act section 20-6 also applies to national insurance scheme Fund.

§ 9. The Board's management and supervisory responsibility the management of the national insurance scheme Fund belongs under the rule.
The Board shall provide for the proper organization of the business. The Board shall keep abreast of national insurance scheme Fund's business and duties to make sure that the business, including accounting and wealth management, is the subject of reasonable control.
The Board shall oversee the Administration's management of the national insurance scheme Fund and business at large.
The companies Act section 6-17 also applies to the Board of the national insurance scheme Fund.

§ 10. Chief Executive Officer Executive Director of the national insurance scheme Fund is added by the Board. Ceo's remuneration and pension is determined by the Board with the orientation to the Ministry.
Ceo stands for the daily management of the national insurance scheme Fund's business and shall follow the guidelines and an order that the Board has given.
The company's management does not include cases of unusual art or great importance.
The Executive Director shall ensure that the national insurance scheme fund accounting meets the requirements imposed by section 12 of this Act and that asset management is arranged on the reassuring way.
The companies Act section 6-17 also applies to Executive Director of the national insurance scheme Fund.

section 11. Representation outwardly Board represents the national insurance scheme Fund outwardly and draws its company.
The Board can provide the members of the Board or the Executive Director the right to draw national insurance scheme Fund's company. Such power of attorney can be determined in the statutes, which also can limit the Board's authority to grant the right to draw national insurance scheme Fund's company.
Managing Director represents the national insurance scheme Fund outwardly in matters that fall within his or her authority under section 10 of this Act.
Have someone who represents the national insurance scheme Fund outwardly by action on behalf of the national insurance scheme Fund exceeded its authority, the plot is not binding on national insurance scheme Fund if the medkontrahenten realized or should realize that the authority is exceeded and it therefore would run counter to fairness to do right after the current action.

§ 12. Annual report and accounts folketrygdfondet is regnskapspliktig by fiscal law and the posting required for bookkeeping. The Ministry may by regulation complement or derogate from provisions of the accounting act for national insurance scheme Fund.
The annual report and the annual report approved by the Ministry and be notified to Parliament.

section 13. Revision folketrygdfondet shall have the auditor selected by the Ministry. The Ministry may by regulation fix the provisions for revision.
The auditor's remuneration shall be approved by the Ministry.
The Board of Directors shall designate national insurance scheme Fund's internal audit. Each year the Board shall approve the internal review's resources and programs. Internal audit reports to the Board.

section 14. Auditor General control Auditor General leads the management of control the State's interests and can make investigations in the national insurance scheme Fund by law 7. May 2004 No. 21 about the Auditor General and instructions laid down by the Storting.

section 15. Complementary rules the Ministry may by regulation establish further rules for the national insurance scheme Fund.

section 16. Effective date and changes in other laws law takes effect from the time that the King decides. 1 from the time the Act comes into force, the following changes in other laws:--section 17. Transitional provisions the transfer to the independent legal person Insurance Fund of obligations related to the Management Agency Insurance Fund has liberating effect for the State. Claimants and other licensees may not oppose the transfer or make the current that the transfer constitutes a withdrawal because of the legal relationship.
-Other transitional provisions established by the King.