Key Benefits:
Law of insurance. |
| Date | LO-2005--06-10-41 |
| Ministry of | Treasury |
| Last modified | LAW-2015 -06-19-65 from 01.10.2015 |
| Published | In 2005 booklet 7 |
| Istrontrecation | 01.01.2006 |
| Changing | LO-1956-12-07-1 , LAW-1988--06-10-39 |
| Announcement | 10.06.2005 |
| Card title | Insurance Law |
Jf. EES deal Attachment IX # 13 b (dir 2002/92).
This law applies to the direct assurance of direct insurance and reinsurance.
The law does not apply :
| 1. | business that is being inexhaused by an insurance company or by an employee of an insurance company that deals with insurance company liability. |
| 2. | business that consists in providing information on certain occasions as clause of other occupational business, if the purpose of this business is not to assist the customer with the incomes or review of an insurance agreement. |
| 3. | business that only conves general information about insurance products or creates contact to insurance companies, if the purpose of this business is not to assist the customer with the inflow or review of an insurance agreement. |
| 4. | -verversive business that is taking care of the administration of an insurance company claims, or taxation and plaintient assessment of injuries. |
The law also does not apply to the application of insurance agreements if the following conditions are met :
| 1. | The insurance agreement requires only knowledge of the insurance coverage offered, |
| 2. | The insurance deal is not a life insurance deal, |
| 3. | The insurance agreement does not include liability insurance, |
| 4. | Insurance is not the consumer's occupational capital business, |
| 5. | The insurance constitutes a supplement to commodity or service provided by the provider, and covers : |
| a) | the risk of function failure, loss of or damage to the commodity, or |
| b) | damage to or loss of baggage and other risks in connection with a trip commissioned by the broker, although insurance includes life-or liability insurance, assuming the life or liability insurance is subordinate to the risk of risks associated with the journey, |
| 6. | The annual prize amount did not exceed an amount that responds to 500 euros, and the insurance agreement's total validity time, herders any extensions, not exceeding five years. |
For insurance providers registered in any other state in the EPS applies Section 8-2 first, second, third and fourth joints.
The SEC will determine in doubt if a business operates insurance companies.
| 0 | Modified by law 19 June 2009 # 48 (ikr. 21 des 2009 ifg res. 18 des 2009 # 1603). |
In this law, means :
| 1. | insurer : ervervated business that consists in putting forward, suggesting or conduct other preparations in connection with the incomes of insurance agreements, or to make such agreements, or to assist at the management and the review of such deals, especially in connection with a claim case. |
| 2. | insurance mediation : insurance management business that consists in providing customer advice from an analysis of such a large number of those on the market preible insurance solutions as possible, or business that consists in introducing the customer to insurance solutions from one or more insurance companies, without the express agreement with the insurance companies about this. |
| 3. | reinsurance mediation : insurance management business that consists in providing insurance company advice in connection with reinsurance agreements out from an analysis of such a large number of those on the market preible insurance solutions as possible, or business that consists in introducing insurers for insurance solutions from one or more reinsurance companies, without the express agreement with the reinsurance companies about this. |
| 4. | insurance agency business : insurance service business that consists in providing insurance products for and on behalf of one or more insurance companies. |
Insurance broking business cannot be driven without permission from the SEC.
The application of permission shall contain the information of importance for the assessment of whether permission shall be given, herunder at least :
| 1. | documentation for the enterprise meets the requirements in Section 2-2, |
| 2. | a description of which insurance classes / risks insurance brokerage will mediate here in the realm. |
The business can be initiated when the terms of the permit are met and the insurance mediation enterprise has received confirmation from the SEC.
The SEC is to register the enterprise and the one or those in the management responsible for the insurance mediation business.
| 0 | Modified by law 19 June 2009 # 48 (ikr. 21 des 2009 ifg res. 18 des 2009 # 1603). |
Permission to drive insurance broking business can be given to enterprises that meet the following terms :
| 1. | The company's must be organized as a stock company, general company, responsible company, commuters company or single-person enterprises. |
| 2. | The company must not be under bankruptcy treatment or debt negotiation. |
| 3. | The company must meet the requirements of insurance in Chapter 4. |
| 4. | The one or those in the management responsible for the insurance mediation business must meet the requirements in Section 3-1 and 3-3. |
Daily leader and any other person who actually leads the insurance mediation business should have general knowledge of insurance mediation.
The SEC can give closer rules about what requirements for general knowledge daily and any other person who actually leads the insurance mediation business must fulfill.
| 0 | Modified by law 19 June 2009 # 48 (ikr. 21 des 2009 ifg res. 18 des 2009 # 1603). |
Insurance brokers shall at all times have the knowledge and skills necessary in relation to the insurance mediation enterprise.
An insurance broker shall be deemed to have the necessary knowledge and skills when the person :
| 1. | is authorized insurance broker in co-hold provisions of the authority of insurance brokers from the Industry Organization or Education institution approved by the SEC, |
| 2. | has a satisfactory education and at least three years of practice from insurance that is relevant to insurance mediation enterprises business, or |
| 3. | has relevant practices from five consecutive years in an insurance broker enterprise or in an insurance company. |
The work practices in accordance with other clauses must not be terminated more than five years prior to the application for permission is protested.
The SEC can give closer rules about what requirements for knowledge and skills insurance brokers must meet.
| 0 | Modified by law 19 June 2009 # 48 (ikr. 21 des 2009 ifg res. 18 des 2009 # 1603). |
Daily leader and any other person who actually leads the insurance broker business and insurance broker shall have honorable vandel and not be under bankruptcy treatment, the bankruptcy, or debt negotiation.
Permission shall in all cases be denied if people who are reauthored by the first clause :
| 1. | has been convicted of a criminal offence and the displayed relationship provides reason for assuming that the person will not be able to uphold the position or enlisted in the defensible manner, or |
| 2. | of the position or by the exercise of other positions has expelled such behavior that there is reason to assume that the person will not be able to uphold the position or enlisted in the defensible manner. |
The people who are reauthored by the first clause shall be in the application of permission-put ordinary police reference after police registry law Section 40 and confirmation from the Brondneusundregisters for the fact that they are not under bankruptcy treatment, the bankruptcy artants or debt negotiation. Such documentation should also be presented for people who after the application of the application will be thus referred to as mentioned in the first clause.
| 0 | Modified by law 22 June 2012 # 35 (ikr. 1 July 2014 ifg res. 22 June 2012 No. 1 566 and res. 13 des 2013 # 1449). |
The insurance mediation enterprise should be before business initiated, and as long as the mediation business is engaged, ensuring assurances in compliance with the provisions of this chapter.
The insurance must be drawn in a company that has main seat in has been granted permission to drive insurance business in and is subject to government style vision in an EES state.
Valid insurance evidence is to be submitted the SEC every year.
| 0 | Modified by law 19 June 2009 # 48 (ikr. 21 des 2009 ifg res. 18 des 2009 # 1603). |
The insurance broker's responsibility to employers or others who are outleading their right from employers due to occupational negligence, should at any time be covered by a liability insurance.
If the insurance broker enterprise handles client funds, they will in addition to insurance as mentioned in the first clause have an assurance that covers embezzlement of client funds committed by employees or others who perform work, missions or peer-to-trust. The insurance broker enterprise.
Part Article SECTION 4-3. The continuation of requirementsThe insurance company that the insurance broker enterprise has when the tax-on-person claims compensation is responsible for the skit of the tax.
A replacement claim is considered for the future of the earliest of the following times :
| 1. | the time insurance broker venture or dettes insurance company first received notice of the loss with claims of compensation, or |
| 2. | The time insurance broker venture or dettes insurance company first received written message from the injured regarding circumstances that may be expected to result in a replacement claim being erected against secured. This also applies to message from secured to the insurance company. |
The minimum requirements of the amounts of insurance coverage as indicated in Section 4-2 first and other clauses are placed in regulation determined by the ministry. It can in the writing be determined different minimum amounts for small and large insurance mediation enterprises.
Skadelige may require coverage directly from the insurance company without first aimed at claims against the insurance broker enterprise.
The insurance company cannot make current other objections to the skundalist than the objections insurance brokerage itself has in the relationship with the skundended.
The termination of the insured or the abduction of the insured otherwise is not effective in relation to the skundalist before a month after the SEC received a message of the abduction. Stilles new insurance before the expiration of this period, the abduction of insurance becomes effective from the point of time new insurance is lined.
Responsibility insurance shall cover claims that will be set against secured for a period of five years after termination of the business.
Law of 16. June 1989 No. 69 about insurance agreements Section 7-5 shall apply when not otherwise follows by the law here. Insurance law law Section 7-7 jf Section 7-6 applies as far as it fits.
| 0 | Modified by law 19 June 2009 # 48 (ikr. 21 des 2009 ifg res. 18 des 2009 # 1603). |
Client funds shall immediately be placed on client account in bank separate from the insurance broker's own funds. The Meglingventure shall illuminate the bank that the funds on the account belong to clients.
An insurance brokerage enterprise is supposed to run the business according to good brokerage. The insurance mediation enterprise must not perform in a way that is suitable for creating doubt about its position as an independent interclause. The insurance mediation enterprise shall provide the documentation that is necessary for an insurance agreement to come capable.
The Insurance brokerage venture shall exhibit due diligence on the choice of insurance donor and depriver the employer to use insurance donors whose ability to fulfill the duties under insurance can be drawn in doubt or is unknown.
The insurance mediation enterprise cannot through agreements with insurance companies or otherwise correct so that it can affect insurance brokerage's independence as a broker.
An insurance mediation enterprise shall impose on the commission and other allowance to be paid for the insurance service, is agreed with the employer before missions are carried out. The agreement shall be confirmed in writing if the employer demands it, or the insurance providers include services related to the insurance relationship after the insurance agreement has been reached.
An insurance mediation enterprise has not been allowed to receive commission or other allowance for the insurance provider from the insurance donor who has overtaken the insurance agreement a messaging mission applies.
The provisions of the first and other clause do not apply to insurance coverage of reinsurance. Further, the first and other clause is not applicable to insurance companies from insurance companies that have not been established here in the realm, provided that the insurance mediation enterprise relayed to the employer. The provisions of the first and other clause also do not apply to insurance coverage of insurance related to
| a) | aircraft, |
| b) | ships that are registrar liquidating in Norwegian ordinating shipregister, Norwegian international shipregister or in foreign shipregister, |
| c) | drilling platforms and similar movable devices, |
| d) | fixed devices for use in the context of mining and exploitation of undersea petroleum instances or outskiping, storage or pipeline transport of outwon oil and gas, |
| e) | devices for use in connection with oil and gas business at facilities on land, |
| f) | building ships or devices as mentioned in letter b to e, |
| g) | business, equipment, accessories mv. in association of devices as mentioned in letter c to f, |
| h) | clean international detention sports. |
The king can in regulation or in the shonest case make exceptions from the provisions of the first and other clause.
| 0 | Added by law 14 March 2008 No. 6 (ikr. 1 July 2008 ifg res. 14 March 2008 No. 250). |
Insurance can only mediate to insurance companies with the main seat of the EPS state and to Norwegian branch of foreign insurance companies with consession after insurance business law 1 SECTION 12-1. Lawful claims insurance can only mediate to insurance companies that meet the requirements that apply after the candid regulation of such assurances.
Damage insurance in nutrition can still mediate to pest insurance companies with the main seat in state outside the EPS if insurance does not apply :
| 1. | legipliable occupational health insurance |
| 2. | legipliable liability insurance for motor vehicles |
| 3. | lawable liability insurance that applies to replacement liability for damage caused by nuclear damage or by drugs. |
Damage insurance in nutritional business means :
| 1 : |
| a) | sea and transport insurance |
| b) | Aviation insurance |
| c) | insurance related to investigations after, exploitation, storage or pipeline transport of undersea natural instances |
| d) | credit or bail when insurance holder practices trading or industrial business or a free trade, and the deal applies to business |
| 2 : |
| a) | insurance drawn by enterprises with employees equivalent to at least 10 years |
| b) | insurance drew by enterprise with a year sentence of at least 50 million. crowns. |
| 1 | Law 10 June 1988 # 39 The law has been repealifted, see now law 10 apr 2015 number 17. |
In connection with the introduction of an insurance agreement and upon change or renewal of the agreement, an insurance broker shall at least provide the customer information as stipulating in regulation of the ministry.
All information to customers according to Section 5-4 shall be given :
| 1. | on paper or a different durable medium that is accessible and accessible to the customer |
| 2. | in a clear and accurate way that is understandable to the customer |
| 3. | in an official language in the Member State where the commitment consists, jf. law 27. November 1992 # 111 of the Law Selection in Insurance Section 2 # 1 and Section 9, or in any other language that the parties agree on. |
Information as mentioned in Section 5-4 can be given oral when the customer asks for it, or when immediate coverage is needed. In that case, it shall immediately after the invention of the insurance agreement confirmed in accordance with the first clause.
Part Article SECTION 5-6. Enlightenment opposite to Norwegian Naturapest poolThe Insurance Realtor is due to execution of the brokerage of the brokerage of the brokerage of fire damage insurance on things here in the realm that meggles to insurance companies that are not a member of the Norwegian Natural Damage Pool.
The Insurance Development Company shall annual enlighten the SEC on the distribution of the various insurance companies of the insurance insurance mediation, or the branch has brokered in the last fiscal year here in the realm. The SEC is determining further regulations on the message's content and the deadline for when the message should be submitted the SEC.
Insurance broker duties at the request of the SEC at any time to provide the details of the business that the SEC needs to conduct supervision in compliance with the provisions of the Act here.
| 0 | Modified by law 19 June 2009 # 48 (ikr. 21 des 2009 ifg res. 18 des 2009 # 1603). |
For the exercise of reinsurance broking business, the rules in chapter 2, 3, 4, 8, 10 and Section 5-1 to 5-3 and Section 5-7 Equivalent Applicability.
The SEC can determine the sHonest rules or exceptions from the first clause under consideration of the delicate conditions that apply to reinsurance brokers.
| 0 | Modified by law 19 June 2009 # 48 (ikr. 21 des 2009 ifg res. 18 des 2009 # 1603). |
When an insurance company deals with an insurance agency about the application of the company's products, insurers will register insurance agency, daily manager and possibly other person who actually leads The insurance agent business in a publicly available register. The insurance agent is acting fully and completely on the insurance company's responsibility for those products that are being conveyed.
Upon registration of the insurance agency, the insurance agency is granted the insurance agency to convey insurance company products.
The insurance agency cannot give full power on to an underagent without the claims that are lined with Section 7-2, 7-3 and 7-6 jf. SECTION 7-11 1 is met for the underagent business.
The Ministry can determine further rules about the transfer of registers.
| 1 | This paragrafen does not exist. Ifg, the ministry is supposed to be understood as a referral to Section 7-9. |
Prior to an insurance company, deals with an insurance agency will insurance the agency's insurance business across the company's insurer, that :
| 1. | daily manager and any other person who actually leads the insurance agent business has general knowledge of the business |
| 2. | insurance agents meet the requirements in Section 7-3 |
| 3. | the people who are reauthored by the No. 1 and 2 have honorable vanes and are not under bankruptcy treatment, the bankruptcy, or debt negotiation. |
Registration shall in all cases be denied if people who are reauthored by number 1 and 2 :
| 1. | has been convicted of a criminal offence where the presented relationship provides reason for assuming that the person will not be able to uphold the position or enlisted in the defensible manner, or |
| 2. | by the exercise of work, mission or trust office has expelled such behavior that there is reason to assume that the person will not be able to uphold the position or enlisted in the defensible manner. |
People who are reauthored by first clause 1 and 2 shall before enrolletable ordinary police reference after police registry law Section 40 and confirmation from the Brondneusundregisters for the fact that the person is not under bankruptcy treatment, the bankruptcy, or debt negotiation. Such documentation should also be presented for people who after the application of the application will be thus referred to as mentioned in the first clause.
The insurance company duties at the request of the SEC at any time to provide information that shows how the requirements in the first clause are met. The SEC can give closer rules about what requirements for general knowledge that management must fulfill.
| 0 | Modified by laws 19 June 2009 # 48 (ikr. 21 des 2009 ifg res. 18 des 2009 # 1603), 22 June 2012 # 35 (ikr. 1 July 2014 ifg res. 22 June 2012 No. 1 566 and res. 13 des 2013 # 1449). |
Insurance agents shall at all times have the knowledge and skills necessary in relation to the business being driven.
An agent shall be deemed to have the necessary knowledge and skills when the person :
| 1. | is authorized insurance advisor in the co-provision of the provisions of the authority of insurance advisors from the Industry Organization or Education institution approved by the SEC, |
| 2. | has a satisfactory education and at least one year of practice from insurance that is relevant to the agency's business, or |
| 3. | has relevant practices from three consecutive years in an insurance agency or in an insurance company. |
The work practices in accordance with other clauses must not be terminated more than five years prior to registration of the insurance agency.
The SEC can determine further rules on which knowledge and skills insurance agents are to possess, herding about the issue of insurance products that require small competence.
| 0 | Modified by law 19 June 2009 # 48 (ikr. 21 des 2009 ifg res. 18 des 2009 # 1603). |
Registration shall be denied if the requirements in Section 7-2 and 7-3 are not met.
Part Article SECTION 7-5. InsuranceThe agent business must draw insurance by the rules of the law chapter 4, unless insurers in the agreement with the agent have claimed to cover this replacement liability.
Skadelided may require coverage directly from the insurance company without first aimed at claims against the insurance agency.
Insurance agent business that calls for prizes or amounts from the customer shall have client account. Client funds shall immediately be placed on client account in bank separate from insurance agency's own funds. The insurance agency is to illuminate the bank that the funds on the account belong to clients.
The provisions of Section 5-3 to 5-5 apply to the equivalent of insurance agency business.
Insurance agent business duties at the request of the SEC at any time to account for the routines that insurance agency plans to come true of the requirements mentioned in this chapter.
| 0 | Modified by law 19 June 2009 # 48 (ikr. 21 des 2009 ifg res. 18 des 2009 # 1603). |
The SEC can determine special rules or exceptions from the rules of this chapter under consideration of the delicate conditions applicable to agents exercising insurance companies as well as their occupational capital business.
| 0 | Modified by law 19 June 2009 # 48 (ikr. 21 des 2009 ifg res. 18 des 2009 # 1603). |
Insurance agent business that has deal with a or more foreign insurance company is to be registered by the rules of this chapter. This is still not applicable if the agency business has agreement with an insurance company that has the front seat of an EPS state and is registered in the insurance company's homeland after the rules of registration that are determined there. For the agency businesses registered in the SEC, the provisions of this chapter apply accordingly.
| 0 | Modified by law 19 June 2009 # 48 (ikr. 21 des 2009 ifg res. 18 des 2009 # 1603). |
The one who wants to exercise insurance companies in a different state, herding through foreign subsidiary, shall provide the SEC's message about this. The SEC is going to give closer rules about what the message should contain.
The message of exercising insurance service business in another EES state shall at least contain the details of :
| 1. | what state the branch of the branch is being established in and the branch address, or |
| 2. | in which state border overwhelming business is being desired. |
Sen. One month after the reception of message mentioned in the previous clause, the SEC will inform the regulatory authority in the host state of the insurance provider's intention when the person authority wishes such subdirection. Insurance provider shall simultaneously be underfixed on the transfer of the Senate. The insurance provider can start its business one month after the date that they were informed by the SEC. Insurance provider can start their business immediately if the host state does not want to be informed of the insurance providers ' intention.
Insurance providers have the duty to give message to the SEC about changes in those conditions that are el-depliable.
The SEC can ban the provision of assurances to insurance companies with the main seat in state outside of EPS with terms or prizes that the SEC finds to be unreassuring or unreasonable. Corresponding applies to the issue of the assurance of insurance companies with the main seat of other state in the EPS if the SEC finds that terms and prizes are unreasonable.
| 0 | Modified by law 19 June 2009 # 48 (ikr. 21 des 2009 ifg res. 18 des 2009 # 1603). |
Insurance brokers registered in another EDS state can start business here in the realm through a branch or as border-overing business one month after the SEC received message from the regulatory authority in the company's homeland about it planned business. The provisions of the law Section 5-2, 5-2 a, 5-3, 5-4, 5-6 and 5-7 different joints apply to such insurance brokerage business. The Ministry of Foreign Ministry can provide further regulations on the applicability of mentioned legislating on foreign enterprises and can make exceptions from the regulations if an insurance broker is subject to the corresponding provisions in accordance with the country's legislation.
Insurance agency companies registered in other EDS state can begin their business here in the realm when it has issued a message to the person's authority in the homeland.
Foreign insurance insurance companies with the main seat outside the EPS can after special permission from the SEC establish branch here in the realm. The provisions of the law here apply as far as they fit. The SEC can determine filler rules for establishment of branch here in the realm of insurance providers which are communicated permission or registered in a state outside of EPS.
The SEC may, after profiled the case for the authority in the state insurance provider is registered, impose insurance providers to cease with business here in the realm, if insurance providers have made guilty of gross or sustained violation of its duties after this law or other laws and regulations applicable here in the realm.
The SEC may demand that the message of car lag should be translated into the Norwegian of approved trans-man.
The provisions of the Enlightenment of the Financial Rights Act shall apply to foreign enterprises that run business here in the realm in accordance with the provisions of the Act here.
| 0 | Modified by laws 14 March 2008 No. 6 (ikr. 1 July 2008 ifg res. 14 March 2008 No. 250), 19 June 2009 # 48 (ikr. 21 des 2009 ifg res. 18 des 2009 # 1603). |
In case the dispute arises between employers and insurance providers, each of the parties may demand to be treated this by the competent organ as stipulator in regulation of the ministry. In regulation, the ministry can determine further provisions of the funding of the organ, herding regulations that the expenses associated with the organ's business shall be equalized on the insurance service enterprises or covered by the parties. As long as the dispute is for treatment in the organ, none of the parties can bring the dispute in for the courts. A case that is realibility processed by the organ can be brought directly in for the courts.
| 0 | Modified by law 30 June 2006 # 38 (ikr. 1 July 2006 ifg res. 30 June 2006 # 773). |
The SEC shall conduct supervision of insurance companies in accordance with the rules of the law here and the Financial Law of Finance.
| 0 | Modified by law 19 June 2009 # 48 (ikr. 21 des 2009 ifg res. 18 des 2009 # 1603). |
The SEC may call back permission as insurance mediation companies if the requirements in or in the co-hold of the law here are no longer met.
The SEC can provide insurance companies to delete registration of agent business if the requirements in or in the co-hold of the law here are no longer met.
| 0 | Modified by law 19 June 2009 # 48 (ikr. 21 des 2009 ifg res. 18 des 2009 # 1603). |
The SEC can revoke the insurance broker's permit if an insurance broker or insurance broker venture was aggravated or repeatedly violated its duties by law or regulations.
The SEC can provide insurance companies to delete registration of agency business if an insurance agent or insurance agency has been aggravated or repeatedly violated its duties by law or regulations.
Attaches for this provision may apply for a time limited period.
| 0 | Modified by law 19 June 2009 # 48 (ikr. 21 des 2009 ifg res. 18 des 2009 # 1603). |
Forged or negligent violation of this Law Section 2-1, 4-1, 5-1, 5-6, 5-7 other clause, 7-1, 7-6, 8-1 first clause and 8-2 third clause with related regulations, punishable by fines or imprisonment until one year. Similarly, the violation is punishable by Section 7-7, jf. Section 5-3 and 5-4.
Grove or repeated violations of good brokerage custom, jf. Section 5-2, is punishable in the same way.
| 0 | Modified by law 19 June 2015 # 65 (ikr. 1 oct 2015). |
The law takes effect from the time the King decides. 1 The king can put in effect the individual regulations at different times.
| 1 | From 1 jan 2006 ifg. res. 9 des 2005 # 1414. |
Insurance mediation companies that brokered insurance before 1. September 2000, and was listed in the Financial Visibility Register, reintroduced automatically in new register in the SEC.
The Ministry can determine other transition rules.
| 0 | Modified by law 19 June 2009 # 48 (ikr. 21 des 2009 ifg res. 18 des 2009 # 1603). |
From the time the law takes effect, the following changes are made in other laws :---
Part Article
