Regulations on the localization of assets to cover insurance reserves


Date FOR 1999-08-02-878


Affairs Ministry


Published Dept. In 1999 2039


Commencement 02/08/1999

Edited
FOR 2006-08-11-967

Changes


For
Norway

Legal

LOV-1988-06-10-39-§1-1, LOV-1988-06-10-39-section 3-5, LOV-1988-06-10-39-§7-4 cf. LAW -2005-06-10-44-§17-2, LOV-1988-06-10-40-§2-10, TO-1997-04-23-377-§11, TO-1993-02-19- 117-Article 9 cf. LOV-2015-04-10-17-§23-2

Promulgated


Short Title
Regulations on the location of assets

Adopted by FSAN (now FSA) on 2 August 1999 pursuant to Regulation of 23 April 1997 no. 377 on insurance companies' asset § 11 and Regulation of 19 February 1993 no. 117 on Insurance Act apply to pension funds § 9 subsection.
EEA information: EEA Agreement Annex IX. 7a (Directive 92/49 / EEC) and no. 11 (Directive 2002/83 / EC as amended by Directive 2004/66 / EC).
Changes: Amended by regulation 11 August 2006 No.. 967 (EEA henv.).

§ 1. Scope These regulations apply to insurance companies that are authorized to operate direct insurance in this country under § 2.1 or § 12-1 of the Law of 10 June 1988 no. 39 on Insurance Activity. The regulation also applies to pension funds.

§ 2. Definitions insurance provisions means the provisions referred to in § 3 of the regulations of 23 April 1997 no. 377 on insurance companies' asset management.
By decision of the insurance risk is situated, the provisions of the Law of 27 November 1992 no. 111 concerning governing law in insurance.

§ 3. Further rules on the localization of assets to cover insurance provisions Assets to cover insurance reserves should be located (be present) in the state within the European Economic Area. This rule does not apply to insurance provisions that refer to insurance risks consisting (located) outside the European Economic Area.

§ 4. Commencement These regulations enter into force immediately.
Insurance Company and the pension fund's assets must be brought into conformity with these regulations by the end of 1999.