Regulations on transfer of insurance portfolio drawn by the rules on the right of establishment or exchange of services
Date FOR 1996-05-22-506
Affairs Ministry
Published Dept. In 1996 583
Commencement 05/22/1996
Edited
FOR-2009-12-18-1726 from 21/12/2009
Changes
For
Norway
Legal
LOV-1988-06-10-39-§3-8 cf. LOV-2005-06-10-44-§17-2 cf. LOV-2015-04-10-17-§23-2 || |
Promulgated
Short Title
Regulations on sales of insurance portfolio
Chapter Overview:
Chapter 1. General provisions (§§ 1-1 - 1-3)
Chapter 2. Conditions for transfer of Norwegian companies (§§ 2-1 - 2-2)
Chapter 3. Terms transfer of branch of insurance company with headquarters outside the European economic area (§§ 3-1 - 3-3)
Chapter 4. relationship to policyholders (§§ 4-1 - 4-4)
Chapter 5. Commencement (§ 5-1)
Adopted of Finance and Customs Department on 22 May 1996 pursuant to Act 10 June 1988 no. 39 on Insurance § 3-8.
EEA information: EEA Agreement Annex IX. 2 (Directive 73/239 / EEC), no. 7 (Directive 88/357 / EEC), no. 7a (Directive 92/49 / EEC), no. 7b (Directive 2005/68 / EC), and no. 11 (Directive 2002/83 / EC as amended by Directive 2004/66 / EC).
Changes: Amended by regulations 11 August 2006 No.. 967 (EEA henv.), June 27, 2008 no. 768, 18 Dec 2009 No.. 1726.
Chapter 1. General Provisions
§ 1-1. Scope This regulation applies transfer of insurance portfolio that is designed according to the rules on the right of establishment or under the rules for the exchange of services under the Agreement on the European Economic Area, cf. Regulation 22 September 1995 no. 827 on insurance services and to establish branches of insurance with headquarters in another state within the European economic area.
Regulations § 2-1 does transfer of insurance portfolio from reinsurance company with headquarters in the realm of insurance company with its head office in the European Economic Area.
§ 1-2. Relationship to the Insurance Contracts Act regulations cause no limitations with respect to the following provisions of the Act of 16 June 1989 no. 69 on insurance.
§ 1-3. Definitions In this Regulation:
The State in which the risk is situated in insurance:
A)
the state where the property is located, if the insurance is either real estate or real estate with furniture, to the extent that home contents are covered by the same insurance policy,
B)
the State in which registration is made, when the insurance applies transport of any kind,
C)
the state where the policyholder took out the insurance, when it comes to insurance contracts with a duration of four months or less covering risks associated with travel and vacations, regardless of insurance class, or
D)
the State in which the policyholder has his habitual residence or, if the policyholder is a legal person, the State in which the activities covered by the agreement is, in all cases not expressly mentioned in a) to c) .
The state in which the obligation consists in life:
The State in which the policyholder has his habitual residence or, if the policyholder is a legal person, the State in which the activities covered by the agreement is located.
Filial:
An established place of business in this country.
Established place of business:
A)
company's headquarters (the statutes related home)
B)
branch (general agencies)
C)
an office headed by the company's own staff, or
D)
an independent person who has a permanent authority to act in the foreign company's behalf, like a branch of the company.
EEA:
the European Economic Area.
Chapter 2. Conditions for transfer of Norwegian companies
§ 2-1. Insurance company headquartered in Norway Insurance company headquartered in Norway may, with the permission of the Financial Supervisory Authority, assign all or part of the insurance portfolio which is drawn by the rules on the right of establishment or the rules on the exchange of services, to an insurance company established in another State of the EEA.
Before permission can be granted, obtains FSA supervisory authority in the Member State of the acquiring insurance, confirmation that the acquiring insurance company has the necessary solvency margin after taking into account the transfer.
§ 2-2. Relations with other authorities before permission for transfer of insurance portfolio from a Norwegian insurance company branch in another state in the EEA may be, shall FSA obtain the opinion of the supervisory authority in the branch.
FSA shall obtain consent to the transfer of supervisory authority of the person or states where risk or liability exists.
If statement or consent of the supervisory authority is not received within three months of the request that this is reached, this is regarded as consent.
Chapter 3. Conditions of transfer of branch of insurance company with headquarters outside the European Economic Area
§ 3-1. Assignment of a foreign company with a branch established in Norway to a company with its head office within the EEA Insurers headquartered outside the EEA and authorized to carry on insurance business in Norway under the Insurance Act § 12-1 may, with the permission of the Financial Supervisory Authority, assign all or part of the insurance portfolio to a insurance company with headquarters in the realm or an insurance company with headquarters in another state in the EEA. Prior authorization may be granted obtains FSA, the supervisory authority in the home Member State of the acquiring insurance, confirmation that the acquiring insurance company has the necessary solvency margin after taking into account the transfer.
§ 3-2. Assignment of a foreign company with a branch established in Norway to companies headquartered outside the EEA Insurers headquartered outside the EEA and authorized to carry on insurance business in Norway under the Insurance Act § 12-1 may, with the permission of the Financial Supervisory Authority, assign all or part of the insurance portfolio to a agency or branch of an insurance company headquartered outside the EU, when the agency or branch located in Norway or in another state within the EEA.
Prior authorization may be granted obtains FSA, the supervisory authority in the state where the acquiring agency or branch is situated (if outside Norway), confirmation that the acquirer has the necessary solvency margin after taking into account the transfer. If the acquirer has agencies or branches in other states within the EEA, can such confirmation also sought from the supervisory authority of such State under Art. 26 in the Council Directive. 73/239 / EEC (first general insurance Directive) or art. 30 in Council Directive. 79/267 / EEC (first life assurance Directive).
FSA shall obtain confirmation from the authorities in the state where the acquiring agency or branch is situated (if outside Norway) that transfer is possible under the law of this state, and that this state agrees transfer.
§ 3-3. Relation to other authorities If the risk or commitment consists in another EEA state other than Norway, Finanstilsynet shall consent to the transfer of supervisory authority of the person or states where risk or liability exists.
If consent of the supervisory authority referred to in the first paragraph is not received within three months of the request that this is reached, this is regarded as consent.
Chapter 4. Relationship to policyholders
§ 4-1. Duty Insurance company or branch to assign all or part of the insurance portfolio shall, where the risk or commitment consists in Norway, informing the policyholders as part of the transaction no later than four weeks before the transfer is carried out.
Policyholders should be informed about the portfolio's size, the right to cancel the insurance contract, including the period of notice referred to in § 4-4, any expected changes in the level of premiums or insurance benefits, as well as other information of relevance for the assessment of the insurance contract.
§ 4-2. Announcing Permission for transfer shall, when risk or liability consists in Norway, published twice in the Norwegian Gazette and in a newspaper that is widely read where the risk or liability exists. First announcement should be made at least four weeks before the transfer shall be implemented.
Publication may be omitted if the insurance company can prove that all policyholders have received information mentioned in § 4-1.
§ 4-3. Legal effect of publication Once the transfer is promulgated as prescribed, can transfer be invoked against policyholders, the insured and any other person having rights and obligations under the transferred contracts, unless the policyholder has terminated the agreement in accordance with § 4-4.
§ 4-4. Insurance tErMInAtIon Unless extended deadline specified in law, regulation, agreement or agreed later, the policyholder may terminate the agreement within four weeks after notification of transfer under § 4-1 is received or published for the first time after § 4-2. The deadline is calculated from the latest of these dates.
If disclosure requirements are not met or are being met later than four weeks prior to the transfer to take place have the policyholder's right of termination intact for four weeks after he knew or should have known of the transfer and of their right to terminate the agreement as mentioned in the first joint.
After receiving notice, apply in general insurance a clearing period of four weeks. For life comes to the settlement deadlines stipulated in the Regulations on 27 November 1991 no. 757 on the right to transfer accumulated funds related to collective or individual life or pension insurance.
Chapter 5. Commencement
§ 5-1. Implementation These regulations come into force immediately.
