Regulations on Norwegian insurance companies and pension funds services and the establishment of a branch in another state within the European Economic Area


Date FOR 1995-10-11-854


Affairs Ministry


Published Dept. In 1995 1350


Commencement 11/10/1995

Edited
FOR-2011-12-07-1205

Changes


For
Norway

Legal

LOV-1956-12-07-1-§4, LOV-1988-06-10-40-§1-3, LOV-1988-06-10-40-§2a-1, LAW-2005- 06/10/44-§7-3, LOV-2005-06-10-44-section 8-2, LOV-2005-06-10-44-§15-8 cf. LOV-2015-04-10-17 -§23-2

Promulgated


Short Title
Regulations on insurance and pension

Adopted of Finance and Customs Department on 11 October 1995 by virtue of the Law of 7 December 1956 no. 1 on the supervision of financial institutions, etc. (Financial Supervision Act) § 4 no. 4, Act of 10 June 1988 no. 39 on insurance § 13-8 third paragraph and the Act of 10 June 1988. 40 on financing activity and financial institutions § 1-3 second paragraph and § 2a-1 other joint.
Added basis: Law of 10 June 2005 no. 44 on insurance companies, pension companies and their activities etc.. (Insurance Act) § 7-3 fourth paragraph, § 8-2, third paragraph, and § 15-8 third paragraph.
EEA references: Ref. EEA Agreement Annex IX. 2 (Directive 73/239 / EEC), no. 7 (Directive 88/357 / EEC), no. 7a (Directive 92/49 / EEC), no. 11 (Directive 2002/83 / EC as amended by Directive 2004/66 / EC) and no. 30cb (Directive 2003/41 / EC).
Changes: Amended by regulations September 9, 1996 No.. 894, February 4, 1998 No.. 115, June 30, 2006 no. 863, 11 August 2006 No.. 967, June 30, 2006 no. 863, 7 Dec 2011 no. 1205 | ||
§ 1. Scope The regulation applies the admission insurance and pension companies authorized and subject to supervision by the Norwegian authorities, and which has its headquarters in Norway, has to:

1.
Establish a branch in another state within the European Economic Area and carrying on business through branch

2.
Offer or insurance or pension in the state in the European Economic Area.

The regulation applies to activities allowed by law on 10 June 2005 no. 44 on insurance companies, pension companies and their activities etc.. and only direct insurance.
By koassuransevirksomhet covering risks defined in Article 5 paragraph d) in the first non-life insurance Directive (73/239 / EEC), and satisfying the requirements of Articles 1 and 2 in koassuransedirektivet (78/473 / EEC), § 4 only company that participates in a koassuranseavtale as claims leader.

§ 2. Definitions In this Regulation:
Filial: An established place of business in another state within the European Economic Area.
The definitions otherwise provided for in Council Directive. 88/357 / EEC and Council Directive. 90/619 / EEC and Council Directive. 92/49 / EEC and Council Directive. 92/96 / EEC also applies to the application of these Regulations.

§ 3. Establishment of branch An insurance company can not without the permission given by the Financial Supervisory Authority establish a branch in another state within the European Economic Area.
The application for authorization shall include information on:

1.
State in which the branch is desired established

2.
A business plan, which seeks to specify the types of risks it plans to cover through the branch and information about branch's organizational structure

3.
Branch address

4.
Name on the branch's general agent.

Damage Insurance which will cover compulsory motor insurance (class 10, not including carrier liability), must submit a statement showing that the company is a member of the national motor vehicle liability insurance association and the national guarantee scheme of the host country covering uninsured victims.
FSA shall grant permission unless there is reason to doubt that the insurance company's administrative structure, financial situation or the suitability of the branch management is responsible as a basis for the planned establishment. If the conditions are met, the permit given within three months after the application is received.
FSA shall in such cases by the same deadline to send the information from the insurance company to the host state regulators. FSA shall simultaneously transmit to that authority

-
A confirmation stating that the company's overall operations meet minimum solvency margin (a solvenssertifikat)

-
Well as a confirmation that the planned activities are covered by the insurance company's consent.

The insurance company shall be notified of such communication.
FSA shall notify the company about any rejection within 3 months from its receipt. The refusal may be appealed to the Ministry of Finance in accordance with the Public Administration Act.

The insurance company is obliged to notify the FSA and host state supervisory authority of any change in the circumstances that are notifiable under the provisions of the first paragraph, no later than one month before the change is made.

§ 4. Cross-border services for insurance, an insurance company wishing to pursue cross-border operations in another state within the European Economic Area, shall notify Finanstilsynet about this. This also applies if the activity desired driven from a branch in another Member State.
Notification must include information about:

1.
State in which business is requested to start

2.
Information on the insurance classes, groups of classes and any additional risks the company plans to cover in that State.

FSA shall submit to the supervisory authorities of the host state

-
Information from the company with a confirmation stating that the company's overall operations meet minimum solvency margin (a solvenssertifikat)

-
Confirmation that the planned activities are covered by the insurance company's consent.

Information shall be notified within one month after receipt of the insurance company's message. The insurance company shall be notified of such communication.

§ 4a. Cross-border services for pension funds A pension companies wishing to pursue cross-border operations in another state within the European Economic Area, shall notify Finanstilsynet about this.
Notification must include information about:

1.
In which state business requested to start (the host country (s))

2.
The pension rose the company name

3.
The main characteristics of the pension scheme to be managed for the benefit rose to the firm. FSA may issue further regulations on specifying characteristics.

The provisions of § 3, fourth through eighth paragraphs apply similarly with the exception of the fifth paragraph, second sentence.
Host State's competent authorities shall after receiving the information referred to in subsection notify FSA of any host country labor and social law provisions, requirements with regard to information, and asset rules. FSA shall forward this information to the pension entity. Pension firm may start the management of the pension scheme after receiving this information from the FSA or no later than two months after the host country received the information referred to in the first paragraph.

§ 5. Language FSA may require that the information to be provided to the Financial Supervisory Authority pursuant to these Regulations shall be translated into the host state language by a certified translator.

§ 6. Exemption rules provisions on information in the Insurance Act § 9-23 and § 10-16 does not apply to the management of foreign enterprises' pension plan.

§ 7. Reporting in life insurance Life Insurance Company will provide FSA separate disclosure of the company's premium income for the activities conducted under the rules on freedom of establishment and activities pursued by the rules on cross-border activities.
The information shall be provided in accordance with the following provisions:

1.
Information must be provided separately for activities covered by § 3 and § 4

2.
Company shall disclose the premium amount, payments and commissions without deducting reinsurance for each state operates in and for each insurance class.

A pension entity shall FSA specific information about premiums and deposits for those effected by the rules on cross-border activities.
FSA determines when and how the information referred to in subsection should be reported. FSA shall, in agreement or on request forward the information collected to the supervisory authority of the States the company operates life insurance business in.

§ 8. Reporting of insurance Damage Insurance will provide Kreditillsynet separate disclosure of premium income for the activities conducted under the rules on freedom of establishment and activities pursued by the rules on cross-border activities.
The information shall be provided in accordance with the following provisions:

1.
Information must be provided separately for activities covered by § 3 and § 4

2.
Company shall disclose the size of prizes, premiums and commissions, without deduction of reinsurance for each state operates in and for each insurance class (each class group).


FSA determines when and how the information referred to in subsections should be reported. FSA shall, in agreement or on request forward the information collected to the supervisory authority of the States pursues insurance business in.

§ 9. Entry into force These regulations enter into force immediately.