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Regulations Relating To Disclosure Of Agreements On Life Insurance

Original Language Title: Forskrift om opplysningsplikt for avtaler om livsforsikring

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Regulations relating to disclosure of agreements on life insurance


Date FOR 1995-05-05-581


Affairs Ministry


Published Dept. In 1995 808


Effective 05/05/1995, 01/10/1995

Edited

FOR-2009-12-18-1726 from 21/12/2009

Changes


For
Norway

Legal
LOV-1989-06-16-69-§11-4

Promulgated


Short Title
Regulations relating to disclosure - life insurance

Adopted by FSAN (now FSA) on 5 May 1995 by virtue of the Act of 16 June 1989 no. 69 on Insurance Contracts § 11-4.
EEA information: EEA Annex IX 12 a (Council Directive. 92/96 / EEC Article 31).
Changes: Amended by regulations 14 November 2007 No.. 1252, 18 Dec 2009 No.. 1726.

§ 1. Scope These regulations apply disclosure for insurance companies when the company enters into agreements for life insurance for a commitment which exists in the realm, see. § 2 of the Law 27 November 1992 no. 111 concerning governing law in insurance.
The provisions of § 8 also apply for insurance certificate as mentioned in the Insurance Contracts Act §§ 11-2 and 19-4.

§ 2. Main rule The insurer is obliged to provide the policyholder with the information required under the Insurance Contracts Act § 11-1, second, third and fourth paragraphs, § 11.3 and § 19.3, as well as the information mentioned in §§ 3, 4 and 5 of these Regulations.

§ 3. Information about the insurance contract company shall provide the policyholder following information about the contents of the insurance contract:

1.
A description of the performance agreement, the conditions that must be met before benefits will be paid, as well as to what extent and in what way the size or the rules for determining the size of the benefits or return etc. is contracted.

2.
What rights policyholder has to change content of the agreement during the insurance period, including when and how the policyholder can use right.

3.
Conditions for payment of premiums. The information must specifically set annual premium amount, how long the premium to be paid, number of payments, how any agreed indexation of the premium or performance affects the prize and performance size and directions about the consequences of that premium payment is defaulted.

4.
Information on the prize size of the individual benefits, both main benefits and supplementary benefits.

5.
Information on assumptions about costs and interest income which is assumed in the calculation used for that insurance, when the agreement contains a savings part.

6.
Information on the size of the total contract fee that is linked to the conclusion of the insurance contract. The amount shall be entered both as the total notional amount and the discounted amount, cf. Regulation 21 November 1989 no. 1167 on the allocation of costs, losses, income, funds etc. between insurers in group context and medium industries and contracts in an insurance § 3 Third paragraph a) first indent.

7.
Conditions for termination of the agreement, including the terms for termination with the aim of transferring funds to another insurance company or a pension fund.

8.
The conditions for use of the right of denunciation.

9.
Information on the conditions for the calculation and allocation of profit or information that the insurance does not entitle him to a share of company profits.

10.
Information on how the surrender value and paid-up value is calculated, including the extent to which they are guaranteed conditions for payment of the surrender value, as well as a briefing on the level surrender value and paid-up value will have the first few years.

11.
Information on the restrictions that apply to payments to and use of premium funds and pension adjustment fund, and the rules on calculating the return on such funds.

In agreements on group insurance insurance company failing to provide separate information on the prize size for additional benefits, unless the policyholder requests it.

§ 4. Information on the company etc. The insurer shall provide the policyholder following information about the company and the relevant tax rules:

1.
Company name and legal corporate form.

2.
The name of the State in which the head office and any agency or branch agreement signed with, is established.

3.
Head office address and possibly the address of the agency or branch agreement signed with.

4.
General information about tax rules applicable to the type of insurance contract.

§ 5. Specifically on agreements relating to investment funds for life insurance contracts linked to investment funds, the company must provide the policyholder with information about:

1.

The nature of the assets (the relevant investment fund) the insurance contract is based.

2.
The fund units (units) which the insurance contract relates.

3.
When and in what way the policyholder will be kept informed of fund unit the value development.

§ 6. The timing of information to be given information mentioned in §§ 3, 4 and 5 of these Regulations shall be given policyholder recently in connection with the subscription agreement.
During its term obligations the insurance company to inform the policyholder about recent changes in insurance terms and any change in the circumstances specified in § 3 section 1, 2, 3, 4, 7, 9 and 10 and § 4 points 1, 2 and 3, if the insurance contract is changed or the law applicable to the agreement is changed.

§ 7. Enlightenment form information mentioned in §§ 2, 3, 4 and 5 shall be given policyholder in writing in a precise and unambiguous manner.

§ 8. Language information shall be given in Norwegian. The company can still provide information in another language when the policyholder so requests. This also applies to insurance certificate as mentioned in the Insurance Contracts Act §§ 11-2 and 19-4.

§ 9. Dispensation etc. Finanstilsynet when special reasons decide or on application consent to the provisions of this regulation in whole or in part shall not apply to group life.
For insurance company with headquarters in another state within the European Economic Area may FSA in special cases also grant exemptions from the provisions of § 3 no. 5

§ 10. Regulations on accounting and statement Regulations on accounting and bank statement in life insurance in accordance with § 10.7 of the Law of 10 June 1988 no. 39 on insurance applies in addition to these Regulations.

§ 11. Entry into force These regulations enter into force immediately, however, that the requirement of written form in § 7 first shall apply from 1 October 1995.