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The Regulation On Exceptions To General Insurance Companies Less Reciprocal

Original Language Title: Forskrift om unntak for mindre gjensidige skadeforsikringsselskaper

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The regulation on exceptions for smaller general insurance companies mutual Date-1993-12-01-1074 Ministry Ministry of finance Published Avd in 1993 1231 entry into force 01.01.1994 (the EEA Agreement) last modified-2009-12-18-1726 from 21.12.2009 Change FOR-1989-09-08-957 applies to Norway Pursuant LAW-1988-06-10-39-section 13-4 jf. LAW-2005-06-10-44-section 17-2, FOR the 1989-08-25-825 cf. law-2015-04-10-17-section 23-2 Announced short title regulations on less non-life insurance companies: the legal authority established by the finance and customs Ministry 1. December 1993 with the legal authority of the law 10. June 1988 No. 39 on the insurance business section 13-4 cf. URkgl.res. august 25, 1989, Nr. 825. the EEA Joint referrals: Rdir 73/239/EEC of 24. July 1973 on the coordination of laws and regulations on access to start and exercise business in the field of direct insurance except life insurance, article 3.
Changes: modified by regulation 4 nov 1998 No. 1057, 18 Dec 2009 Nr. 1726. § 1. General exception for smaller mutual non-life insurance companies Mutual non-life insurance companies where the number of man-years in the company is less than 10, exempted from the following provisions of the Act: a) § 5-1 the first paragraph, about employee representation on the Board, b) § 5-5 first paragraph third period, about the requirements for one of the members of the control, however, a member of the Committee shall be approved by the financial audit, c) § 6-2 the first paragraph , that the auditor should be authorized. If it instead be selected registered auditor shall be approved by the authority this Financial.

§ 2. Exceptions for livestock insurance companies Reciprocal livestock insurance companies covered by the insurance section 13-2, be exempted from the Act's section 2-1 when the following conditions are met: a) the Statute contains provisions on access to levy additional contributions (include) or to reduce benefits by the replacement payment, b) business does not include liability insurance, unless it is a additional coverage pursuant to section 6 of the regulations 1. June 1990 No. 431 about the section in the insurance classes and the main groups of insurance classes (industries) as the basis for the concession allocation, as well as credit and bail insurance, c) the annual premium amount paid in connection with the insurance business does not exceed one million euros.

d) at least half of the premium amount paid in connection with the insurance business comes from people who are participants in the mutual company.

§ 3. Entry into force this Regulation shall enter into force at the same time that the agreement on the European economic area comes into effect. From the same time repealed regulation of 8. September 1989 Nr. 934 on exceptions for smaller mutual insurance companies.