The accounting regulations for insurance companies


Date FOR-2015-12-18-1824


Affairs Ministry


Published In 2015 Booklet 17


Effective 01/01/2016, effective for fiscal years beginning January 1, 2016 and later

Edited


Changes


For
Norway

Legal

LOV-1998-07-17-56-section 8-1, LOV-1998-07-17-56-§10-1

Promulgated
05.01.2016 kl. 15.45

Short Title
Regulations on annual accounts for life insurance

Chapter Overview:

Chapter 1. General provisions (§§ 1-1 - 1-6)
Chapter 2. Annual report and accounts (§§ 2-1 - 2-7)
Chapter 3. Accounting policies etc.. (§§ 3-1 - 3-12)
Chapter 4. Income statement, balance sheet, statement of changes in equity and cash flows (§§ 4-1 - 4-23)
Chapter 5. Disclosure (§§ 5 -1 - 5-59)
Chapter 6. Interim (§§ 6-1 - 6-4)
Chapter 7. Final provisions (§§ 7-1 - 7-2)

Adopted by the Ministry of Finance on 18 December 2015 pursuant to the Act of 17 July 1998 no. 56 on the annual accounts etc (Accounting) § 8-1, third paragraph, and § 10-1 first paragraph.

Chapter 1. General Provisions

§ 1-1. Scope
(1) This regulation applies to life insurance companies, cf. Act of 10 June 2005 no. 44 on Insurance (Insurance Act).

(2) This regulation applies to branches of foreign life insurance companies, with the exception of Chapter 6 on interim financial statements.

(3) For financial conglomerates following provisions apply to the extent applicable:

A)
provisions on consolidated accounts in Accounting

B)
annual accounts regulations for banks, insurance firms and their parent companies,

C)
accounting regulations for insurance companies,

D)
this regulation.

(4) For the group with general insurance following provisions apply to the extent applicable:

A)
provisions on consolidated accounts in Accounting

B)
accounting regulations for insurance companies,

C)
this regulation.

5) Accounting Act on small businesses does not apply.

§ 1-2. Application of international accounting standards in the financial statements The financial statements shall be prepared in accordance with regulations on international accounting standards issued pursuant to the Accounting Act § 3-9 second paragraph, unless otherwise provided by this regulation. Accounting Act § 3-9 third paragraph, fourth paragraph, second sentence, and regulations issued pursuant to the Accounting Act § 3-9 fifth paragraph, does not apply.

§ 1-3. Application of international accounting standards in financial statements
(1) that do not use the freedom for Accounting Act § 3-9, fourth paragraph, first sentence, to prepare consolidated accounts according to international accounting standards, shall prepare consolidated this regulation.

(2) For consolidated prepared according to international accounting standards in accordance with the Accounting Act § 3-9 first paragraph and fourth paragraph, first sentence, applies only to the following provisions of this regulation: § 1.2, § 2.3, § 2- 4, § 5-11, § 5-13, § 5-30, § 5-39 subsections, § 5-44, § 5-45, § 5-53, § 6-1 and § 6 -4.

§ 1-4. Exceptions Accounting Accounting Act § 3-1, third paragraph for exemption from the provisions of the Accounting Act, applies in preparing the financial statements and consolidated financial statements referred to in these Regulations § 1-3, first paragraph, unless otherwise provided by this regulation.

§ 1-5. Definition of large and small companies
(1) As large companies considered:

A)
Companies included in the group where consolidated financial statements are prepared according to international accounting standards in accordance with the Accounting Act § 3-9 and

B)
Companies that have issued securities on a regulated market in an EEA State.

(2) As small companies are considered companies that are not large.

§ 1-6. Branches of foreign insurance companies branches of foreign insurance companies, which are considered major companies under § 1-5, first paragraph, apply the requirements to provide disclosures that apply to small companies.

Chapter 2. Annual report and accounts

§ 2-1. Duty to prepare annual reports and accounts The financial statements and annual report shall be adopted by the Board within three months of the fiscal year.

§ 2-2. True Image If the application of a provision in Chapter 3 to 5 are inconsistent with the obligation to give a true picture of the financial statements, such provision shall be waived to give a true and fair view as defined in the Accounting Act § 3-2a, first paragraph.

§ 2-3. the Annual Report content

(1) If the company's capital does not fulfill the minimum requirements or otherwise not justifiable in relation to the business, the board shall account for this and comment on measures taken or to be taken to ensure the company's operations.

(2) shall be given a description of the financial risks that the company is, and the financial year has been, exposed. The Board shall explain the objectives and strategies established for risk management, and the relationship between these and the company's overall goals and strategies. Include a general description of the company's risk management and its organization.

(3) If additional allocations used to cover interest obligations on insurance contracts, the board shall account for this.

§ 2-4. Restrictions on exemptions from consolidated obligation
(1) Accounting § 3-7 shall only apply if the insurance company's parent company is subject to these regulations or accounting regulations for insurance companies.

(2) If the insurance company's parent company also has subsidiaries that follow other valuation rules under these regulations or have subsidiaries that are subject to the annual accounts regulations for banks, financial institutions and their parent companies, the parent company of the group still prepare consolidated accounts.

(3) Finanstilsynet may in special cases grant exemptions from subsections.

§ 2-5. Horizontal group
(1) Financial groups without parent approved under the provisions of Financial Undertakings Act, Chapter 17, shall prepare consolidated accounts.

(2) Consolidated for horizontal group should include the collaborating companies and their subsidiaries.

(3) The financial statements shall be prepared according to the rules applicable to the Group in the Accounting and these regulations.

§ 2-6. Presentation currency Accounting Act § 3-4 second paragraph does not apply. The financial statements are presented in Norwegian kroner.

§ 2-7. Publication
(1) The Annual Accounts and the Auditor's Report shall, upon determination of the financial statements, without undue delay be published on the company's website. The company must ensure that the annual report and the auditor's report remains publicly available for at least five years. FSA may order the company to create website on the internet. By the way, everyone is entitled to acquaint themselves with the content of the documents in the Register.

(2) The first paragraph does not apply to branches of foreign insurance companies, ref. Accounting Act § 8-1.

Chapter 3. Accounting policies etc..

§ 3-1. Insurance contracts etc.
(1) Insurance reserves shall be recognized and measured in accordance with § 3-2 and § 3-3.

(2) It is still allowed, but not the obligation, to measure embedded derivatives in insurance contracts separate from the host contract in accordance with IFRS 4.7.

(3) IFRS 4.10 letter b does not apply.

(4) It is permitted, but not obliged, to make further provisions for insurance liabilities in accordance with IFRS 4.14 letter b and IFRS 4.15 to 19.

(5) An insurance obligation is derecognised when, and only when, it is extinguished.

(6) Reinsurance Shares shall be recognized as an asset. The reinsurers' share of insurance gross provisions include the amount which the company expects to receive from reinsurance companies under existing reinsurance contracts. If reinsurance agreement is impaired, the reinsurance interest's carrying value is reduced accordingly. A reinsurers' share has fallen in value if and only if the criteria of IFRS 4.20 are fulfilled.

(7) The right under IFRS 4.21 to 29 to change its accounting policy for insurance contracts does not apply.

(8) Insurance contracts acquired in a business combination or portfolio acquisition should be recognized and measured in accordance with § 3-3. The difference between the fair value of the acquired contractual insurance rights and insurance liabilities and the amount under the first sentence, should be recognized as an intangible asset (the permissible solution in accordance with IFRS 4.31, second sentence shall be applied). The subsequent measurement of this asset shall be consistent with the measurement of the related insurance liability.

§ 3-2. The risk equalization fund
(1) The risk equalization fund should be classified as equity and recognized and measured in accordance with the Insurance Act chapter 3 and related regulations.

(2) It shall not be deferred taxes of risk equalization fund.

§ 3-3. Insurance liabilities
(1) Insurance reserves, cf. The provisions of and under the Insurance Act, Chapter 3, with the exception of provisions for risk equalization fund shall be recognized as insurance liability.


(2) insurance liabilities should be measured in accordance with the Insurance Act chapter 3 and related regulations. The calculations must take account of all information available at the time of signing the financial statements and reserves must be sufficient to cover the company's total insurance obligations under insurance contracts, cf. § 3-1 fourth paragraph.

§ 3-4. Individual insurance non life insurance Individual insurance non life insurance, ref. Insurance Act § 1-3 first paragraph, third sentence, should be recognized and measured in accordance with the accounting regulations for insurance companies § 3-5.

§ 3-5. Financial instruments shall be recognized and measured in accordance with IAS 39 with the exception of financial instruments not covered by the standard's scope, cf. IAS 39.2. Changes in value of financial assets measured at fair value, shall, as far as is in accordance with IAS 39, are classified so that changes in value included in profit before other components, ref. § 4-4 record 18.

§ 3-6. Investment property Investment property shall be recognized and measured in accordance with the fair value model in IAS 40.

§ 3-7. Owner-occupied property Owner-occupied property shall be recognized and measured in accordance with the revaluation model in IAS 16.

§ 3-8. Shares in subsidiaries and associates Shares in subsidiary, company accounts are accounted for using the equity method or in accordance with IAS 39. If a subsidiary prepares its financial statements according to other principles than the insurance company, the subsidiary's financial statements are restated in accordance with the principles of insurance companies are prepared for . The same applies to shares in associated companies. This does not preclude stocks in subsidiaries and associates that are only included in the company portfolio, valued at cost in the company accounts.

§ 3-9. Participation in joint ventures Participation in joint ventures should in company accounts are accounted for using the gross method, the equity method or in accordance with IAS 39. If the joint venture prepares its financial statements according to other principles than the insurance company, the accounts must be revised in accordance with the principles of insurance companies are prepared for. This does not preclude participation in joint ventures that are only included in the company portfolio, valued at cost in the company accounts.

§ 3-10. Fair value measurement Assets and liabilities measured at fair value under IFRS, must be measured in accordance with IFRS 13.

§ 3-11. Employee benefits Employee benefits, including pension liabilities should be recognized and measured in accordance with IAS 19.

§ 3-12. Access to derogate measuring and innregningsregler IFRS
(1) IFRS may be waived in accordance with the Regulation on 21 January 2008 no. 57 on simplified application of international accounting standards § 3-1 Nos. 1 to 4 and § 3-2 no. 1 and 9.

(2) Small companies can in areas that are not specifically regulated in this chapter apply Accounting Chapters 4 and 5 instead of IFRS.

Chapter 4. Income statement, balance sheet, statement of changes in equity and cash flows

§ 4-1. Income statement, balance sheet and cash flow statement Accounting Section 6 does not apply.

§ 4-2. Splitting or merging of records
(1) Main items and sub-items shall be divided further when the company's circumstances. It is not possible to add new main items or change the order of the main items.

(2) Under items within the same main item to be merged if the merger leads to a more transparent financial statements, except as required by the third, fourth and fifth paragraphs.

(3) Under items in the income statement under the following main items can not be merged: Premium income (item 1), damages (item 5), recognized changes in insurance liabilities (Item 6 and 7) and other comprehensive income (item 19).

(4) Under balance sheet items relating to insurance liabilities, reinsurance assets and equity, can not be merged.

(5) Receivables and liabilities of subsidiaries, associates and joint ventures, to be shown separately as sub-items of the individual balance sheet item.

§ 4-3. Cash flow statement The cash flow statement gives an overview of receipts and payments and explain liquidity changes.

I. Installation Plan

§ 4-4. Installation Plan income statement The income statement should have the following layout plan:

TECHNICAL ACCOUNT

1.
Premiums


1.1 Premiums written, gross


1.2 - Reinsurance premiums ceded

1.3

Transfer of premium reserves from other insurance companies / pension

Total premiums, net of reinsurance

2.
Net income from investments in the common portfolio


2.1 Income from investments in subsidiaries, associates and joint ventures


2.2 Interest income and dividends, etc.. on financial assets


2.3 Net operating income from property


2.4 Value adjustments on investments


2.5 Realized gains and losses on investments

Total net income from investments in the common portfolio

3.
Net income from investments in the portfolio


3.1 Income from investments in subsidiaries, associates and joint ventures


3.2 Interest income and dividends, etc.. on financial assets


3.3 Net operating income from property


3.4 Value adjustments on investments


3.5 Realized gains and losses on investments

Total net income from investments in the portfolio

4.
Other insurance related income

5.

Replacements

5.1 Claims paid


5.1.1 Gross


5.1.2 - Reinsurers' share of claims paid


5.2 Change in claims reserves


5.2.1 Gross


5.2.2 - Changes in reinsurers' share of claims provisions


5.3 Transfer of premium reserves and additional allocations to other insurance companies / pension

Total compensation

6.
Changes in insurance liabilities - contractual obligations


6.1 Change in premium reserve


6.1.1 To (from) premium reserve, gross


6.1.2 - Change in reinsurers' share of the premium reserve


6.2 Change in additional allocations


6.3 Change in fluctuation reserves


6.4 Change in premium fund, deposit fund and the pension surplus fund


6.5 Change in technical reserves for insurance operations


6.5.1 To (from) technical reserves for insurance operations


6.5.2 - Change in reinsurers' share of technical reserves for insurance operations


6.6 Transfer of additional allocations from other insurance companies / pension

Total recognized changes in insurance liabilities - contractual obligations

7.
Changes in insurance liabilities - investment portfolio separately


7.1 Change in premium reserve


7.2 Change in reinsurers' share of the premium reserve


7.3 Change in premium fund, deposit fund and the pension surplus fund


7.4 Change in other provisions


7.5 Transfer of additional allocations from other insurance companies / pension

Total recognized changes in insurance liabilities - investment portfolio separately

8.
Funds assigned insurance contracts - contractual obligations


8.1 Profit on investment result


8.2 Risk result assigned insurance contracts


8.3 Other allocation of profit

Total funds allocated to insurance contracts - contractual obligations

9.
Related operating costs


9.1 Management costs


9.2 Selling expenses


9.3 Change in prepaid direct selling expenses


9.4 Insurance-related administrative expenses (incl. Commissions for reinsurance received)


9.5 - Reinsurance commissions and profit share

Total operating expenses

10.
Other insurance related costs

11.
Technical result

NON-TECHNICAL ACCOUNT

12.
Net income from investments in the corporate portfolio


12.1 Income from investments in subsidiaries, associates and joint ventures


12.2 Interest income and dividends, etc.. on financial assets


12.3 Net operating income from property


12.4 Value adjustments on investments


12.5 Realized gains and losses on investments

Total net income from investments in the corporate portfolio

13.
Other income

14.
Management costs and other costs related to the company portfolio


14.1 Management costs


14.2 Other expenses

15.
Result of non-technical account

16.
Profit before tax

17.
Tax Expenses

18.
Earnings before other components

19.
Other items


19.1 Revaluations - property, plant and equipment


19.2 Revaluations - intangibles


19.3 Actuarial gains and losses on defined benefit plans - employee benefits

19.4

Exchange from foreign operations


19.5 Gains and losses on financial assets available for sale


19.6 Effective portion of gains and losses on hedging instruments in cash flow hedges


19.7 Share of other comprehensive income using the equity method


19.8 Adjustment of insurance obligations


19.9 Tax on other comprehensive income

20.
COMPREHENSIVE INCOME

§ 4-5. Installation Plan balance The balance shall have the following layout plan:

ASSETS IN COMPANY PORTFOLIO

1.
Intangible assets


1.1 Goodwill


1.2 Other intangible assets

Total intangible assets

2.

Investments

2.1 Buildings and other real estate


2.1.1 Investment properties


2.1.2 Owner-occupied property


2.2 Subsidiaries, associates and joint ventures


2.2.1 Shares in subsidiaries, associates and joint ventures


2.2.2 Loans to and securities issued by subsidiaries, associates and joint ventures


2.3 Financial assets measured at amortized cost


2.3.1 Investments held to maturity


2.3.2 Loans and receivables


2.4 Financial assets measured at fair value


2.4.1 Shares and other equity (incl. Shares and participations measured at cost)


2.4.2 Bonds and other fixed-income securities


2.4.3 Loans and receivables


2.4.4 Financial derivatives


2.4.5 Other financial assets


2.5 Reinsurance deposits

Total investments

3.
Receivables


3.1 Receivables relating to direct business


3.2 Receivables relating to reinsurance business


3.3 Other receivables

Total receivables

4.
Other assets


4.1 Plant and equipment


4.2 Cash, bank

4.3
assets tax


4.4 Other assets designated by their nature

Total other assets

5.
Prepaid expenses and accrued income not received


5.1 Accrued received rental income


5.2 Prepaid direct selling expenses


5.3 Other prepaid expenses and accrued income not received

Total prepaid expenses and accrued income not received

Total assets in company portfolio

ASSETS IN CUSTOMER PORTFOLIOS

6.
Investments in collective portfolio


6.1 Buildings and other real estate


6.1.1 Investment properties


6.1.2 Owner-occupied property


6.2 Subsidiaries, associates and joint ventures


6.2.1 Shares in subsidiaries, associates and joint ventures


6.2.2 Loans to and securities issued by subsidiaries, associates and joint ventures


6.3 Financial assets measured at amortized cost


6.3.1 Investments held to maturity


6.3.2 Loans and receivables


6.4 Financial assets measured at fair value


6.4.1 Shares and other equity (incl. Shares and participations measured at cost)


6.4.2 Bonds and other fixed-income securities


6.4.3 Loans and receivables


6.4.4 Financial derivatives


6.4.5 Other financial assets

Total investments in the common portfolio

7.
Reinsurers' share of insurance liabilities in the group portfolio

8.
Investments in investment portfolio


8.1 Buildings and other real estate


8.1.1 Investment properties


8.1.2 Owner-occupied property


8.2 Subsidiaries, associates and joint ventures


8.2.1 Shares in subsidiaries, associates and joint ventures


8.2.2 Loans to and securities issued by subsidiaries, associates and joint ventures


8.3 Financial assets measured at amortized cost


8.3.1 Investments held to maturity


8.3.2 Loans and receivables


8.4 Financial assets measured at fair value


8.4.1 Shares and other equity (incl. Shares and participations measured at cost)


8.4.2 Bonds and other fixed-income securities


8.4.3 Loans and receivables


8.4.4 Financial derivatives


8.4.5 Other financial assets

Total investments in investment portfolio

9.
Reinsurers' share of insurance liabilities linked portfolio

Total assets in customer portfolios


TOTAL ASSETS EQUITY AND LIABILITIES

10.
Contributed equity


10.1 Equity

10.1.1

Capital / share capital / guarantee fund


10.1.2 Treasury shares / equity certificates


10.2 Premiums


10.3 Equity ratio of complex financial instruments and other equity instruments


10.4 Other restricted equity

Total paid in capital

11.
Retained earnings

11.1
Fund


11.1.1 Revaluation reserve


11.1.2 reserve for unrealized gains

11.1.3
risk equalization fund


11.2 Other retained earnings

Total retained earnings

12.
Subordinated debt etc.


12.1 Perpetual subordinated debt


12.2 Subordinated liabilities with associated conversion rights


12.3 Other subordinated debt


12.4 Subordinated bonds

Total subordinated loan capital etc..

13.
Insurance liabilities - contractual obligations

13.1
Premium reserve


13.2 Additional Provisions

13.3
fluctuation reserve


13.4 Claims provision


13.5 Premium fund, deposit fund and the pension surplus fund


13.6 Other technical reserves for insurance operations

Total insurance liabilities - contractual obligations

14.
Insurance liabilities - investment portfolio separately

14.1
Premium reserve


14.2 Supplementary provisions


14.3 Additional Provisions


14.4 Claims provision


14.5 Premium fund, deposit fund and the pension surplus fund

Total insurance liabilities - investment portfolio separately

15.
Provisions


15.1 Pension liabilities etc.


15.2 Liabilities for tax


15.2.1 Liabilities Current tax


15.2.2 Deferred tax


15.3 Other provisions

Total provisions

16.
Prize reinsurance companies

17.
Liabilities


17.1 Liabilities related to direct insurance


17.2 Liabilities related to reinsurance


17.3 Liabilities to credit institutions


17.4 Financial derivatives


17.5 Other liabilities

Total liabilities

18.
Accrued expenses and prepaid income


18.1 Collected, unearned leasing income


18.2 Other accrued expenses and prepaid income

Total accrued expenses and prepaid income

TOTAL EQUITY AND LIABILITIES
ITEMS OFF BALANCE SHEET

19.
Contingencies

20.
Liabilities

§ 4-6. Statement of changes in equity shall present a statement of changes in equity showing:

A)
comprehensive income for the period (earnings item 20), showing separately the total amount attributable to the parent company's owners and to minority interests

B)
for each component of equity, the effects of changes in accounting policies and corrections of errors recognized in accordance with IAS 8,

C)
for each component of equity, a reconciliation between the carrying amount at the beginning and end of the period, with separate details of the amendments imposed by

In.
Profit before other components (income item 18)

Ii.
Other comprehensive income (income item 19) specified in the individual sub-items (profit record from 19.1 to 19.9)

Iii.
Transactions with owners in their capacity as owners, with separate display of contributions by and distributions to owners.

§ 4-7. The consolidated statement plan
1) The consolidated financial statements for life and non-life insurance group must be set up as follows:

A)
The income statement is set up according to § 4-4 and the accounting regulations for insurance companies § 4-4 so that technical accounting respectively for life insurance and general insurance presented separately. In non-technical account to records with the same content will be merged.

B)
balance set up under § 4-5 and the accounting regulations for insurance companies § 4-5. Under Items subject to different valuation rules may not be merged, but should be specified in separate sub-items or key items.

(2) If the stocks or shares in a subsidiary not owned by the consolidated companies, their share of equity and net income recorded as minority interest. Minority interests are posted under equity in the balance sheet, and as a deduction from net income in the income statement.

II. Income statement

§ 4-8. Premium income - income item 1

1) "Premiums written, gross" includes all amounts in the period is due on direct underwriter insurance and reinsurance contracts acquired, regardless of whether these wholly or partly relates to later fiscal year, inter alia,

A)
not yet invoiced premiums when premium can only be calculated at year end,

B)
single premiums,

C)
addition to prizes by installment payments,

D)
insurance company's share of total premiums by koassuransevirksomhet and reinsurance premiums from ceding insurers and reinsurance companies, net of the repayment or crediting of previously paid premiums.

(2) "Reinsurance premiums ceded" includes all amounts in the period is due to reinsurance contracts as insurance company has signed up to the balance sheet date.

§ 4-9. Removal of life insurance contracts - income items 1.3, 5.3, 6.6 and 7.5.
(1) Earnings Post 1.3 "Transfer of premium reserves from other insurance companies / pension" includes only the part of the transferred assets related to the insurance contract shall be included in the premium reserve to hedge the obligations of the new contract. Excess additional allocations under the income statement items 6.6 and 7.5.
Transferred premium fund, deposit fund and the pension surplus fund, which is not used to cover premium reserves, are capitalized.

(2) Result Item 5.3 "Transfer of premium reserves and additional allocations to other insurance companies / pension funds" includes all funds related to insurance contract upon termination.

(3) Life insurance contracts that moved with the transfer of risk at year-end, to be recognized in the following financial year. Settlement date is not relevant for accounting date. To the extent that there is no complete documentation for calculating the moving amount, must move the amount estimated.

§ 4-10. Replacements - result record 5 Claims paid (gross) includes all compensation amounts based on insurance contracts during the accounting period are paid to policyholders or other persons entitled under the insurance agreements.

§ 4-11. Funds assigned insurance contracts - contractual obligations - result record 8
(1) "Funds assigned insurance contracts - contractual obligations" includes all amounts in the financial statements shall be allocated to the insurance contracts or the persons entitled under the insurance agreements of what is earned in the accounting period, cf. The Insurance Act, Chapter 9 with related regulations. Results Post 8 shall not include amounts to be recognized as an adjustment to insurance liabilities in profit record 19.8.

(2) The surplus on investment result (item 8.1) refers to the assignment of return in accordance with the Insurance Act § 9-9, first paragraph, § 9-12 (cfr. § 4-2 in its regulations) and § 9-14 . Results Post 8.1 shall not include amounts to be recognized as an adjustment to insurance liabilities in profit record 19.8.

(3) Risk result assigned insurance contracts (earnings record 8.2) means the risk result minus any provisions for risk equalization fund, cf. Act § 9-10 and § 9-14. This item includes not risk loss of contracts with guaranteed interest and investment.

(4) The second assignment of profit (income item 8.3) means assigning to the existing portfolio of individual life insurance contracts (cfr. § 7-1 in its regulations). Results Post 8.3 shall not include amounts to be recognized as an adjustment to insurance liabilities in profit record 19.8

§ 4-12. Insurance operating expenses - income item 9
(1) "Sales expenses" includes direct and indirect costs arising from the sales activity at the conclusion and renewal of insurance contracts. Sales costs include directly attributable costs such as salaries and operating sales force, indirect costs related to marketing, general and administrative expenses related to the purchase of insurance and poliseutstedelse.

(2) Direct variable selling costs may be capitalized when they are material to the company.
Should be expensed in line with the recognition of the prize, but at least with a fifth year.

(3) 'Insurance-related administrative expenses "includes all other operating expenses that can not be attributed to" Selling expenses "or to" Management costs ", ref. Result mail 9.1.

III. balance

§ 4-13. Bonds etc. Securities with variable interest rates tied to specific benchmarks, for example. interbank rate or euro market interest rate shall be regarded as bonds and other fixed income securities with a fixed return.

§ 4-14. The deposits - balance sheet item 2.5

(1) The balance sheet of a company that receives reinsurance should record "Reinsurance Depot" includes the receivables from ceding company corresponding to the security that is deposited with these or with a third party, or that these companies have held back.

(2) These claims could not be merged with other receivables reinsurer has the ceding insurers, or offset in gjenforsikrers debt to the ceding insurer.

(3) Securities deposited with a ceding company or by a third party and which remain reinsurance company property to be posted by the latter company as investment assets under the relevant post.

§ 4-15. Paid in capital - balance sheet item 10 Treasury shares / equity certificates carried at face value.

§ 4-16. The risk equalization fund - balance sheet item 11.1.3 The risk equalization fund is understood in the same way as the corresponding term in the Act of 10 June 2005 no. 44 on Insurance (Insurance Act) and regulations 30 June 2006 no. 869 of the Insurance Act (insurance etc.).

§ 4-17. Insurance liabilities - contractual obligations - balance sheet item 13 Premium reserve, additional allocations, the adjustment fund, claims reserve, premium fund, deposit fund and the pension surplus fund and other technical provisions, the purpose of this regulation in the same way as the corresponding concepts in Act of 10 June 2005 no. 44 on Insurance (Insurance Act) and regulation of 30 June 2006 no. 869 of the insurance Act (insurance etc.). Payments on premium and deposit reserve recognized in the balance sheet.

§ 4-18. Insurance liabilities - investment portfolio separately - balance sheet item 14 premium reserve, supplementary reserves, claims reserves, supplementary reserves and premium fund, deposit fund and the pension surplus fund, the purpose of this regulation in the same way as the corresponding concepts in Act of 10 June 2005 no. 44 on Insurance and their activities etc.. (Insurance Act) and regulations 30 June 2006 no. 869 of the Insurance Act (insurance etc.). Payments on premium and deposit reserve recognized in the balance sheet.

§ 4-19. Provisions for liabilities - balance sheet item 15.3 item includes provisions as at the reporting date is considered to be probable or certain, but where there is an uncertainty regarding the amount or maturity.

§ 4-20. Premiums to reinsurance companies - balance sheet item 16
(1) "premium to reinsurance companies" in a ceding insurance company balance shall comprise amounts deposited by or withheld from other insurance companies under reinsurance contracts.

(2) Amounts stated in the first paragraph may not be offset against liabilities to or receivables from other affected companies.

(3) If the ceding insurance company received securities to deposition and acquired the right of ownership, this post include the amount the ceding company disburses according to the deposit.

IV. Off-balance

§ 4-21. Management of assets Assets under management in the third party's name and on behalf of third parties shall not be recorded in the balance sheet.

§ 4-22. Contingent liabilities off balance sheet All guarantees that the company has made and assets pledged as collateral on behalf of third parties, shall be entered under this item.

§ 4-23. Off balance sheet liabilities
(1) Sunk obligations that could lead to future costs / losses are included in this record.

(2) If the company has disposed of assets where the transferee has the right but not the obligation, to repatriate the assets contributed to the company for a fixed fee and the prescribed time, the agreed price in the event of repurchase are recorded under this item.

(3) Liabilities to be erected outside the balance sheet does not include liabilities related to insurance activities.

Chapter 5. Notes

I. Introductory provisions

§ 5-1. General provisions
(1) Requirements for disclosures under the Accounting Chapter 7 and IFRS can be waived if not otherwise provided in this chapter. In areas that are not specifically regulated in this chapter, shall be at a departure from IFRS provide information in accordance with requirements under GAAP as far as is relevant, whether the standards are final or provisional.

(2) It shall be given of the simplifications of IFRS under these Regulations § 3-12 was used.

§ 5-2. general disclosure

(1) In the notes to the financial statements must be disclosed under this chapter. In addition, information should be provided as necessary to assess the reporting entity's or group's position and results which are not presented in the financial statements as a whole.

(2) Information may be omitted when they are not of significance for assessing the accounting entity or group's position and results. There should nevertheless be given the information mentioned in § 5-44, § 5-50 second paragraph and 5-53.

§ 5-3. True image
(1) If the provisions of the Accounting Act and these regulations are not sufficient to give a true picture as stated in the Accounting Act § 3-2a, first paragraph, the disclosures.

(2) If the company is engaged in activities with significant risk or significant benefits that are not recognized in the balance sheet, the disclosures under subsection include a description of the activity's financial impact and their purpose.

(3) Any exemption as mentioned in § 2-2 and Accounting Act § 3-2a second paragraph shall be stated.
Accounting Act § 7-1, sixth paragraph, second sentence shall apply accordingly.

§ 5-4. Information on accounting principles etc..
(1) There shall be informed of significant accounting policies and key sources of estimation uncertainty in accordance with IAS 1117-133. Changes to the principles that are used must be justified.

(2) shall state subsidiary uses accounting principles other than those used in the parent company accounts.

(3) Continuity in accounting for mergers should be disclosed and justified.

§ 5-5. Effect of changes in accounting principles, etc. Information on whether the effect of changes in accounting principles. If comparative figures have not been restated, the effect of the change are disclosed. Information on any significant errors in previous financial statements are recognized in equity.

§ 5-6. Information on fair value
(1) Large companies shall disclose the fair value in accordance with IFRS 13.

(2) Small companies should be for assets and liabilities measured at fair value:

A)
disclose the valuation methods and inputs that were used,

B)
disclose the level within the hierarchy for fair value where fair value measurements in their entirety are categorized,

C)
where fair value measurements are categorized in level 2 or 3, give a description of the valuation methods and inputs that were used. If there is a change in valuation technique, the company must disclose that fact and reasons for the change.

II. Insurance contracts

§ 5-7. Information on insurance contracts
(1) Large companies will provide information on insurance contracts under IFRS 4 and § 5-9 to § 5-13.

(2) Small companies will provide information on insurance contracts in accordance with § 5-8 to § 5-13.

§ 5-8. The impact of changes in assumptions should disclose the impact of changes in assumptions for insurance technical calculation used in the measurement of insurance liabilities, with separate indication of the impact of changes that have a material impact on the financial statements.
The same applies to changing the measurement of reinsurance share.

§ 5-9. Changes in insurance liabilities
(1) Changes in insurance liabilities during the period to cover the company's obligations under contracts with contractual obligations shall, for each balance sheet item at 13, show:

1.
Opening balance

2.
Changes in insurance liabilities


2.1 Net recognized provisions (income item 6 and part of the income item 5.2.1)


2.2 Profit on investment result (income item 8.1)


2.3 Risk result assigned insurance contracts (earnings record 8.2)


2.4 Other allocation of profit (income item 8.3)


2.5 Adjustment of insurance obligations from other comprehensive income (part of income item 19.8)

Total recognized changes in insurance liabilities

3.
Unrecognised changes in insurance liabilities


3.1 Transfers between funds


3.2 Transfers to / from the company

Total unrealized changes in insurance liabilities

4.
Closing balance

(2) Changes in insurance liabilities during the period to cover the commitments for the value of the investment portfolio separately shall, for each balance sheet item at 14, show:

1.
Opening balance

2.
Changes in insurance liabilities


2.1 Net result sheet reserves (part of income item 7 and part of the income item 5.2.1)


2.2 Investment result attributable to contracts with guaranteed benefits (part of income item 7)

2.3

Risk result assigned insurance contracts (part of income item 7)


2.4 Adjustment of insurance obligations from other comprehensive income (part of income item 19.8)

Total recognized changes in insurance liabilities

3.
Unrecognised changes in insurance liabilities


3.1 Transfers between funds


3.2 Transfers to / from the company

Total unrealized changes in insurance liabilities

4.
Closing balance

(3) Companies offering schemes with perennial return guarantee under Chapter 6 of the Regulations to the Insurance Act, shall specify this in their subsection.

§ 5-10. Insurance liabilities Premium reserve, additional allocations, the premium fund, deposit fund, pension surplus fund, claims reserve, supplementary reserves and other technical reserves for insurance operations shall be specified in the main sectors and sub-segment as specified in § 5-11.

§ 5-11. Breakdown of profit items on industries Industries

(1) The Company shall provide the information in subsections according to main sectors (a) and the information in subsections divided into sub-segment (b).

A.

Main Categories:

-
Individual endowment

-
Individual annuity and pension

-
Collective interest and pension insurance, including group annuity and pension insurance for union members

-
Group pension for municipalities, including institutions with similar pension plans

-
Grouplife

-
Accidents and other damage industries.

B.

Sub-segment
The individual main lines should be allocated to:

-
Surplus Model for Insurance Act § 9-9

-
Modified profit model by the Insurance Act § 9-12

-
Profit model after previous rules of the law of 10 June 1988 no. 39 on Insurance § 8-1 with accompanying regulations

-
Contracts without the right to a share of profits

-
Investment choice.

The collective pension insurance sectors should be allocated to:

-
Corporate Pension plans without investment

-
Corporate Pension plans with investment

-
Up policies without investment

-
Up policies with investment

-
Corporate Pension plans without the right to a share of profits

-
Occupational schemes without investment

-
Occupational schemes with investment

-
Pension certificate without investment

-
Pension certificate with investment

-
Occupational schemes without the right to a share of profits

-
Deposits Pension plans without investment

-
Deposits Pension plans with investment

-
Pension capital certificate without investment

-
Pension capital certificates.

Profit on primary industries and sub-segment

(2) The technical accounts shall be defined by the main items in the statement of income statement in § 4-4.
Profitability Analysis on the main sectors and sub-segment - distribution between customer and owner

(3) The company must explain:

-
Investment result

-
Risk Score (technical result), excl. profit element

-
Administration result

-
Profits element for risk

-
Compensation for interest guarantee.


Replacements
(4) The company shall disclose information about how mail 5.1 "Claims paid" benefits in compensation under insurance agreements and repurchase.
Moving

(5) There shall be informed of the amount for both received and paid premium reserve, additional allocations, valuation reserves, premium fund, deposit fund and the pension surplus fund. It should also state how many customers / contracts supply and retirement benefits at.

Subscriptions
(6) shall be given information about the volume of new contracts in the last two years.

§ 5-12. Distribution of income by geographical area shall include information on total premium income from direct insurance entered into in Norway, the other countries covered by the EEA Agreement, as well as in other countries. Such information may be omitted if gross premium amounts to less than 5 percent of total gross premiums.

§ 5-13. Return on capital
(1) There shall be informed of capital is. Return on capital interest shall be provided for the entire group portfolio as a whole and for the individual sub-portfolios in the group portfolio.

(2) Information on capital is to be given for the last five years.

(3) FSA may lay down rules for calculating the capital is.


(4) It shall be informed of capital is for the company portfolio according to the rules for calculating capital is so appropriate.

III. Financial instruments

§ 5-14. Financial instruments disclosures
(1) Large companies will provide information on financial instruments in accordance with IFRS 7, § 6.5 and § 5-30 to § 5-36.

(2) Small companies will provide information on financial instruments in accordance with § 6.5 and § 5-15 to § 5-36.

§ 5-15. Significance of financial instruments for financial position and performance shall be given information that enables users of its financial statements to evaluate the significance of financial instruments for its financial position and earnings.

§ 5-16. Categories of financial assets and financial liabilities shall be given if the carrying amount of each of the following categories as defined in IAS 39:

A)
financial assets at fair value through profit or loss, which each demonstrate (i) the financial assets that were designated as such upon initial recognition, and (ii) those classified as held for trading in accordance with IAS 39

B)
investments held to maturity,

C)
loans and receivables,

D)
financial assets available for sale,

E)
financial liabilities at fair value through profit which each demonstrate (i) the financial obligations that were designated as such upon initial recognition, and (ii) those classified as held for trading in accordance with IAS 39, and

F)
financial liabilities measured at amortized cost.

§ 5-17. Financial assets or financial liabilities at fair value through profit
(1) If the company has earmarked a loan or receivable (or group of loans or receivables) at fair value through profit or must be disclosed in accordance with IFRS 7.9 and 7.11.

(2) If the company has designated a financial liability at fair value through profit or must be disclosed in accordance with IFRS 7.10 and 7.11.

§ 5-18. Reclassification If the entity has reclassified a financial asset, it shall disclose the amount reclassified into and out of each category, ref. § 5-16, and why this reclassification. If the special right to reclassify under IAS 39.50B are applied, shall be given as specified in IFRS 7.12A.

§ 5-19. Offsetting financial assets and liabilities shall be given in accordance with IFRS 7.13B-13F for all recognized financial instruments that are offset in accordance with IAS 32.42. IFRS 7.13B-13F also apply to recognized financial instruments that are subject to an enforceable master netting arrangement or similar agreement, regardless of whether they are offset in accordance with IAS 32.42.

§ 5-20. Collateral own obligations shall state the carrying amount of financial assets that the company has pledged as collateral for liabilities or contingent liabilities. It is further disclosed terms and conditions associated with its collateral.

§ 5-21. Collateral for loans and other assets When an entity has accepted collateral for assets, which it can sell or pledge again, should be disclosed

A)
the real value of the collateral,

B)
the fair value of the security sold or pledged as security again, and whether the entity has an obligation to return it, and

C)
terms and conditions associated with its use of the collateral.

§ 5-22. Provision Account for credit losses When financial assets are impaired as a result of credit, the company records the impairment in a separate account rather than directly reducing the carrying amount, the company will show a reconciliation of changes in that account during the financial year.

§ 5-23. Compound financial instruments with multiple embedded derivatives If the company has issued an instrument that contains both a liability and an equity component (see IAS 32.28) and the instrument has multiple embedded derivatives whose values ​​are interdependent, the company must disclose that fact.

§ 5-24. Defaults and non-fulfillment of borrowings recognized at the end of the fiscal year, the company shall disclose any breach and failure to perform in accordance with IFRS 7.18 and 7.19.

§ 5-25. Hedge accounting At hedge accounting must provide information in accordance with IFRS 7.22 to 24.


§ 5-26. Fair value of financial instruments measured at amortized cost shall be given information on the fair value of balance sheet items 2.3.1, 2.3.2, 6.3.1, 6.3.2, 8.3.1 and 8.3.2. Information on fair value required shall not apply where the carrying amount is a reasonable approximation of fair value.

§ 5-27. Equity securities for which fair value can not be measured reliably shall be given a description of equity instruments measured at cost in accordance with IAS 39, these instruments' book values ​​and an explanation of why fair value can not be measured reliably.

§ 5-28. Nature and extent of risks arising from financial instruments
(1) There shall be provided that enables users of financial statements to evaluate the nature and extent of risks arising from financial instruments to which the company is exposed at the end of financial year. The information must at least cover credit risk, liquidity risk and market risk.

(2) For each type of risk related to financial instruments shall be disclosed; a) risk exposures, b) principles and processes for managing risk, c) methods for measuring risk and d) any changes to the letter a), b) or c) from the previous period.

(3) For each type of risk arising from financial instruments will be given a summary quantitative data about exposure to this risk at the end of the fiscal year. This information shall be based on the information provided internally to key management personnel of the entity.

(4) For each type of risk arising from financial instruments must be disclosed as required by the sixth to ninth paragraph to the extent this is not stated in the third paragraph.

(5) shall also include information on other concentrations of risk where this is not apparent from the third and fourth paragraphs.

(6) If the quantitative data at the end of the fiscal year is not representative of the risk during the period, the company must submit additional information that is representative.
Credit

(7) shall be given information on credit risk in accordance with IFRS 7.36 to 38.
Liquidity risk

(8) It should present a maturity analysis of financial liabilities that shows the remaining contractual maturities. It shall also provide a description of how the liquidity risk inherent in the maturity analysis are handled.
Market risk

(9) Include a sensitivity analysis for each type of market risk which the company is exposed at the end of the fiscal year, showing how profit or loss and equity would have been affected by changes in the relevant risk variable within a reasonably possible at that time. Should disclose the methods and assumptions were used in preparing the sensitivity analysis. Any changes from the previous period in the methods and assumptions should be disclosed and justified. If the company prepares "value-at-risk" analysis, must be disclosed in accordance with IFRS 7.41.

(10) When the sensitivity analysis as it was disclosed in accordance with paragraph nine, is not representative of an inherent risk in a financial instrument, the company must disclose that fact and the reason why the sensitivity analysis is not representative.

§ 5-29. Transfers of Financial Assets
(1) There shall be provided that enables users of financial statements:

A)
understand the relationship between transferred financial assets that are not derecognised in their entirety and the associated liabilities, and

B)
to evaluate the nature and risks associated with the Company's continuing involvement in derecognised financial assets.

(2) It shall be informed of transferred financial assets that have not been deducted in full in accordance with IFRS 7.42D.

(3) Where a company derecognises transferred financial assets in their entirety, cf. IAS 39.20 letter a and letter c (i), but has a continuing involvement in them, it should at least be provided for each type of continuing involvement in accordance IFRS 7.42E-G.

§ 5-30. Stocks and shares
(1) Shares, equity certificates and other equity investments shall be specified by a company. Norwegian companies must be indicated with an organization. The specification shall include the largest holdings and minimum constitute 90 percent of the company's holdings of equities, equity certificates and shares. Shares in financial institutions and insurance companies must invariably be specified.

(2) It shall be explained the risk profile of the company's equity portfolio at year end and during the year.


(3) For securities recorded under the balance sheet items 2.4.1, 6.4.1 and 8.4.1 shall be disclosed book value. Share of the carrying value listed securities shall be stated.

§ 5-31. Subordinated loan capital in other enterprises shall be given information on the company's subordinated loan capital in other companies. It shall state how the subordinated loan capital distributed between balance sheet item 2.2 and balance sheet item 2.4.

§ 5-32. Other financial assets Balance sheet items 2.4.5, 6.4.5 and 8.4.5 specified in the most important single amount, if these are of significance for the assessment of financial statements.

§ 5-33. Other receivables Balance Post 3.3 shall be specified in the most important single amount, if these are of significance for the assessment of financial statements.

§ 5-34. Prepaid expenses and accrued income not received Balance Item 5.3 shall be specified in the most important single amount, if these are of significance for the assessment of financial statements.

§ 5-35. Subordinated loans
(1) The Company shall provide the following information in terms of subordinated debt:

A)
For each loan that exceeds 10 percent of the total amount of the subordinated loan capital:

1.
Loan size, the value is specified in, interest rate and maturity, or an indication that it is a perpetual subordinated loan capital,

2.
If there are conditions which may require a faster repayment and

3.
Terms of the subordinated loan capital, any provisions that subordinated loan capital can be converted into equity or another form of debt and terms of these provisions.

B)
For other subordinated loan capital shall contain a summary overview of conditions.

(2) If the company has committed subordinated debt in foreign currency, the exchange rate gains or currency losses on such debt is entered. If the company has entered into hedging transactions relating to subordinated debt in foreign currency must be stated.

(3) Costs related to the company's subordinated loan capital during the financial year shall be stated.

§ 5-36. Other Payables item 17.5 shall be specified in the most important single amount, if these are of significance for the assessment of the financial statements.

IV. property

§ 5-37. Investment Property
(1) shall state and the circumstances under which property interests held under operating leases are classified and accounted for as investment property.

(2) shall state what criteria are used to distinguish investment property from owner-occupied property when classification is difficult.

(3) Information on whether fair value in accordance with § 5-6.

(4) shall state the extent to which the fair value is based on a valuation performed by an independent appraiser with a recognized and relevant professional qualification and who have recently had experience with location and category of the investment property being valued. If there has been no such valuation shall be disclosed.

(5) shall state the amounts recognized in profit for

A)
rental income from investment property

B)
direct operating costs related to an investment property that generated rental income during the period

C)
direct operating expenses related to an investment property that did not generate rental income during the period.

(6) Information on whether any limitations and its scope in investment property feasibility or restrictions in lease payments and avhendelsesvederlag.

(7) Information on any contractual obligations to purchase, construct or develop investment property or for repairs, maintenance or improvements.

(8) For investment property measured at fair value, it provides a reconciliation between the carrying amounts of investment property at the beginning and end of the period showing:

A)
permissions, specified at:

-
The additions resulting from acquisitions

-
The additions resulting from subsequent expenditure recognized in an asset's carrying value

-
The additions resulting from acquisitions in connection with business combinations

B)
investment properties classified as held for sale in accordance with IFRS 5 and other disposals

C)
net gains or losses on fair value adjustments

D)
transfers to and from owner-occupied property

E)
other changes.


(9) If the valuation of investment property is adjusted for financial accounts purposes, cf. IAS 40.77, for example to avoid double-count assets or liabilities that are recognized as separate assets and liabilities, cf. IAS 40.50, will be given a reconciliation between the said valuation and the adjusted valuation included in the financial statements that shows the total amount of all recognized lease obligations that have been reversed, and any other significant adjustments.

(10) In exceptional cases where the fair value can not be determined reliably (see IAS 40.53), will be given a description of the investment property and explain why fair value can not be determined reliably. It should, if possible, claims it estimates range as the real value most likely to lie. On disposal of investment properties as mentioned in the first sentence, the following information is provided:

A.
The fact that the company has disposed of investment property not accounted for at fair value

B.
The carrying value of this investment property at the time of sale and the amount of the gains and losses recognized

§ 5-38. Owner-occupied property
(1) There shall be provided a reconciliation of the carrying value of owner-occupied property at the beginning and end of the period showing:

A)
additions and disposals

B)
increases or decreases due to revaluation

C)
depreciation

D)
other changes.

(2) shall be given the following information about the revaluation:

A)
time of revaluation

B)
about an independent appraiser was used

C)
the carrying amount that would have been recognized if the property had been capitalized in accordance with the cost model

D)
revaluation surplus, indicating the change for the period

E)
disclosures about fair value in accordance with § 5-6.

V. Group companies and associates

§ 5-39. Shares in group companies and associated companies, etc.
(1) shall state name, registered office, ownership and voting of subsidiaries, associated companies and joint ventures.

(2) Accounting notification that pursuant to the Accounting Act § 3-7 has not prepared consolidated accounts must disclose the company name and registered office of the parent company.

(3) It shall be informed of shares in group companies in accordance with the Norwegian Accounting Standard no. 17 Business acquisitions. It shall be informed of shares in associated companies and joint ventures in accordance with the Norwegian standard Investments in associates and joint ventures.

(4) For investments in subsidiaries are recognized and measured in accordance with IAS 39, must be disclosed in accordance with IFRS 13. For investments in subsidiaries are recognized and measured under the equity method, provide the following information for each investment and total:
Book value at beginning of period
+/- Additions / disposals during the period
+/- Share of profit
+/- Inter Gains
Dividend
+/- Equity adjustments recognized directly equity
+/- Paid in balance at end of period
= Book value at end of period
Depreciation added value in the period
Added value at end of period
Any deviating accounting and different accounting principles

(5) For investments in associates and joint ventures acquired during the period and accounted for by the equity method shall be in addition to the information mentioned in the fourth paragraph, second sentence disclosed at cost and capitalized equity on the acquisition date.

§ 5-40. Receivables and securities issued by Group companies and associated companies Subordinated debt in subsidiaries, associates and joint ventures shall be specified on each main item. Accounting Act § 6-6 the comparative figures are similar.

§ 5-41. Effect of changes in group structure
(1) A change in group composition shall be given to facilitate a comparison with previous financial statements.

(2) For each business combination achieved in the period must be disclosed in accordance with IFRS 3 no. B64, B65 and B67 letters a to c.

VI. Other

§ 5-42. Provisions, contingent liabilities and contingent assets
(1) For each class of provision, cf. IAS 37 no. 87, it must provide information in accordance with IAS 37 no. 84, no. 85 and no. 88. || |

(2) For each class of contingent liabilities, cf. IAS 37 no. 87, it must provide information in accordance with IAS 37 no. 86 and no. 88. If it is impracticable to give such information shall disclosed.

(3) For each class of contingent assets must provide information in accordance with IAS 37 no. 89 and no. 90. If it is impracticable to give such information shall be disclosed.

(4) If the information in subsections substantially likely to materially affect the company's position in a dispute with another party, it may instead be provided as stated in IAS 37, paragraph. 92.

§ 5-43. Intangible assets and plant and equipment
(1) For each item under intangible assets and plant and equipment shall be disclosed:

A)
opening balance,

B)
cost

C)
additions and disposals during the financial year,

D)
total depreciation, amortization and reversals of write-downs,

E)
depreciation, amortization and reversals of write-downs in the fiscal year and

F)
closing balance.

(2) Information on any changes in depreciation schedules.
Intangible assets

(3) For each item under intangible assets are economic life and choice of depreciation schedule stated.

(4) Goodwill shall be specified for each individual business transaction. Depreciation of goodwill that is longer than five years shall be justified.

(5) If intangible assets accounted for in accordance with IAS 38, must be disclosed in accordance with IAS 38 no. 122 letter a, no. 124 and no. 125.
Construction and Equipment

(6) For each item under plant and equipment should be disclosed economic life and choice of depreciation schedule. For each record should be disclosed capitalized leases.

(7) shall state the assumptions that are the basis for impairment and reversal of impairment.

(8) If you rent the facilities and equipment that are not recognized should be disclosed annual rent equivalent specification to the layout of the balance sheet.

§ 5-44. Equity
(1) which is the corporation should disclose the share capital and the nominal value allocated to each class of shares. Information on whether the clauses of voting. It should disclose any rights that may result in the issue of new shares with an indication of the main features of the conditions applicable to the court.

(2) It shall be informed of the name and ownership of the 20 largest shareholders. Information about the shareholders who own less than 1 percent of the shares can be omitted.

(3) shall state shares and rights to such, which is owned by each member of the Board, Supervisory Board, Audit Committee and Chief Executive Officer and the senior executives. For each shareholder shall be included shares held by related parties. As related parties are considered:

A)
spouse and a person that person lives together in a marriage-like relationship,

B)
minor children to the person concerned, and minor children of a person referred to in (a) that the person living with, and

C)
entities where the person concerned or some referred to in (a) and (b) has decisive influence as mentioned in the Accounting Act § 1-3 second paragraph.

(4) Companies which is the parent company must also disclose the subsidiaries' holdings of the parent company's shares. Changes during the fiscal year in the stock of treasury shares and its subsidiaries' holdings of shares in the parent company must be specified. It should at least disclose:

A)
background for acquisitions that have taken place

B)
number of shares acquired and the consideration, and

C)
number of shares disposed of, and consideration.

(5) Accounting Mandatory which are issuers with Norway as their home state after the Securities Act § 5-4 should disclose significant indirect ownership of shares in the company. Ownership of shares representing at least 10 percent of the voting power in the company, is considered essential by the first sentence.

§ 5-45. Capital
(1) Capital base to be specified on the basis of capital and supplementary capital and capital groups according to financial institutions Act § 14-9 and associated regulations. It shall state how the base capital is calculated. Information on any eligible capital to cover respectively solvency capital and minimum capital requirements.


(2) shall state the entity's solvency capital requirements and minimum capital requirements, cf. Financial Undertakings Act § 14-10 and § 14-11. Information on solvency shall specify the contribution of individual risk modules, diversification effects at a senior level as well as risk-reducing effects of deferred taxes and insurance technical reserves. Information on minimum capital requirements should be specified before and after the application of the lower and upper limit of 25 per cent and 45 per cent of solvency as well as the nominal minimum.

(3) If the entity is required capital as well, cf. Financial Undertakings Act § 14-13 third paragraph shall be disclosed.

§ 5-46. Sales costs shall be given information on how sales costs in the accounting period comprised salaries and commissions, etc., Including commissions for other companies.

§ 5-47. Management and administration services shall state administrative and management services company providing for third party if the scope is substantial in relation to its business.

§ 5-48. Other income Earnings Post 13 shall be specified in the main single amount, if these are essential for the assessment of financial statements.

§ 5-49. Leases shall be given on leases under Norwegian Accounting Standard no. 14 Leases.

§ 5-50. Salaries and general administration expenses
(1) There shall be stated on the calculation of pension costs and obligations according to Norwegian Accounting Standard no. 6 Pension costs.

(2) shall state the average number of employees during the financial year.

§ 5-51. Share-based payment IFRS 2 applies.

§ 5-52. Related party transactions shall be given information about transactions with related parties either in accordance with IAS 24 or Accounting Act § 7-30b.

§ 5-53. Remuneration and loans to executive management etc..
(1) shall be given concerning benefits for senior executives etc.. in accordance with the Accounting Act § 7-31. All insurance is considered in this context as large enterprises.

(2) shall be given in accordance with the Accounting Act § 7-32 for loans and guarantees to senior executives, shareholders etc.

(3) The obligation to disclose the terms of the loan and collateral in Accounting § 7-31 ninth paragraph and § 7-32 second paragraph applies only where the conditions differ from the general market conditions.

§ 5-54. Other costs
(1) Earnings Post 14.2 shall be specified in the most important single amount, if these are essential for the assessment of financial statements.

(2) shall state the auditor's fee and how remuneration between the statutory audit, other assurance services, tax advisory and other non-audit services. Fees for other non-audit services to be specified for significantly different services. The information shall also include the remuneration to undertakings auditor has a special relationship with.

§ 5-55. Cost (income) tax shall be given information about tax according to the Norwegian standard Income taxes.

§ 5-56. Major transactions shall be given on large individual transactions that are not specified under other provisions of these regulations.

§ 5-57. Merging Records Records in the layout that are grouped under § 2.4, shall be specified.
Accounting Act § 6-6 the comparative figures are similar.

§ 5-58. Provisions of Accounting which is not regulated separately in this regulation provisions of the Accounting Act § 7-9, § 10.7, § 7-14, second paragraph and § 7-34 shall apply to the extent they are relevant to the individual company.

§ 5-59. Earnings per share companies whose shares are publicly traded will provide information on earnings per share in accordance with IAS 33.

Chapter 6. Interim

§ 6-1. Obligation to prepare interim financial statements shall be prepared financial results for each quarter. Companies whose securities are admitted to trading on a regulated market may omit to prepare its interim report for the fourth quarter. For the parent company consists of the interim financial statements and consolidated.

§ 6-2. Contents Interim Report Interim reports shall be prepared in accordance with IAS 34. Income statement, balance sheet and statement of changes in equity should at least set out the main items in the statements, cf. § 4-4 to § 4-6. Under Items to result post 19 may, except items 19.8 and 19.9, merged.

§ 6-3. Additional information
(1) There shall be informed of the company's capital adequacy.

(2) "Unallocated profit to insurance contracts" are on delårsbasis not a final allocation, and will in the interim report is included as follows:

In the statement - which own main mail instead of "Funds allocated to insurance contracts."
In the balance - as separate sub-items of item 13 "Insurance liabilities - contractual obligations" and item 14 "Insurance liabilities - investment portfolio separately."

(3) Transfer of funds from the company's additional allocations to the premium reserve can be executed only at the end of the year.

§ 6-4. Freedom mv. The interim shall be adopted by the Board within 60 days after the period end, and without undue delay be published on the company's website. The company must ensure that the interim remain public for at least five years. FSA may order the company to create website on the internet. It will provide information about which parts of the interim revised.

Chapter 7. Final provisions

§ 7-1. Exemption and Guidelines FSA may in individual cases grant exemptions from this regulation.

§ 7-2. Commencement etc.. This regulation comes into force on 1 January 2016, effective for fiscal years beginning January 1, 2016 and thereafter.