All posts in Insurance
The Financial Supervisory Authority of Norway (the “FSAN”) has published its Annual Report for 2014. The full report is to date only available in Norwegian. In the following we present a brief summary of the most important events and developments from 2014 within banking and finance, insurance and pensions, and the securities area.
Steenstrup Stordrange has contributed to the International Comparative Legal Guide – Insurance & Reinsurance 2015, by supplying the Norwegian chapter.
Investment funds for sale to the general public – in other words, open-ended collective Investment structures of which shares may be redeemed on a regular basis and of which investment objectives are Financial instruments – have traditionally been strictly regulated in Norway.
On 9 May 2014, the Ministry of Finance proposed a bill requiring gender-neutral pricing in insurance contracts which are private, voluntary and separate from employment relationship.
The new Occupational Pension Act entered into force 1 January this year. The Act allows private employers to establish a third kind of pension scheme, being a hybrid between defined benefit and defined contribution schemes. As such, the new product is already being referred to as the new “hybrid-scheme”.
The Ministry of Finance introduces a new collective retirement pension product for the private sector
On 4 October, the Ministry of Finance presented a draft Bill with a new collective tax favourable retirement pension product for the private sector. The new product will be a third alternative to the two other (main) types of tax favourable occupational pension schemes that can be established under Norwegian law.
On 23 August the Norwegian FSA published its report “Risk Outlook 2013 – The Financial Market in Norway”.
Finance Norway (FNO) has issued a leaflet called “The Norwegian Covered Bonds Market”.