Governance, Risk and Compliance - The Norwegian Insurance Industry

Table of Contents
1 INTRODUCTION
1.1 What is this Report About?
1.2 Definitions
2 GOVERNANCE, RISK AND COMPLIANCE
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulation
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Workmen's compensation insurance
2.4.2 Motor third-party liability insurance
2.4.3 Air carriers and aircraft liability insurance
2.4.4 Natural disaster insurance for property cover
2.4.5 Professional indemnity insurance for alternative investment fund managers
2.4.6 Professional indemnity insurance for insurance brokers
2.4.7 Third-party liability insurance for remotely piloted aerial vehicles
2.4.8 Third-party liability insurance for nuclear facilities
2.4.9 Clinical trials liability insurance
2.4.10 Liability for ships with respect to oil pollution
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 European Insurance and Occupational Pensions Authority
2.5.3 The Financial Supervisory Authority of Norway
2.5.4 The Nordic Association of Marine Insurers
2.6 Non-Admitted Insurance Regulation
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and Penalties
2.7 Company Registration and Operations
2.7.1 Type of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margin
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution (ADR)
3 APPENDIX
3.1 Methodology
3.2 Contact GlobalData
3.3 About GlobalData
3.4 GlobalData's Services
3.5 Disclaimer

List of Tables
Table 1: Insurance Industry Definitions
Table 2: Norway - Insurance Regulatory Framework Key Features
Table 3: Norway - Life Insurance Regulatory Framework
Table 4: Norway - Property Insurance Regulatory Framework
Table 5: Norway - Motor Insurance Regulatory Framework
Table 6: Norway - Liability Insurance Regulatory Framework
Table 7: Norway - Minimum Cover for Aircraft Third-Party Liability per Accident per Aircraft
Table 8: Norway - Corporate Tax Rates for the Financial Year 2019

List of Figures
Figure 1: Norway - Insurance Supervision and Control at Various Levels
Figure 2: Norway - Insurance Regulatory Frameworks for Company Registration and Operation