The regulation applies to direct insurance only.

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1 KREDITTILSYNET Norway Translation revised June 2006 This translation is for information purposes only. Legal authenticity remains with the original Norwegian version as published in Norsk Lovtidend. 22 September 1995 no last amended REGULATION ON INSURANCE SERVICES AND ESTABLISHMENT OF BRANCHES OF INSURANCE COMPANIES AND PENSION FUNDS HAVING THEIR HEAD OFFICES IN ANOTHER MEMBER STATE IN THE EUROPEAN ECONOMIC AREA ETC. Laid down by the Ministry of Finance on 22 September 1995 pursuant to Act no. 39 of 10 June 1988 on Insurance Activity, sections 2-4 final paragraph, 12-6 final paragraph and 12-7 final paragraph. (Ref. EEA Agreement, annex IX, Directives 73/239/EEC, 88/357/EEC, 92/49/EEC, 2002/83/EC, and Directive 2003/41/EC). Last amended 30 June CHAPTER I GENERAL PROVISIONS Section 1 Scope of application This regulation applies to the right of insurance companies or pension funds having their head offices in another Member State in the European Economic Area (EEA) to: 1. carry on business through a branch in Norway 2. to offer or write insurance or pension contract in Norway from an established place of business that the company has in another Member State in the European Economic Area (freedom to provide services/cross-border activity). The regulation applies to direct insurance only. The regulation entails no restriction of the right to write insurance, through an intermediary, with a foreign insurance company having its head office in another Member State in the European Economic Area. In regard to coinsurance which covers risks as defined in Article 5d) of Council Directive 73/239/EEC (first non-life directive), and which satisfies the conditions of Article 1 and 2 of Council Directive 78/473/EEC (coinsurance directive), sections 7, 8 and 9 below apply to the primary insurer only. Section 2 Permanent place of business In this regulation «permanent place of business» means: (a) the company s or pension fund's head office (as specified in the articles of association), (b) branch (general agent), (c) an office headed by the company s own personnel (own employees), 1

2 (d) an independent person having permanent power of attorney to sign and act on the foreign company s behalf in the same way as a branch of the company. CHAPTER II ESTABLISHMENT OF BRANCHES ETC. Section 3 Establishment of branches in Norway A foreign insurance company or pension fund having its head office in another Member State in the European Economic Area may establish a branch and carry on business through such branch in Norway, provided that the company or pension fund is authorised to carry on such business in its home Member State and is subject to supervision by the home Member State competent authorities. The branch may carry on business included in one or more insurance classes specified in the annex to the first non-life directive (73/239/EEC) or to the life assurance directive (2002/83/EC), provided such insurance classes are encompassed by the authorisation given to the company in its home Member State. Section 4 Notification of establishment The branch may take up business in Norway two months after Kredittilsynet (the Financial Supervisory Authority of Norway) has received notification of the establishment of the branch from the supervisory authority in the company s home Member State. Such notification shall at minimum contain the following information: 1. A plan of activity stating which types of risk are to be covered in Norway and information about the organisational structure of the branch. 2. Confirmation that such activity is encompassed by the insurance company s authorisation in its home Member State. 3. The address of the branch. 4. The name of the general agent of the branch. 5. A certificate of solvency issued by the supervisory authority in the insurance company s home Member State showing that the insurance company complies with the minimum solvency margin required in respect of its overall activity. If the company wishes to provide statutory non-life insurance, the company must also provide the information required under the regulations specifically applying to such insurance. The branch shall be notified to the Register of Companies pursuant to the rules applying to notification of foreign companies. Section 5 Changes in the company s activity Changes in particulars given pursuant to section 4 shall be notified to Kredittilsynet and to the supervisory authority in the company s home Member State. Such changes may not be implemented until one month after notification has been received by Kredittilsynet. 2

3 Section 6 General agent The company shall designate a proxy (general agent) to head the branch in Norway. The general agent represents the company, and shall be empowered to sign on behalf of the company, to represent the company vis-à-vis Kredittilsynet and other authorities, and to be served, on behalf of the company, documents pertaining to legal action brought against the company. A company may have only one general agent in Norway. The general agent may authorise one or more sub-agents to sign on behalf of the company. The general agent shall be of full age and domiciled in a Member State in the European Economic Area. A company with limited liability or a general partnership may also be a general agent. If the company designates a legal person as its general agent, the latter shall designate as its representative a physical person who himself satisfies the requirements for being a general agent. A general agent for Lloyds shall have power of attorney sufficiently wide to attend court as defendant and to sign on behalf of the relevant Lloyds underwriters. Such power of attorney shall be formulated so that any dispute with Lloyds resulting from the insurance activity does not entail greater difficulties for insured persons than if the dispute were with an insurance company. CHAPTER III FREEDOM TO PROVIDE SERVICES Section 7 Cross-border services A foreign insurance company or pension fund having its head office in another Member State in the European Economic Area (EEA) may provide cross-border services in Norway provided that the insurance company or pension fund is authorised to carry on such business in its home Member State and is subject to supervision by the home Member State competent authorities. The insurance company may provide services included in one or more insurance classes specified in the annex to the first non-life directive (73/239/EEC) or to the life assurance directive (2002/83/EC), provided that these are encompassed by the authorisation given to the company in its home Member State. Section 8 Notification of cross-border services by insurance company The company may provide cross-border services in Norway as soon as the company has received confirmation from the supervisory authority in the company s home Member State that a notification of the planned activity has been sent to Kredittilsynet. Notification from the supervisory authority in the company s home Member State shall at minimum contain the following details: 1. Details of the insurance classes, groups of classes and any associated risks to be covered in Norway 2. Confirmation that the business is encompassed by the authorisation given to the insurance company in its home Member State 3

4 3. A certificate of solvency issued by the supervisory authority in the company s home Member State showing that the company complies with the minimum solvency margin required in respect its overall activity. If the company wishes to provide statutory non-life insurance the company must also provide the information required under the regulations specifically applying to such insurance. Section 8a Notification of cross-border services by pension fund A foreign pension fund having its head office in another Member State in the European Economic Area (EEA) which wishes to provide cross-border services in Norway must notify its home Member State competent authority. The home Member State competent authorities shall send a notification to Kredittilsynet. The notification from the pension fund's home Member State competent authority shall at minimum contain the following details: 1. Confirmation that the business is encompassed by the pension fund's authorisation in its home Member State 2. The name of the sponsoring undertaking 3. The main characteristics of the pension scheme to be operated for the sponsoring undertaking. Kredittilsynet may stipulate further rules on information regarding the main characteristics. The pension fund may start to exercise cross-border activities in Norway at the latest two months after Kredittilsynet has received notification as mentioned in second paragraph or after Kredittilsynet has informed the competent authority of the home Member State about the further requirements pertaining to the activities according to sections 10 and 11. Section 9 Changes in the company s activity Changes in particulars given pursuant to section 8, second paragraph, subparagraph 1 and 2, shall be notified to Kredittilsynet and the supervisory authority in the company s home Member State no later than the date on which the change is implemented. CHAPTER IV PROVISIONS ON THE ACTIVITY ETC. Section 10 Detailed rules on non-life and life-insurance activity in Norway The following provisions of Act no. 39 of 10 June 1988 on Insurance Activity (the Insurance Activity Act) and Act no 44 of 10 June 2005 on Insurance Companies and Pension Funds (the Insurance and Pensions Act) with appurtenant regulations, apply to business carried on in Norway. 1. Distribution of expenses etc. The Insurance Activity Act section 7-5, first paragraph, first sentence and Regulation no of 21 November 1989 section 3, second paragraph, shall apply. 2. Unreasonable premiums and insurance terms 4

5 The Ministry of Finance may pursuant to section 7-6 of the Insurance Activity Act prohibit a company from charging premiums which the Ministry considers unreasonable. Kredittilsynet may pursuant to section 7-7 of Insurance Activity Act prohibit a company from employing contractual terms which Kredittilsynet considers unreasonable. 3. Right to transfer accumulated funds The Insurance and Pensions Act chapter 11 with appurtenant regulations shall apply, with the exception of sections 11 to 14, sixth sentence, point Keeping of accounts, statements of account The Insurance Activity Act section 7-10 applies equally. The same applies to regulation of 26 May 1995 on the keeping of accounts and statements of account in life and pension insurance. 5. Right to profit accumulated in life insurance The Act on Insurance Activity section 8-1, first paragraph and third paragraph, second sentence, applies equally to the extent this is not regulated in the home Member State of the branch. The right to a reasonable share of the profit shall nonetheless be shown in the insurance terms, unless the terms provide that the insurance does not confer a right to a share of the profit. The insurance terms shall in such event state the date for allocation of profit, how the profit has been calculated and how the share of the profit - including the share of accumulated undistributed profit - shall be calculated in connection with losses and insured events, and with the transfer and repurchase of contracts. The following statutory provisions of Act no. 40 of 10 June 1988 on Financing Activity and Financial Institutions with appurtenant regulations apply to business carried on in Norway: Section 2-7 on co-operation agreements Section 2-11 on the duty to disclose information on prices and product packages Section 2-12 on the duty to disclose information to borrowers Section 12a on loan agreements with consumers etc. Section 2-13 on pricing Section 2-14 on product packages Section 2-17 on measures against money laundering. The Ministry of Finance may make exceptions from the provisions mentioned in this paragraph if an insurance company or pension fund is subject to corresponding provisions under the legislation of its home Member State. Section 11 Language Kredittilsynet may require that notification together with enclosures and other particulars that the company shall furnish to Kredittilsynet pursuant to this regulation shall be translated into Norwegian by a certified translator. Section 12 The non-life insurance companies guarantee scheme Kredittilsynet may lay down further rules on how foreign insurance companies having their head offices in another Member State in the European Economic Area shall satisfy requirements and conditions as to the insurance companies guarantee scheme, as provided by 5

6 and pursuant to the Act of Insurance Activity, Chapter 9, including rules on the implementation and limitation of such companies participation in such guarantee scheme. Section 13 Disclosure duty/accounts information etc. Kredittilsynet may lay down further rules on publication of accounts information. The provisions of Act no. 1 of 7 December on the Supervision of Credit Institutions, Insurance Companies and Securities Trading etc. (the Financial Supervision Act) regarding the disclosure duty apply equally. Kredittilsynet may at any time require a company offering insurance to present the general and special terms, forms and other printed documents used by the company in its business in Norway. Section 14 Supervision, sanctions and interventions Kredittilsynet supervises insurance companies' and pension funds' compliance with the provisions of this regulation, cf. Regulation no 1257 of 28 December 1993 on the supervision of financial institutions and managements companies whose head offices are located in another EEA Member State and which carry on business in Norway, etc. Kredittilsynet may according to the procedures relating to direct insurance business prescribed in the Insurance Directives and the IORP Directive 2003/41/EC, order an insurance company or pension fund to cease activities in Norway, if the insurance company or pension fund is guilty of gross or persistent violation of its obligations pursuant to other laws and regulations in force in Norway. The provisions of this section are subject to restrictions set forth in Article 40 of Council Directive 92/49/EEC, the corresponding article 46 (1 to 9) in Directive 2002/83/EC and article 20 in Directive 2003/41/EC. Section 15 Intervention at the request of the home Member State s supervisory authority Pursuant to this regulation, Kredittilsynet may, upon request from the supervisory authority of an insurance company or pension fund s home Member State, prohibit an insurance company or pension fund carrying on business in Norway pursuant to this regulation from controlling its assets in Norway, or restrict its control over the same. Section 16 Penalties The Insurance and Pensions Act section 16-1 applies in cases of wilful or negligent violation of this regulation and appurtenant provisions or orders. Section 17 Commencement This regulation comes into force immediately. The following regulations are simultaneously revoked: Regulation no of 28 December 1993 on branches of insurance companies having their head offices in another Member State 6

7 in the European Economic Area, and Regulation no. 716 of 7 July 1994 on insurance services in direct non-life insurance and direct life insurance. * * * See for English translations of other acts and regulations 7

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