Regulatory Alerts2016-01-27
Deficiencies in Mandatory Insurance for Insurance Intermediaries
The Norwegian Financial Supervisory Authority issued this circular to address observed deficiencies in mandatory liability and fidelity insurance certificates submitted by insurance intermediaries. It mandates that certificates explicitly reference the Insurance Intermediation Act and Regulations, maintain adequate coverage amounts adjusted for regulatory changes and currency fluctuations, and clearly identify all insured entities and the EEA-based insurer. Furthermore, intermediaries must submit valid documentation annually via Altinn within one month of renewal, with agency companies relying on principal insurers required to provide dated, signed confirmation letters covering statutory liabilities.
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