Regulatory Alerts2011-05-04
Finanstilsynet's Procedures for Notification of Cancellation or Termination of Insurance for Insurance Intermediaries
The Norwegian Financial Supervisory Authority (Finanstilsynet) mandates that insurance companies notify the regulator via email when an intermediary's liability insurance is cancelled or lapses. This notification triggers a mandatory one-month waiting period before the termination becomes effective against third parties, ensuring continuous coverage for potential claims. The circular outlines specific data requirements for these notifications and clarifies that companies maintaining their own agent registers remain liable for intermediaries' obligations until proper updates are made.
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