Insurance Law in Norway
Insurance Law in NorwayUpdated on Sunday 11th June 2017
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Insurance Law in Norway refers to the elaboration of insurance contracts as well as on the classes of insurances which are compulsory. Regardless of the domain of activity of your company, the Insurance Law is of outmost importance for both businesses and individuals. Liability insurances as well as employee insurances are just a few such documents with which companies will most likely deal often. In order to be prepared for any situations in which your company may need to apply the provisions of the Insurance Law in Norway, you can rely on the expertise of our law firm in Norway.
Who may be directly concerned with Insurance Law in Norway
If you intend to open an insurance business in Norway you will be directly interested in knowing the Insurance Act in detail. The Norwegian Law requires from the founders an authorization which can be obtained from the Ministry of Finance. The Norwegian Financial Supervisory Authority (NFSA) is the authority which needs to be notified for the formation of an insurance business in Norway.
Even if the area of your business is not directly related to the insurance sector, you will need to be familiarized with the Insurance Law in Norway in those aspects which refer to employment and the safety of the employee. Medical insurances for your workers are another example probing the importance of the Insurance Act for Norwegian companies.
Our Norwegian lawyers are ready to present you in detail how the Insurance Act interferes with the implementation of your business objectives in this country.
Provisions of Insurance Act in Norway
The Insurance Act in Norway provides regulations on the rights of the insured as well as on the conditions in which they must make proof of insurance ownership, and it states what clauses an insurance contract needs to include. An important aspect which is clarified through an insurance contract is the time limit for reporting a situation for which insurance needs to be used.
Moreover the law stipulates aspects concerning the taxation imposed on insurance premiums. Several limits for the insurers, in terms of permissible commissions and brokerages, are also settled through the Insurance Act in Norway. The Norwegian legislation concerning insurance deals as well with those situations in which an investor might need reinsurance.
Don’t hesitate to contact our attorneys in Norway when you intend to begin the elaboration of an insurance contract as well as for representation in insurance related conflicts.