Summary

The Icelandic insurance industry is supervised and regulated by the Financial Supervisory Authority (Fj?rm?laeftirliti? - FME) which was established in 1999. The FME was established in accordance with the Act on the Official Supervision of Financial Operations 1998 and the Act on the Payment of Cost Due to the Official Supervision of Financial Activities 1999. The FME plays a key role in the regulation and control of different sectors of the financial market, including the insurance industry.


Key Findings

  • The FME regulates and governs the Icelandic insurance industry
  • Solvency II was incorporated into the Insurance Act on October 1, 2016 when the new Act No. 100/2016 on Insurance Activity came into effect
  • FDI up to 100% is permitted in the Icelandic insurance industry
  • Fire insurance for buildings, personal accident insurance for drivers of motor vehicles, motor third-party liability insurance, Iceland catastrophic insurance are the classes of compulsory insurance in Icelandic insurance industry
  • Non-admitted insurance is not permitted in Iceland. However, EEA member state insurance companies are permitted to underwrite and sell non-admitted insurance contracts



The report "Governance, Risk and Compliance - The Icelandic Insurance Industry", is the result of extensive research into the insurance regulatory framework in Iceland. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

The report provides -

  • An overview of the insurance regulatory framework in Iceland
  • The latest key changes, and changes expected in the country’s insurance regulatory framework
  • Key regulations and market practices related to different types of insurance product in the country
  • Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Iceland
  • Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations
  • Details of the tax and legal systems in the country




Scope

  • The report covers details of the insurance regulatory framework in Iceland.
  • The report contains details of the rules and regulations governing insurance products and insurance entities.
  • The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
  • The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
  • The report provides details of taxation imposed on insurance products and insurance companies.




Reasons To Buy

  • Gain insights into the insurance regulatory framework in Iceland.
  • Track the latest regulatory changes, and expected changes impacting the Iceland insurance industry.
  • Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
  • Understand key regulations and market practices pertaining to various types of insurance product.