On Dec. 13, DEN GVT issued order on licensing certain insurance.
DEN GVT issued executive order (OG BEK 1516) on licensing of non-life insurance companies and captive reinsurance companies, s. 20(2), Insurance Business Act718.
Full title is Act on Insurance Business in Cross-Sector Pension Funds, Life Insurance Companies and Non-Life Insurance Companies etc. (Act on Insurance Business).
Insurance Business Act 718, as of Jun. 13, 2023 is amended by this executive order.
Details of Authorization Requirements
Order contains details on application for a permit, information required for authorization, in relation to assessment of risk and classification of insurance classes.
Effectiveness
Executive order will enter into force on Jan. 1, 2025.
However, executive order 1233 of Oct. 22, 2007 on the authorization of non-life insurance companies and captive self-insurance companies is repealed.
