Norway:Financial Sector Assessment Program-Technical Note-Insurance Sector Oversight

Financial Sector Assessment Program-Technical Note-Insurance Sector Oversight

Volume/Issue: Volume 2020 Issue 263

Publication date: August 2020

ISBN: 9781513553153

$18.00

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Topics covered in this book

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Finance , ISCR , CR , FSA issues circular , FSA-run stress test , insurance undertaking , risk outlook , inspection program , main focus , nonlife insurance , risk assessment , balance sheet , rate of return , guarantee scheme , profitability prospects , FSA department , Insurance companies , Insurance , Financial stability assessment , Solvency , Stress testing , Europe

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Summary

The Norwegian insurance sector is well-capitalized. In recent years, the authorities have taken steps to recapitalize weak insurers and to boost capital for the overall industry. Risk-resilience has been strengthened by stronger retention of profits leading to accumulation of reserves, better risk management, and higher capital in the run-up to the implementation of the Solvency II regulatory regime.