|Report Name:||Governance, Risk and Compliance – The Icelandic Insurance Industry|
|Issue Date:||June 2017|
|Brief:||The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Iceland, including:|
• 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.
|Key Highlights:||• The Icelandic insurance industry is regulated and governed by the Financial Supervisory Authority.
• 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
• Stamp duty was abolished from January 1, 2014.
• 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.
|Reasons To Buy:||• Gain insights into the insurance regulatory framework in Iceland.
• Track the latest regulatory changes, and expected changes impacting the Icelandic 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.||