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Report Name:Governance, Risk and Compliance – The Icelandic Insurance Industry
Issue Date:June 2017
Price:$950
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.
Scope:
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.




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