Endring forsikringsvirksomhetsloven §7-7

On 8 November 2024, the Norwegian Government submitted to Parliament an amended legislation concerning section 7-7 of the Insurance Activities Act relating to premiums in non-life insurance.

The proposal is to remove a requirement that the insurance premium must be tied up for specific periods of time. This will give Norwegian non-life insurance companies better opportunities to compete with foreign players, for example in the market for insurance of offshore wind developments, where it is desirable to enter into contracts with a duration exceeding four years.

Cefor welcomes the amendment, which was first addressed by Cefor in an inquiry to the Ministry in December 2022.

The amended legislation was adopted by the Norwegian Parliament (Stortinget) in mid December 2024 and entered into force 1 January 2025.

Prp. 10 L (2024-2025)

Recommendation Parliamentary committee 6 Dec 2024