Synopsis
Timetric’s 'Governance, Risk and Compliance – The Icelandic Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Iceland.
It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.
The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.
Scope
• The report covers details of the insurance regulatory framework in Iceland.
• The report contains details of the rules and regulations governing insurance products and insurance entities.
• The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
• The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
• The report provides details of taxation imposed on insurance products and insurance companies.
Summary
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.
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.
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.
Table Of Contents
1 INTRODUCTION
1.1 What is this Report About?
1.2 Definitions
2 GOVERNANCE, RISK AND COMPLIANCE
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulation
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Fire insurance for buildings
2.4.2 Iceland catastrophic insurance
2.4.3 Aircraft liability insurance
2.4.4 Motor third-party liability insurance
2.4.5 Clinical trials liability insurance
2.4.6 Professional indemnity insurance for insurance brokers
2.4.7 Professional indemnity insurance for stock brokers and brokerage firms
2.4.8 Professional indemnity insurance for alternative investment fund managers
2.4.9 Liability insurance for ships with respect to oil pollution
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 European Insurance and Occupational Pensions Authority
2.5.3 Financial Supervisory Authority
2.5.4 Icelandic Financial Services Association
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and penalties
2.7 Company Registration and Operations
2.7.1 Type of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margin
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution
3 APPENDIX
3.1 Methodology
3.2 Contact Timetric
3.3 About Timetric
3.4 Timetric’s Services
3.5 Disclaimer
List Of Tables
Table 1: Insurance Industry Definitions
Table 2: Iceland - Insurance Regulatory Framework Key Features
Table 3: Iceland - Life Insurance Regulatory Framework
Table 4: Iceland - Property Insurance Regulatory Framework
Table 5: Iceland - Motor Insurance Regulatory Framework
Table 6: Iceland - Liability Insurance Regulatory Framework
Table 7: Iceland - Corporate Tax Rates for the Financial Year 2017
List Of Figures
Figure 1: Iceland - The Three Pillars of Solvency II
Figure 2: Iceland - Insurance Supervision and Control at Various Levels
Figure 3: Iceland - Insurance Regulatory Frameworks for Company Registration and Operation
