Meginmál

Insurance activities

The Cent­ral Bank of Ice­land (CBI) main­tains for­ward-look­ing and risk-ori­ented su­per­vi­sion of the activ­it­ies of in­sur­ance un­der­tak­ings, ana­lyses the main risk factors in their op­er­a­tions, and mon­it­ors mar­ket de­vel­op­ments.

The Cent­ral Bank of Ice­land also mon­it­ors the com­pli­ance of en­tit­ies in the in­sur­ance mar­ket with the laws that ap­ply to their activ­it­ies and that ap­pro­pri­ate meas­ures are taken when ne­ces­sary. The CBI also mon­it­ors the prac­tices of en­tit­ies in the in­sur­ance mar­ket with re­gard to nor­mal and sound busi­ness prac­tices.

Q&A on insurance market

The Cent­ral Bank of Ice­land is­sues ques­tions and an­swers in or­der to in­crease trans­par­ency in the im­ple­ment­a­tion of su­per­vi­sion and, at the same time, provide reg­u­lated parties and other parties con­cerned, greater se­cur­ity in the ap­plic­a­tion of laws and reg­u­la­tions.

Merger of insurance companies and the transfer insurance portfolios

A mer­ger of in­sur­ance com­pan­ies, which in­volves trans­fer­ring all as­sets and li­ab­il­it­ies to a new or ac­quir­ing com­pany without li­quid­a­tion, re­quires ap­proval from the Fin­an­cial Su­per­vis­ory Au­thor­ity.

Repurchase of insurance companies

The re­pur­chase of an in­sur­ance com­pany, which re­duces ba­sic own-­fund items, re­quires prior ap­proval from the Fin­an­cial Su­per­vis­ory Au­thor­ity.

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