Transparency in the insurance sector

The Central Bank of Iceland discloses specific information on insurance activities, in accordance with the law and EU directive regarding laws, administrative provisions and general guidelines, supervisory procedures, statistical data and more.

In­form­a­tion is dis­closed as provided for in Art­icle 30 of Act no. 100/2016 (Icelandic) on In­sur­ance Activ­it­ies cf. Reg­u­la­tion no. 55/2022 on the entry into force of European Union reg­u­la­tions on in­sur­ance activ­it­ies and in­sur­ance groups, which im­ple­ments Commission Implementing Regulation (EU) 2015/2451 laying down implementing technical standards with regard to the templates and structure of the disclosure of specific information by supervisory authorities in accordance with Directive 2009/138/EC.

The information, which the Central Bank discloses in accordance with paragraph 2 of Article 31 of Directive 2009/138/EC, can be seen below:

Laws and guidelines which apply to the activities of insurance companies can be found on the Central Bank’s website.

The general criteria and methodology of the Central Bank’s supervisory procedures for insurance companies are published on the Central Bank’s website (only in Icelandic).

Templates for the disclosure of information regarding the exercise of options as provided for in point (d) of the second paragraph of Article 31 of Directive 2009/138/EC.

The templates are developed by the European Insurance and Occupational Pensions Authority (EIOPA) and published in Commission Implementing Regulation (EU) no. 2015/2451, technical standards with regard to the disclosure of supervisory authorities. One of the objectives of the disclosure of information is to facilitate the comparison of the implementation of supervision between supervisory authorities within the European Economic Area.