Permit to establish insurance companies
You must have a license to operate an insurance business in Norway. There are different licenses in relation to the undertaking you intend to operate. You must have a license to operate a:
- non-life insurance undertaking
- credit insurance undertaking
- life insurance undertaking
A license is granted for one or more insurance classes, or for part of an insurance class.
About this form
Anyone who intends to operate an insurance business involving non-life insurance, credit insurance and/or life insurance in Norway.
Requirements for the contents of the application are stipulated in Chapter 3 of the Financial Institutions Act.
In order to establish an insurance business, requirements are set for necessary experience for board members, the CEO or other person who will actually manage the business.
Non-life insurance undertakings and credit insurance undertakings
Non-life insurance undertakings and credit insurance undertakings must have total start-up capital in an amount in Norwegian kroner at least equivalent to EUR 2.5 million, but this must be EUR 3.7 million if the undertaking has acquired insurance policies stated in Section 3-4, subsection 3 (b) of the Financial Institutions Act.
Life insurance undertakings
A life insurance undertaking must have total start-up capital in an amount in Norwegian kroner at least equivalent to EUR 3.7 million.
Applicants have a right to appeal under Section 28 of the Public Administration Act.
