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STOREBRAND ASA: Finanstilsynets (Norwegian FSA's) assessments of permanent and transitional measures under Solvency II

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Solvency II is a regulatory solvency framework that applies to all insurance companies in the EU and the European Economic Area from 2016. The Norwegian FSA has in the letter of the 8th of September suggested to the Ministry of Finance the implementation of permanent and transitional measures of the Omnibus II directive in Norway.

The key issues addressed in the letter are:

  • The Norwegian FSA recommends that Norwegian insurance companies are permitted to use the Volatility Adjustment. This is a technical specification that increases the level of the discount rate used to discount insurance liabilities. This is a permanent measure.
  • The Norwegian FSA recommends that Norwegian insurance companies are permitted to use the transitional rule that state that any increase in insurance liabilities as a consequence of Solvency II can be phased in over a maximum period of 16 years.

The Norwegian FSA's assessment and recommendations will be subject to a public hearing in connection with a final proposal for regulations. The final proposal is expected to be sent from the Norwegian FSA to the Ministry of Finance in October/November 2014.

The clarifications concerning use of the Omnibus II measures are important for the company's adaptation to Solvency II, and it is positive that the Norwegian FSA opens up for use of permanent and transitional measures in Norway.

Lysaker 8th September 2014

Contact persons

Director of Public Affairs Jan Otto Risebrobakken T: +47 48 08 26 02

Head of Investor Relations Trond Finn Eriksen T: +47 99 16 41 35

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