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Insurance in Iceland

The insurance market in Iceland, as well as all financial market, is regulated by Control on financial supervision of Iceland according to the country legislation. The first regulatory legal act about insurance activities in the country was adopted in 1973. Since then the legislation of Iceland in this sphere repeatedly changed.

The insurance market of Iceland is regulated by the regulations adopted by parliament of the country, Alting, and Control on financial supervision of Iceland and also legal acts of the European association of the free trade and the European economic zone as Iceland is included in these European contracts and the organizations. The principal laws regulating the insurance market of Iceland, are: Law on insurance activities No. 60/1994, Law on insurance contracts No. 30/2004, Law on official supervision of financial operations No. 87/1998 and others. As financial crisis very strongly affected the insurance market of Iceland, on June 10, 2010 the parliament of the country adopted the new law on insurance.

The insurance companies of Iceland having the license for implementation of insurance activities, are:

  • European Risk Insurance Company
  • Íslensk endurtrygging hf.
  • Líftryggingafélag Íslands hf.
  • Líftryggingamiðstöðin hf.
  • Okkar Líftryggingar hf.
  • Sjóvá-Almennar líftryggingar hf.
  • Sjóvá-Almennar tryggingar hf.
  • Trygging hf.
  • Tryggingamiðstöðin hf.
  • Vátryggingafélag Íslands hf.
  • Viðlagatrygging Íslands
  • Vörður líftryggingar hf.
  • Vörður tryggingar hf.

Category: Insurance history in the different countries of the world | Added by: Chance23 (26.04.2014)
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