Norway's Department of Finance has sent for consultation two papers from the Financial Supervisory Authority of Norway setting out proposed legislative and regulatory changes to implement expected European Economic Area rules on amendments to the Solvency II Directive and a new recovery and resolution framework for insurance undertakings, the Insurance Recovery and Resolution Directive (IRRD). The Solvency II proposals aim to strengthen insurers’ role as institutional investors in capital markets, increase proportionality, make capital requirements more risk-sensitive, ensure the handling of sustainability risks, strengthen supervision of insurance groups, and improve resilience to systemic risk. The IRRD proposals would require a specified national crisis-management framework intended to protect insurance customers and safeguard financial stability by equipping firms and authorities with tools to prevent and manage crises at an early stage; while the directive does not harmonise guarantee schemes, the consultation notes that implementation should also consider how it should interact with Norway’s existing guarantee scheme for non-life insurance. The consultation deadline is 14 July 2026.
Department of Finance (Norway) 2026-04-21
Norway's Department of Finance launches consultation on Solvency II amendments and new insurance crisis management framework under IRRD
The Norwegian Department of Finance has launched a consultation on proposals from the Financial Supervisory Authority of Norway to implement expected EEA rules amending Solvency II and introducing the Insurance Recovery and Resolution Directive. The Solvency II changes focus on enhancing insurers’ role as institutional investors, proportionality, risk sensitivity of capital requirements, sustainability risk management, group supervision and systemic resilience, while the Insurance Recovery and Resolution Directive proposals would establish a national crisis-management framework for insurers and address interaction with Norway’s existing non-life insurance guarantee scheme.