European Insurance Agency (EIA) and applicable rules

In consultation with ØKOKRIM (the National Authority for Investigation and Prosecution of Economic and Environmental Crime), Kredittilsynet has reported European Insurance Agency AS, c/o its general manager, to Asker and Bærum Police District for selling insurance without genuine cover.

Since Kredittilsynet does not currently oversee the activities of insurance agents, including EIA, the only way to stop the company from selling fake insurance was to report it to the police.

New legislation on insurance mediation is due to bring insurance agents under Kredittilsynet’s oversight, however. The new body of rules, which is expected to come into force on 1 January 2006, requires insurance agents to apply for authorisation to carry on business by 1 July 2006. After that date anyone providing insurance agency services will be under oversight and subject to reporting requirements.

Insurance brokers who have mediated insurance for EIA are now being monitored by Kredittilsynet to see if their routines and quality are up to standard and if any steps need to be taken in that connection. The brokers involved are now finding a new insurer for the policyholders concerned.

Contact person:
Head of Section Hanne Myre, tlf. 22 93 97 07, mobile 99 28 48 04