Published: 8 November 2022
In Norway, customer interests are safeguarded through a number of guarantee schemes.
Coverage for bank customers
All banks with a Norwegian licence have the right and obligation to be members of the Norwegian Banks' Guarantee Fund. Deposits in Norwegian banks are covered by the fund.
On the Guarantee Fund’s website, you will find general information about the fund and more information about subjects such as:
- Norwegian banks’ deposit guarantee scheme
- Guarantee for deposits in other European countries
- List of members of the Guarantee Fund
Deposits in Norwegian banks' branches abroad
The deposit guarantee covers deposits at Norwegian banks' branches abroad for up to EUR 100,000. According to Norwegian rules, the coverage provided for deposits in a foreign branch of a Norwegian bank shall not exceed the coverage limit in the branch’s home state. The branch is obliged to specify which guarantee applies to the depositors in the relevant country.
Deposits in foreign banks in Norway
If the bank has been granted a licence by the Norwegian authorities, it is considered to be a Norwegian bank and is subject to the same legislation and arrangements that apply to Norwegian banks. This principle applies even if the bank is owned, in whole or in part, by a foreign entity. However, if a foreign bank operates in Norway through a branch or through other cross-border activity, it is considered to be domiciled in its home state. Deposits in such banks are not covered by the Norwegian guarantee scheme.
Foreign banks with a branch in Norway may become members (branch members) of the Norwegian Banks' Guarantee Fund if they so wish.
A number of credit institutions engage in cross-border activities and have notified the establishment of branches or cross-border activities in Norway and the establishment of branches abroad.
Banks' disclosure requirement
Norwegian and foreign banks are obliged to give you, as a customer, written information about which deposit guarantee scheme applies to their operations. Information about the relevant guarantee shall be provided in Norwegian in an easily understandable manner.
Coverage for non-life insurance clients
The guarantee scheme for non-life insurance basically covers all claims made by policyholders, insured persons and claimants under non-life insurance contracts when the insured risk is in Norway.
However, the guarantee scheme does not cover
- insurance claims related to credit insurance contracts
- life insurance provided by non-life insurers
- energy insurance
- aviation insurance
- marine insurance excluding coastal hull insurance
- business insurance for large enterprises
- insurance claims from public bodies
- insurance through a captive
The guarantee scheme nevertheless covers compulsory liability insurance within these lines of business.
The guarantee scheme does not cover more than 90 per cent of individual claims, apart from claims under home insurance and compulsory liability insurance contracts, which are covered 100 per cent.
In any case, the guarantee scheme does not cover individual claims in excess of NOK 20 million.
With some exceptions, all Norwegian insurers and branches of foreign undertakings offering direct non-life insurance in Norway are members of the guarantee scheme. Finanstilsynet acts as secretariat for the guarantee scheme.
Coverage for life insurance clients
There is no guarantee scheme for life insurers and pension undertakings. Life insurance customers are protected through the solvency framework for insurance and pensions.
Coverage for customers of investment firms
Clients' funds and financial instruments provided by investment firms are covered by up to NOK 200,000. More information can be found on the website of the Norwegian Investor Compensation Scheme.