Sections 5-2 and 5-5 of the Norwegian Financial Institutions Act regulate the process to be followed by institutions in an EEA member state wishing to operate in Norway. After Brexit, the operations of UK financial institutions in Norway will no longer be regulated by Sections 5-2 or 5-5 of the Financial Institutions Act.
In order to carry on business in Norway from a state outside the EEA, the financial institution must establish a branch pursuant to Section 5-6. Such establishments require a licence from the Norwegian authorities.
Transitional or special rules may be introduced for the operations of UK financial institutions in the EEA/Norway, but this has yet to be decided.
Insurance business and insurance mediation
After Brexit, Norwegian insurance intermediaries will not have the opportunity to mediate insurance policies to UK insurers to a greater extent than to other countries outside the EEA. This applies to both new policies and renewals.
Finanstilsynet assumes that insurance contracts that have already been entered into will remain valid after Brexit and that Brexit in itself will provide no basis for terminating the contracts. Norwegian customer protection rules will still apply after Brexit, e.g. the Insurance Contracts Act. Finanstilsynet refers to Sections 3-6 and 12-3 of the Insurance Contracts Act, according to which a policyholder may terminate the insurance contract at one month’s notice when the contract is transferred to another insurer.