Insurance is an industry with longstanding traditions. It is currently seeing rapid development adapted to technological development and internationalisation. Practically anything can be insured, and insurance is also used as an investment product. For the sake of the insurance customers and fair competition between operators, a number of demands are imposed, not only on the contents of the insurance products, but on the operators and their conduct when communicating them. Norwegian law is much influenced by EU law. However, Norway holds a unique position as an EEA member state and since the Norwegian interpretation of the framework conditions is more restrictive than otherwise in Europe it may be difficult to navigate correctly. Currently, this is particularly relevant as the Insurance Distribution Directive (the IDD) is being incorporated into Norwegian law, which will result in the restructuring of the insurance and insurance mediation business currently conducted in Norway over the next few years.
Wiersholm knows the insurance industry. We have lawyers who are members of law committees and teach the subjects. In addition, Wiersholm is the close advisor to most operators in the insurance industry and provides advisory services on everything from establishment to operations. As lawyers in dispute matters, we therefore are in a unique position, because we know the industry so well.
Wiersholm has in-depth experience in, among other things, the establishment of insurance and insurance mediation undertakings, negotiation of agreements between insurance intermediaries, especially in the affinity business, advisory services related to the legality and appropriateness of insurance products, communication with the Financial Supervisory Authority of Norway in connection with supervision of insurance operators, assistance in disputes between insurance operators and assistance to parties of traditional insurance claim disputes, both in respect of customers and companies.