ICELAND: Financial Supervisory Authority Issues Rules on the Normal and Sound Business Practices of Financial Undertakings and Insurance Companies

Friday July 28 2017

The Financial Supervisory Authority has issued Rules on the normal and sound business practices of financial undertakings. The rules deal with what constitutes the normal and healthy business processes of financial undertakings as per. Article 19 Act no. 161/2002 on Financial Undertakings and Rules on the normal and sound business practices of insurance companies that deal with the normal and healthy business practices of insurance companies according to Art. Articles 9 and 10 Act no. 100/2016 on insurance activities.

The purpose of the rules is to promote the functioning of companies in the relevant markets in accordance with normal and sound business practices. The rules are also intended to enhance trust and credibility in the financial and insurance market.

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