Section 1-1.Purpose

The purpose of this Act is to establish conditions for the mediation of insurance contracts to take place in a secure, orderly and efficient manner, and to help ensure that policyholders enter into insurance contracts in conformance with their insurance needs.

Section 1-2.Scope of application

This Act applies to insurance mediation in Norway and to Norwegian insurance intermediaries’ activities abroad. Except as otherwise provided by law or pursuant to law, the Act applies to all types of insurance contracts, including reinsurance contracts.

With respect to foreign insurance intermediaries that carry on, or intend to carry on, business in Norway through a branch or through cross-border operations, the Act applies to the extent provided by chapter 5.

The King may by regulations lay down rules on the extent to which the Act shall be made applicable to Norway’s economic zone and to Svalbard, Jan Mayen and the dependencies. The King may establish special rules to accommodate local circumstances.

Section 1-3.Insurance mediation

By insurance mediation is meant professional intermediary activity consisting in the distribution of insurance.

The following are considered as insurance distribution:

The following are not considered as insurance distribution:

In case of doubt Finanstilsynet shall decide whether or not an undertaking is engaged in insurance mediation.

Section 1-4.Exemptions from the Act

Except as otherwise provided by law or pursuant to law, this Act does not apply to insurance mediation practised by an insurance undertaking.

The ministry may in special cases exempt undertakings from one or more provisions of the Act and set conditions for such exemption. The ministry may by regulations make rules to the effect that one or more of the provisions of the Act shall not apply to certain undertakings, to the mediation of specified insurances or to mediation to specific customer groups.

Section 1-5.Regulations

The ministry may by regulations make rules concerning the implementation, supplementation or delimitation of the Act.

Section 2-1.Insurance broking

By insurance broking is meant insurance mediation consisting in the provision of advice to the customer based on an analysis of as broad a range of insurance solutions available on the market as possible, or in introducing the customer to insurance solutions from one or more insurance undertakings without an explicit agreement having been concluded with the insurance undertakings to that end.

Section 2-2.Reinsurance broking

By reinsurance broking is meant insurance mediation consisting in the provision of advice to an insurance undertaking prior to the conclusion of reinsurance contracts based on an analysis of as broad a range of insurance solutions available on the market as possible, or in introducing an insurance undertaking to insurance solutions from one or more reinsurance undertakings without an explicit agreement having been concluded with reinsurance undertakings to that end.

Section 2-3.Insurance agent activities

By insurance agent activities is meant insurance mediation on behalf of one or more insurance undertakings where the insurance agent acts under the full responsibility of the insurance undertaking for the insurances that are mediated.

Section 2-4.Ancillary insurance agent activities

By ancillary insurance agent activities is meant insurance mediation consisting in offering insurance contracts on behalf of one or more insurance undertakings, where the following conditions are met:

The requirement of registration under section 3-1 does not apply to ancillary insurance agent activities consisting in the mediation of insurances where

Section 3-1.Right to carry on insurance mediation

Except as otherwise provided by law or pursuant to law, insurance mediation may only be carried on by entities that are authorised to carry on insurance mediation or reinsurance mediation or that are registered as insurance agents or ancillary insurance agents in Finanstilsynet’s registry.

Section 3-2.Application to carry on insurance mediation

An application to carry on insurance mediation shall be sent to Finanstilsynet. The application shall state what is being applied for, and shall contain the information considered to be of significance for processing the application, including

The application shall be processed within three months of its receipt. Should the application not contain the information needed for Finanstilsynet to process the application, the deadline shall be reckoned from the date such information was received by Finanstilsynet.

The ministry may by regulations lay down rules to supplement the provisions of this section.

Section 3-3.Registration as an insurance agent or ancillary insurance agent, control of compliance with conditions etc.

In the case of entities having an insurance mediation contract with an insurance undertaking or the insurance undertaking’s agents, the insurance undertaking shall ensure that the conditions for registration set out in section 3-4 are met. Where the conditions are met, the insurance undertaking shall provide confirmation thereof to the entity.

An application for registration as an insurance agent or ancillary insurance agent shall be accompanied by confirmation referred to in the first subsection as documentation that the conditions for registration are met. Finanstilsynet may request supplementary information of significance for Finanstilsynet’s processing of the application.

The ministry may by regulations lay down rules concerning the insurance undertaking’s confirmation, termination of the agency contract and retention of documentation.

Section 3-4.Authorisation, registration, conditions etc.

Finanstilsynet may upon application grant an entity authorisation to carry on insurance broking or reinsurance broking or register an entity as an insurance agent or ancillary insurance agent. Conditions may be set for such authorisation or registration. Finanstilsynet may only grant authorisation to or register entities that meet the following conditions:

Finanstilsynet may refuse authorisation or registration where circumstances are present which are likely to impede effective supervision of the insurance intermediary.

The ministry may make regulations that provide exemption from, delimit or supplement the provisions of this section.

Section 3-5.Commencement of business

Insurance mediation may not be commenced until the entity concerned is listed in Finanstilsynet’s registry.

Section 4-1.Establishment of a branch in another EEA state

Before a Norwegian insurance intermediary can establish a branch or other permanent presence in another EEA state, the undertaking shall notify Finanstilsynet thereof.

The notification shall at least include

Finanstilsynet shall send notification of the branch establishment to the host country within one month of receipt of notification of the branch establishment, unless there is reason to assume that the insurance intermediary’s organisation or financial situation is not tenable in relation to the planned business.

The insurance intermediary may commence business one month after the host country has received notification of the branch establishment from Finanstilsynet, except where Finanstilsynet confirms that the business may commence at an earlier point in time. Such confirmation may only be given provided Finanstilsynet has been informed of which body of rules is to apply to the business.

The insurance intermediary shall notify Finanstilsynet of any change in matters referred to in the second subsection no later than one month before the change is put into effect.

The ministry may make regulations that provide exemption from, delimit or supplement the provisions of this section.

Section 4-2.Cross-border business in another EEA state

Before a Norwegian insurance intermediary can offer cross-border services in another EEA state, it shall notify Finanstilsynet thereof.

The notification shall at least include

Finanstilsynet shall forward the notification to the host country’s supervisory authority within one month of receiving the notification. The insurance intermediary may commence business once the host country has received notification from Finanstilsynet. Finanstilsynet shall concurrently disclose where the intermediary can find information on the body of rules that will apply to its business.

The undertaking shall notify Finanstilsynet of any change in particulars referred to in the second subsection no later than one month before the change is put into effect.

The ministry may make regulations that provide exemption from, delimit or supplement the provisions of this section.

Section 4-3.Norwegian insurance intermediary’s business outside the EEA

A Norwegian insurance intermediary intending to carry on business in a state not covered by the EEA Agreement shall give Finanstilsynet notification thereof.

Finanstilsynet may prohibit the mediation of insurances to an insurance undertaking headquartered in a state outside the EEA if such insurance carries conditions or premiums which Finanstilsynet considers to be inadequate or unreasonable.

The ministry may make regulations that provide exemption from, delimit or supplement the provisions of this section. The ministry may also lay down rules concerning the content of notifications and Finanstilsynet’s processing of notifications and set requirements for the business engaged in by the insurance intermediary abroad.

Section 5-1.Branch of an insurance intermediary registered in another EEA state

An insurance intermediary registered in another EEA state may pursue, through a branch in Norway, the same business as it is entitled to pursue under its authorisation in its home state. The branch may be established one month after Finanstilsynet’s receipt of the following information from the supervisory authorities of the insurance intermediary’s home state:

Finanstilsynet shall within one month of receiving the above information from the supervisory authority of the insurance intermediary’s home state, give the supervisory authority of the home state notification that the branch can be established, and at the same time provide an overview of the rules governing the business in Norway. If the insurance intermediary is establishing a branch or undertaking a similar establishment encompassed by Act of 21 June 1985 No. 78 on Registration of Business Enterprises, it must register the latter with the Register of Business Enterprises before the business can commence.

The ministry may make regulations that provide exemption from, delimit or supplement the provisions of this section. The ministry may also lay down rules as to which information is to be received by Finanstilsynet from the supervisory authorities of the insurance intermediary’s home state.

Section 5-2.Application of rules on the establishment of branches

The provisions of section 5-1 of this Act on the establishment of branches apply to any permanent presence that an insurance intermediary headquartered in another EEA state has in Norway. This shall nonetheless not apply where an insurance intermediary is established in its own right in Norway.

The ministry may by regulations lay down rules to supplement this section, including with respect to what types of business are encompassed by the rules governing the establishment of branches.

Section 5-3.Cross-border business from an insurance intermediary registered in another EEA state

An insurance intermediary registered in another EEA state may engage in cross-border business in Norway to the extent that the undertaking has authorisation in its home state. The undertaking may commence business in Norway immediately Finanstilsynet has received notification from the supervisory authorities of the undertaking’s home state with the following information:

The ministry may make regulations that provide exemption from, delimit or supplement the provisions of this section.

Section 5-4.Business of insurance intermediaries registered in another EEA state

Branches engaged in insurance mediation in Norway under the rules of section 5-1 are subject to the provisions laid down in and pursuant to chapter 1, section 8-1 third subsection, sections 8-4, 8-8, 9-1, 9-3, 9-4, 10-1, 10-2 and 10-4.

Insurance intermediaries engaged in cross-border activities in Norway under the rules of section 5-3 are subject to the provisions laid down in or pursuant to chapter 1, section 8-1 third subsection, sections 8-4, 8-8, 9-1, 9-3, 9-4, 10-1, 10-2 and 10-4.

The ministry may make regulations that provide exemption from, delimit or supplement the provisions of this section. The ministry may by regulations or administrative decision make an exemption if the undertaking’s business is regulated by corresponding provisions laid down by the authorities of the home state.

Section 5-5.Insurance intermediary headquartered outside the EEA

An insurance intermediary headquartered outside the EEA may under special authorisation from Finanstilsynet establish a branch in Norway. The provisions laid down in and pursuant to this Act apply equally to the branch insofar as appropriate.

Authorisation under the first subsection, first sentence, may only encompass business corresponding to the business the undertaking is authorised to carry on in its home state, and only provided that the undertaking is subject to adequate supervision in its home state. Before a foreign insurance intermediary commences its business in Norway, satisfactory collaboration on supervision shall have been established between the supervisory authorities of the undertaking’s home state and Finanstilsynet.

The ministry may be regulations lay down rules to supplement the provisions of this section.

Section 6-1.Qualification requirements for persons within the management of insurance intermediaries and insurance agents

Board members, deputy board members, the CEO and other persons within the actual management of the insurance intermediary shall at all times have the qualifications and the professional experience needed to discharge the position or office.

The CEO and other persons within the actual management of the insurance intermediary shall each year undergo at least 15 hours of continuing education that is relevant to the business, and that is approved by Finanstilsynet. Such continuing education shall be documented.

The ministry may make regulations that provide exemption from, delimit or supplement the provisions of this section. The ministry may also set knowledge and competence requirements and lay down rules concerning continuing education.

Section 6-2.Qualification requirements for insurance brokers

An insurance broker shall at all times have the knowledge and competence required for the business of the insurance intermediary, and shall at least meet the requirements as to knowledge and competence set out in regulations adopted pursuant to the third subsection.

The insurance intermediary shall ensure that brokers attached to the undertaking each year undergo at least 15 hours of continuing education that is relevant to the business, and that is approved by Finanstilsynet. Such continuing education shall be documented.

The ministry may make regulations that provide exemption from, delimit or supplement the provisions of this section. The ministry may also set knowledge and competence requirements and lay down rules concerning continuing education.

Section 6-3.Qualification requirements for insurance agents

An insurance agent shall at all times have the knowledge and competence required for the insurance agent’s business, and shall at least meet the requirements as to knowledge and competence set out in regulations adopted pursuant to the third subsection.

The insurance agent shall ensure that agents attached to the undertaking each year undergo at least 15 hours of continuing education that is relevant to the business, and that is approved by Finanstilsynet. The continuing education shall be documented.

The ministry may make regulations that provide exemption from, delimit or supplement the provisions of this section. The ministry may also set knowledge and competence requirements and lay down rules concerning continuing education.

Section 6-4.Qualification requirements for ancillary insurance agents

An ancillary insurance agent’s CEO and other persons within the actual management that are responsible for the insurance mediation business shall at all times have the qualifications and experience required to discharge the insurance mediation tasks.

Other persons that are directly involved in insurance mediation shall at all times have the knowledge and competence required for the business to be pursued, which shall at minimum include completion of satisfactory training approved by the insurance undertaking on behalf of which the ancillary insurance agent mediates insurance contracts.

The ministry may make regulations that provide exemption from, delimit or supplement the provisions of this section.

Section 6-5.Good repute requirements

Persons referred to sections 6-1 to 6-4 shall not have been convicted of a criminal offence or in their position or in their performance of other offices have displayed conduct giving reason to presume that the person concerned will be unable to discharge the position or office in a satisfactory manner. Equally, a person referred to in sections 6-1 to 6-4 shall not be the subject of bankruptcy proceedings, a disqualification period following bankruptcy or debt settlement proceedings.

The requirements of the first subsection shall be documented through presentation of an ordinary police certificate of conduct under the Police Records Act section 40 and confirmation from the Brønnøysund Register Centre that the person concerned is not the subject of bankruptcy proceedings, a disqualification period following bankruptcy or debt settlement proceedings.

The ministry may by regulations make exemption from, delimit or supplement the provisions of this section. The ministry may also lay down rules concerning a limited police certificate of conduct.

Section 7-1.Insurance obligation

An insurance intermediary shall at all times hold insurances in accordance with the provisions of this chapter. The insurances must be taken out with an insurance undertaking in an EEA state.

The first subsection does not apply to insurance agents where the insurance undertaking has in its contract with the insurance agent assumed full responsibility for the insurance agent’s liabilities.

The ministry may by regulations make rules to supplement the provisions of this section.

Section 7-2.What the insurances are to cover

The insurance intermediary’s liability towards the customer or other party that derives its right from the customer in consequence of the intermediary’s professional negligence shall at all times be covered by a professional indemnity insurance.

If the insurance intermediary handles customer monies, the intermediary shall in addition to insurance referred to in the first subsection hold insurance to cover embezzlement of customer monies committed by employees or others who perform work, assignments or hold positions of trust for the insurance intermediary.

The ministry may by regulations lay down rules to supplement this section. The ministry may also lay down rules on minimum requirements as to the amount of the insurance cover and establish different minimum amounts for small and large insurance intermediaries.

Section 7-3.The insurance cover

The insurance undertaking with which the insurance intermediary is insured under section 7-2 at the time an injured party files a claim for compensation is liable towards the injured party.

A claim for compensation shall be deemed to have been filed at the earlier of the two following points in time:

Paragraph (b) applies equally to notification from the insurance intermediary to the insurance undertaking.

Termination of insurance cover or other lapse of insurance cover cannot come into effect in relation to the injured party until one month has passed since Finanstilsynet’s receipt of notification of the lapse. Should new insurance be provided before the expiry of this period, the insurance lapse shall be given effect as from the date that new insurance is provided.

Professional indemnity insurance shall cover claims filed against the insurance intermediary during a period of five years after cessation of the business.

The ministry may by regulations lay down rules to supplement the provisions of this section.

Section 7-4.Injured party’s claim

The injured party may claim compensation directly from the insurance undertaking without first filing a claim against the insurance intermediary.

The insurance undertaking may not raise objections against the injured party other those held by the insurance intermediary itself against the injured party.

The ministry may by regulations lay down rules to supplement the provisions of this section.

Section 8-1.Sound business practices

An insurance intermediary shall be organised and operated in a sound manner. The intermediary shall have a clear organisation structure and distribution of responsibilities as well as appropriate policies and procedures for risk management and internal control.

The intermediary shall have in place adequate and satisfactory policies and procedures to ensure compliance with its obligations pursuant to law and regulations and shall have documentation demonstrating its compliance with its obligations under this Act and regulations laid down pursuant to this Act. The documentation shall at minimum be sufficiently comprehensive to enable Finanstilsynet to verify compliance with the rules. Such documentation shall be retained for at least five years.

In the case of insurance intermediaries which manufacture insurance products, the Financial Institutions Act section 16-13 and rules laid down pursuant thereto apply with corresponding effect. Where an insurance intermediary offers or recommends insurance products which it has not itself manufactured, the intermediary shall have in place suitable procedures and systems for obtaining relevant information on the insurance product and the product’s approval process, including information on the identified target group, and for understanding the characteristics of each insurance product and the identified target group for the product.

The ministry may by regulations lay down rules to supplement this section, which may include establishing further requirements as to sound business practices and concerning the documentation obligation.

Section 8-2.Financial capacity requirements

Insurance intermediaries shall

Paragraphs (b) and (c) of the first subsection do not apply to insurance intermediaries organised as sole proprietorships.

The ministry may lay down regulations that provide exemption from, delimit or supplement the provisions of this section.

Section 8-3.Client account

A customer’s monies shall be transferred immediately to a client account that is segregated from the insurance intermediary’s own monies.

The ministry may by regulations lay down rules to supplement this section, including rules with respect to account agreements and use of customers’ monies.

Section 8-4.Special requirements on insurance brokers

Insurance brokers may not, through agreements with insurance undertakings or by other means, make arrangements that may affect the insurance broker’s independence as a broker. Nor may an insurance broker act in a manner liable to give rise to doubt about its position as an independent intermediary.

Insurance brokers shall exercise due care when selecting an insurance provider and shall advise the customer against using an insurance provider whose ability to fulfil its obligations pursuant to the insurance contract can be called into question or is unknown.

Insurance brokers are not entitled to accept commission or other remuneration for insurance mediation services from the insurance provider that has written the insurance contract to which the mediation assignment pertains.

The third subsection does not apply to the broking of reinsurance. Nor does the third subsection apply to the broking of insurances from insurance undertakings that are not established in Norway, provided that the insurance intermediary passes any payment received to the customer. Nor does the third subsection apply to the broking of insurance connected to

The ministry may lay down regulations that provide exemption from, delimit or supplement the provisions of this section.

Section 8-5.Sub-agents

An insurance agent may only pass authorisation to act on behalf of an insurance undertaking to another agent (a sub-agent) provided the latter agent fulfils the requirements of chapter 3.

The ministry may by regulations lay down rules on insurance agents’ use of sub-agents referred to in the first subsection.

Section 8-6.Insurance undertakings entitled to take over insurance risk

Insurances may only be placed with an insurance undertaking headquartered in an EEA state or with the Norwegian branch of a foreign insurance undertaking authorised under the Financial Institutions Act section 5-6. Statutory non-life insurances may only be placed with an insurance undertaking that meets the requirements applying pursuant to the specific regulation of such insurances.

Insurance brokers may none the less broker commercial non-life insurance to insurance undertakings headquartered in a state outside the EEA provided the insurance does not relate to

The following are considered as commercial non-life insurance under the second subsection

The ministry may lay down regulations that make exemptions from, delimit or supplement the provisions of this section. The ministry may also make exemptions with respect to specified insurance contracts or insurance risks and set conditions for such exemptions.

Section 8-7.Obligation to inform the Norwegian Natural Perils Pool

Insurance intermediaries shall inform the Norwegian Natural Perils Pool of any fire insurance of property in Norway that is mediated to an insurance undertaking that is not a member of the Norwegian Natural Perils Pool.

Section 8-8.Obligation of confidentiality

Except as otherwise provided by law or regulations, an insurance intermediary, including its employees and employee representatives, is under an obligation to prevent unauthorised parties from gaining access to or knowledge of information about the business or personal circumstances of clients or other parties which the insurance intermediary receives during the conduct of its business.

The ministry may by regulations lay down rules on the confidentiality obligation and surrender of information.

Section 9-1.Good business practices

An insurance intermediary shall conduct its business in accordance with good business practices.

The ministry may by regulations lay down supplementary rules concerning good business practices.

Section 9-2.Customer service, systems and procedures etc.

Insurance intermediaries shall have in place systems and procedures to ensure compliance with rules on the information obligation and on the formulation of customer contracts laid down in or pursuant to the Insurance Contracts Act.

Insurance intermediaries shall have in place procedures to ensure that grievances from customers or other affected parties are addressed in a proper manner.

The ministry may by regulations lay down rules to supplement the provisions of this section.

Section 9-3.Management and handling of conflicts of interest

Insurance intermediaries shall be structured and organised in such a way that the risk of conflicts of interest between the undertaking and its customers, or between the undertaking’s customers, is kept to a minimum.

Insurance intermediaries undertake to take all appropriate steps to identify and to prevent or manage conflicts of interest between the undertaking and customers and between customers.

Where the steps taken are not sufficient to ensure with reasonable confidence that risks of damage to customer interests will be prevented, the undertaking shall in good time before the insurance contract is entered into clearly inform the customer of possible conflicts of interest and of the steps taken to mitigate that risk.

Information referred to in the third subsection shall be provided on a durable medium and include sufficient detail, taking account of the nature of the customer, to enable the customer to take an informed decision with respect to the service to which the conflict of interest pertains.

The undertaking shall upon Finanstilsynet’s request be capable of documenting possible conflicts of interest that have been identified and the steps taken by the undertaking.

The ministry may by regulations make exemptions from, delimit or supplement the provisions of this section.

Section 9-4.Remuneration policy and payments

An insurance intermediary must not remunerate employees or assess employees’ performance in such a way as to impair employees’ ability to act in the best interests of their customers. In particular, the undertaking shall not employ remuneration arrangements, sales targets or other incentives that could induce employees to recommend a particular insurance product when it could offer a different insurance product which would better meet the customer’s needs.

An insurance intermediary may accept a payment or benefit from, or offer a payment or benefit to, parties other than the customer only where the payment or benefit does not have a detrimental impact on the quality of the service to the customer and does not impair the undertaking’s ability to act honestly, fairly and professionally in accordance with the customer’s best interests.

The ministry may make regulations that provide exemption from, delimit or supplement the provisions of this section. The ministry may also lay down rules which in particular cases prohibit or further restrict the acceptance of payment or benefit from, or the offer of payment or benefit to, parties other than the customer in connection with the conclusion, modification or renewal of an insurance contract.

Section 9-5.Complaints board for dealing with disputes

Insurance intermediaries shall be affiliated to an out-of-court dispute resolution scheme (complaints board) as stipulated by the ministry in regulations. Where a dispute arises between an insurance intermediary and a customer, either party may request that the dispute be referred to the complaints board.

So long as a case is pending in the complaints board, neither party may bring the case before an ordinary court of law. A case is deemed to be pending as from the date on which the complaints board received the grievance. A case that has been heard by the complaints board may be brought before a court of first instance without prior consideration by the conciliation court.

The ministry may by regulations lay down rules to supplement this section. The ministry may also lay down rules concerning organisation, composition and financing as well as provisions requiring expenses on the complaints board’s activity to be apportioned among the insurance intermediaries or to be met by the parties involved.

Section 10-1.Supervision

Finanstilsynet shall supervise compliance with the provisions laid down in or pursuant to this Act. Supervision shall be performed in accordance with the provisions of this Act and the Financial Supervision Act.

Section 10-2.Order regarding corrective measures

Finanstilsynet may make an order to the effect that circumstances in conflict with this Act or with provisions laid down pursuant to this Act shall cease. Finanstilsynet may set a deadline for such circumstances to be brought into compliance with the order.

The first subsection applies equally where Finanstilsynet is notified by the authorities of another EEA state that a Norwegian insurance intermediary has violated rules governing the undertaking’s activities in the state concerned. Finanstilsynet shall in such case notify the authority concerned of the order made.

Section 10-3.Withdrawal of authorisation and deletion of registration

Finanstilsynet may withdraw an authorisation and delete an insurance intermediary from Finanstilsynet’s registry if the undertaking

The ministry may by regulations lay down rules to supplement the provisions of this section.

Section 10-4.Criminal penalties

A fine or imprisonment not exceeding six years shall be handed down to anyone who wilfully or through negligence violates

Gross or repeated breach of good business practices, cf. section 9-1, and of provisions of regulations supplementing section 9-1, shall be subject to the same penalties where the regulations provide that violation of the provisions concerned is a criminal offence.

Section 10-5.Finanstilsynet’s obligation of confidentiality etc.

No person performing work or services for Finanstilsynet or the ministry may disclose to any unauthorised party the identity of any person who has submitted notifications, tip-offs or similar information about violations of the Act and appurtenant regulations, or any other information that may reveal such identity, except where the use of such information is necessary as part of further investigation of the violation and subsequent legal proceedings in the case. The confidentiality obligation under the first sentence also applies to the identity of the natural person to whom the information relates. The confidentiality obligation under the first and second sentences also applies in relation to the parties to the case and their representatives.

No person performing work or services for Finanstilsynet or the ministry may disclose to any unauthorised party any information about sanctions or other measures related to the violation of provisions of this Act, or regulations made pursuant to this Act, if the disclosure of such information could lead to serious financial market turbulence or inflict disproportionate harm on the parties concerned. The Public Administration Act section 13 and sections 13 b to 13 e do not apply to information referred to in the first sentence.

The ministry may by regulations lay down rules to supplement the provisions of this section.

Section 11-1.Entry into force

This Act enters into force as and when the King decides. The King may give effect to individual provisions at different times.

Section 11-2.Transitional rules

Insurance intermediaries engaged in business encompassed by this Act upon the Act’s entry into force must fulfil the requirements of section 6-1 first subsection, cf. section 6-5 and section 8-2, within one year of the Act’s entry into force.

Insurance undertakings that maintain a separate register of agents must terminate the register within six months of the Act’s entry into force.

The ministry may lay down transitional rules. The transitional rules may derogate from the rules of this section.

Section 11-3.Amendments to other Acts

The following amendments to other Acts will apply as from the entry into force of the present Act: