NORWAY - The Norwegian Financial Supervisory Authority have proposed the introduction of capital solvency tests in line with the Swedish and Danish 'traffic light' model.
Arild Kristiansen, executive officer, FSA, said that if the proposed system was introduced it was likely to also cover pension funds.
If this system is introduced it is likely to cover pension funds as well since the same regulations apply for life insurance companies and pension funds in Norway, he said.
In Sweden and Denmark the 'traffic light' test is used to assess the financial strength of its pension institutions.
The system was first introduced by the Danish Financial Supervisory Authority (DFSA) in 2001 following the crash in the equity markets.
Kristiansen said he expected a reply from The Ministry of Finance in the first half of 2006.
No regulations will be changed until we get an approval from the Ministry of Finance to go further with the proposal. If we do get an approval we intend start a dialogue with the insurance and pensions industry, he said.
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