Aug 25 Norwegian insurance companies will be given a more flexible transition to new international capital requirements than originally intended, Finance Minister Siv Jensen said on Tuesday.
The country's financial regulator had proposed a linear model whereby insurers would have had to increase their capital in even steps over the coming years, which was met by opposition from insurers.
"I've chosen to yield to the financial industry's wish for greater flexibility in the transition period, with somewhat lower demands for capital increases in the initial years," Jensen said in a statement.
The transition to the Solvency II framework, expected to take place over 16 years, will start next year. (Reporting by Terje Solsvik; editing by Ole Mikkelsen
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