Norway’s financial regulator, Finanstilsynet, has detailed its supervisory work across the insurance and occupational pensions sector in 2025, highlighting risk management, solvency and consumer protection as key priorities.

The authority said oversight aims to ensure insurers, pension funds and intermediaries remain financially sound and able to meet their obligations, while maintaining good governance and safeguarding customers’ interests.

As part of its analytical work, the regulator mapped the defined-contribution pension market, focusing in particular on asset management practices, and updated its disability risk analysis for municipal occupational pension schemes. It also examined provisions and financial results in life insurers.

Finanstilsynet also contributed to the pension fund stress test coordinated by the European Insurance and Occupational Pensions Authority (EIOPA), and carried out ad-hoc risk analyses, including how firms manage geopolitical risk within investment portfolios.

Supervisory activity during 2025 included on-site inspections at one life insurer, two pension funds and four non-life insurers. The selection was risk-based, drawing on regulatory reporting, tips and the authority’s own risk assessments.

The regulator also reviewed the internal audit function at 57 insurance undertakings, assessing resourcing, the quality of risk assessments and the relevance of completed audit projects. In addition, it assessed product approval procedures at five non-life insurers.

Key supervisory themes included market risk, insurance risk, consumer protection and product governance, governance and control of internal models, and firms’ management of sanctions-related risks.

To improve the quality of its register of authorised firms, Finanstilsynet contacted all insurance agency firms in October 2025, requesting updated information about both the agencies and the insurers they represent.

The register identifies firms authorised to provide services in Norway, while the regulator also publishes warnings about unauthorised companies.

Finanstilsynet said it continues to provide guidance to the sector through industry forums and conferences, and by publishing supervisory reports, analyses and other materials outlining regulatory expectations.

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