The European Systemic Risk Board (ESRB) sent warnings to five European countries and recommendations to six European countries in connection with its assessment of medium-term residential real estate (RRE) sector vulnerabilities. Iceland is one of the countries receiving such a warning, along with France, Norway, the Czech Republic and Germany.
The Slovakian insurance undertaking NOVIS has sold its life insurance product Wealth Insuring to a number of Icelandic policyholders from early 2018. Therefore, the Financial Supervisory Authority (FME) finds it appropriate to draw attention to a notification on the undertaking’s homepage where it states that NOVIS has stopped selling the Wealth Insuring product in Iceland.
The Financial Supervisory Authority (FME) Annual Report 2019 is now available in English. The substantial discussion in the Annual Report of the FME for 2019 primarily covers the period from 1 May 2018 until 30 April 2019.
On 28 June 2019, FME announced that the countercyclical capital buffer would remain unchanged in accordance with the recommendations of the Financial Stability Council on 24 June 2019.
On 20 June this year, Althingi passed a new Central Bank Act to merge the Central Bank of Iceland and the Financial Supervisory Authority into one institution as of the beginning of next year.