17.8.2010 : Ministries, Central Bank and Financial Supervisory Authority sign Agreement on Financial Stability and Preparedness

The Prime Minister, Minister of Finance, Minister of Economic Affairs, governor of the Central Bank and director of the Financial Services Authority signed an agreement establishing the committee on financial stability. This agreement is based on a previous agreement between the ministries and institutions from 2006 which addresses cooperation in the field of financial stability and financial crisis prevention.

16.8.2010 : Nordic and Baltic Ministries, Central Banks and Supervisory Authorities sign Agreement on Financial Stability

A co-operation agreement on cross-border financial stability, crisis management and resolution between the finance ministries and other relevant ministries, central banks and financial supervisory authorities of Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden has been signed. The agreement enhances preparedness to handle cross-border financial stability concerns in the financially integrated Nordic-Baltic region. It also establishes the first European cross-border stability group.

9.8.2010 : New legislation on insurance activities

A new Act on insurance activities, No. 56/2010 (Lög um vátryggingastarfsemi), was recently enacted in Iceland to replace the earlier Act No. 60/1994. The Act covers direct insurance activities involving non-life insurance and personal insurance in addition to reinsurance of any kind; as before, supervision of insurance activities is entrusted to the Financial Supervisory Authority (FME).

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