18.12.2014 : Christmas Donation

The Financial Supervisory Authority of Iceland has decided not to send any Christmas cards this year. Instead, the authority will make a small contribution to the National Association of the Disabled now at the start of a celebration of joy and peace.

5.12.2014 : Financial Supervisory Authority and Central Bank of Iceland renew cooperation agreement

The Financial Supervisory Authority and the Central Bank of Iceland concluded a new, revised cooperation agreement on 1 December 2014. On the same date, the two institutions signed an agreement on the execution of liquidity oversight and supervision for credit institutions.

24.11.2014 : EFTA Court advisory opinion delivered

The following is a joint press release from the Ministry of Finance and Economic Affairs, Financial Supervisory Authority, and Central Bank of Iceland concerning the advisory opinion of the EFTA Court, delivered today

6.10.2014 : First meeting of Systemic Risk Committee

The first meeting of the newly established Systemic Risk Committee was held yesterday. The role of the Committee, which works for the Financial Stability Council, is to make recommendations to the Council. The Committee is tasked with assessing the current situation and outlook for the financial system, systemic risk, and financial stability in Iceland. It is required to meet at least four times a year, as is provided for in the Act on the Financial Stability Council, no. 66/2014, dated 28 May 2014.

8.7.2014 : The FME Annual Report 2014 is now available in English

The FME Annual Report 2014

is now available in English. The substantial discussion in the Annual Report of the Financial Supervisory Authority (FME) for 2014 primarily covers the period from 1 May 2013 until 30 April 2014. The report describes the main tasks of FME and, in particular, tasks of the supervisory divisions: On-site Inspections and Securities, Off-site Supervision, and Oversight. Furthermore, it discusses the 2013 situation and developments in the financial market.

29.4.2014 : Update on European Risk Insurance Company hf.

European Risk Insurance Company hf. (ERIC) has as of Monday the 28th of April 2014,  been declared in default by the UK Financial Services Compensation Scheme (FSCS).

5.3.2014 : International Conference on Pension Funds

 The Financial Supervisory Authority in Iceland (FME) and the International Organisation of Pension Supervisors (IOPS), together with the Icelandic Pension Funds Association and the International Association of Insurance Supervisors (IAIS), held a conference on 28 February on Regulatory and Supervisory Challenges for the Icelandic Pension Industry. The conference was held in Radisson BLU Hotel Saga. Below are the conference agenda and presentations.

12.2.2014 : Operating licence of the European Risk Insurance Company hf. withdrawn

The Financial Supervisory Authority has withdrawn the operating licence issued to the European Risk Insurance Company hf. (ERIC), Reg. No. 661103-2210, as the company no longer complies with the provisions of Act No. 56/2010 on insurance activity with regards to minimum solvency requirements and has surrendered its licence to operate as an insurance company, as provided in the first paragraph of Article 90 of the cited Act.

6.2.2014 : A note on the status of the European Risk Insurance Company (ERIC)

Internet news media in  the UK has today published news about the status of the European Risk Insurance Company (ERIC), an Icelandic insurance company operating outside Iceland, stating that the company was no longer accepting new business.

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