Financial Supervision

The Financial Supervisory Authority of the Central Bank of Iceland (FSA) is an integraded supervisor with both a prudential and a regulatory role. The FSA has the task of promoting sound and secure financial activities that are consistent with good and sound business practices. The FSA ensures that the activities of supervised entities are in compliance with the laws, regulations, rules, or company statutes governing such activities.

For further information, see the FSA website.

Financial Supervision Committee

Decisions entrusted to the FSA by law or Governmental directives shall be taken by the Financial Supervision Committee. The Committee is authorised to entrust the Deputy Governor for Financial Supervision with taking non-major decisions.

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Supervision

The main statutory provisions concerning supervision by the FSA are laid down in Chapter III of the Act on Official Supervision of Financial Activities, no. 87/1998. In addition, there are provisions on the supervisory powers of the FSA in various legislation, rules and guidelines on financial activities and a list of supervised entities.

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Consumer Affairs

FSA oversees business practices vis-à-vis consumers and other recipients of financial services and provides information services and guidelines in this regard. The Insurance Complaints Committee and the Complaints Committee on Transactions with Financial Firms are hosted by the FSA.

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Foreign insurance companies

The FSA provides information about provisions of insurance services in Iceland and publishes a list of registered foreign insurance companies that are authorized to provide services without an establishment or have opened a branch in Iceland.

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