05 June 2023

Results of the investigation of amendments to terms and conditions for NOVIS insurance policies

The Central Bank of Iceland opened an investigation of amendments to the terms and conditions for insurance contracts issued by NOVIS in October 2022. The aim of the investigation was to determine whether the company’s information disclosures to policyholders concerning changes made to terms and conditions in October 2021 had been in compliance with Article 9, Paragraph 1 of Act no. 100/2016; cf. then-current Rules on Sound and Proper Business Practices of Insurance Undertakings, no. 673/2017.

An English translation of the transparency announcement has been prepared. The original Icelandic version is also available.