A compensation mechanism for policyholders penalized by the bankruptcy of their insurer was introduced by the Insurance Activities Act of 10 June 1988.
Endowed with a 1.5% contribution levied on the premiums written by insurance companies, the Norwegian Guarantee fund only allows for the compensation of creditors of non-life classes of business.
Read also | List of the main guarantee funds by country [4]
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[3] https://www.atlas-mag.net/en/issue/atlas-magazine-n-197-january-2023
[4] https://www.atlas-mag.net/en/category/tags/focus/list-of-the-main-guarantee-funds-by-country