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Member, Beacon International Group, Ltd.
Siv Jensen, finance minister of Norway, has said that insurers in the country will be given a more flexible transition to Solvency II framework than originally intended, reports Reuters.
Insurers had earlier opposed a linear model proposed by the country's financial regulator.
The model required insurers to increase their capital in even steps over the coming years.
"I've chosen to yield to the financial industry's wish for greater flexibility in the transition period, with somewhat lower demands for capital increases in the initial years," the regulator said.