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UPDATE 1-Norway insurers could make more non-insurance investment -ministry
April 5, 2017 / 12:14 PM / 8 months ago

UPDATE 1-Norway insurers could make more non-insurance investment -ministry

(Update with reaction from lobby group Finance Norway)

April 5 (Reuters) - Norway’s Finance Ministry said on Wednesday:

* Insurance companies should be allowed to hold stakes bigger than 15 percent in other companies

* Says liberalising insurer rules would allow investment of pension funds in infrastructure such as in transportation and energy

* Says financial regulator (FSA) will be asked to draft a plan to change the rules currently preventing insurers from owning more than 15 percent of non-insurance companies

* Draft from FSA should be presented by June 1 and will be sent on a round of hearings to relevant institutions

* Says new capital requirements that have been introduced in recent years made the old restrictions less relevant

* In a separate statement, lobby group Finance Norway said new rules would be positive both for pensions savers and Norwegian infrastructure

* Finance Norway said investment in infrastructure is well suited for the life insurers' need to invest for the long term, and with stable returns and low risks, and that infrastructure investment has proved to be less affected by financial turmoil than other assets Finance Ministry text in Norwegian: Further company coverage: (Reporting by Terje Solsvik, editing by Camilla Knudsen)

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