Proposals that could result in the reserves of Norway’s marine insurers being taxed are provoking howls of protest from leading underwriters.
The two Norwegian protection-and-indemnity (P&I) clubs, Gard and Skuld, are warning that tax provisions of a new finance act, to implement Europe’s new Solvency II regime, could force them to relocate.
The Norwegian Hull Club says assessments by ratings agencies could be adversely affected by the tax changes, making the Norwegian market less attractive to foreign owners.
