A revision of the tax rules has been postponed until at least next year and there are hopes that a united front by the clubs and the Oslo-based Nordic Association of Marine Insurers (Cefor) will persuade Norway’s finance ministry that proposals to tax reserves threaten the international competitiveness of the country’s successful insurance industry.
TradeWinds reported in July that both Gard and Skuld protection-and-indemnity (P&I) clubs were warning that the tax provisions of a new finance act implementing Solvency II could force them to relocate.
