The Standing Committee on Finance and Economic Affairs is reviewing government bill 31 L (2025–2026) on amendments to the Company Pension Act and the Insurance Business Act to improve management of guaranteed pension products, particularly individual pension insurance contracts. The bill would give pension providers greater flexibility in risk management while ensuring buffer funds benefit customers more effectively. The committee has put forward several alternative proposals on specific points.
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These are the proposals in the document, not decisions. See the votes for the outcome.
Section 3-19, fourth paragraph of the Insurance Business Act shall read: For contracts under section 3-16, any remaining buffer fund upon the death of a rights holder, where there are no surviving dependents entitled to survivor benefits under the contract, shall be distributed to the buffer fund allocated to the other contracts under section 3-16. The amount shall be distributed in accordance with the calculation basis resulting from the fact that the company's obligation to the insured person who died during the year has ceased, see section 3-9, third paragraph.
The Storting calls on the government to return to the Storting as soon as possible, and no later than the end of 2026, with proposals for further regulatory changes to better secure the value and adjustment of individual pension insurance contracts.
The Storting calls on the government to ensure that the implementation of collective management in public and private pension funds continues, so that returns on pension assets are allocated to even, annual increases in pension benefits for rights holders in those funds.
The Storting calls on the government to establish a working group in spring 2026 to examine systemic changes in how individual pension insurance contracts are managed and organized, which could contribute to higher returns and increases in pension benefits. The working group shall be guided by, but not limited to, the proposals in FAFO's 2018:13 report.
The Storting calls on the government to ensure that there continue to be binding, statutory rules requiring the reduction of buffer funds tied to individual pension insurance contracts during the payout period, and that the current rule on buffer fund reduction in line with premium reserve reduction be formulated as a minimum requirement, so that customers know exactly which rules apply.
The Progress Party members argue that surplus buffer funds must be released to provide pension increases, distributed on an 80/20 surplus-sharing basis between customer and provider respectively.
The Socialist Left Party and Red Party members argue that when the annual pension payout represents a given share of the premium reserve, a corresponding share of the buffer fund shall be paid out as an annual increase in kroner.
Section 3-19 a, third paragraph of the Insurance Business Act shall read: Upon buyback or termination of the contract, the equity contribution shall be deemed transferred with final effect.
The Storting calls on the government to evaluate the changes to the rules for guaranteed pension products adopted in spring 2026 by 2030.