FAK 2805 Compliance, Law and Ethics for the Insurance Industry

FAK 2805 Compliance, Law and Ethics for the Insurance Industry

Course code: 
FAK 2805
Law and Governance
Course coordinator: 
Ina Due-Tønnessen
Course name in Norwegian: 
Compliance, jus og etikk for forsikringsnæringen
Product category: 
Executive - Course in Insurance
2023 Autumn
Active status: 
Level of study: 
Teaching language: 
Course type: 
One semester

The course is a part of insurance broker’s authorization, but also applies to employees in the insurance industry in general. The course aims to give an overall insight relied to compliance, law and ethics in insurance industry.

Learning outcomes - Knowledge

Students should have acquired basic knowledge of relevant legal and ethical issues and the importance of compliance in the insurance industry. Students should also have knowledge of computer tools for the subject.


Learning outcomes - Skills

Students should be able to carry out their daily work within the legal and ethical framework, as well as within the framework of good compliance. They should also be able to assist in identifying new compliance risks and changes in the risk picture, the status of significant risks and the need for measures.

General Competence

Students should be able to discuss specific ethical dilemmas and compliance issues and to justify their views on the basis of regulations and principles and theory in ethics.

Course content

The course consists of three independent topics with underlying themes: Compliance, Law and ethics


The scheme for the subject of compliance must be seen in the context of the subject of ethics. Ethics and compliance with laws and regulations (especially regulatory laws and regulations) are high on the agenda of most companies. At the same time there have been several cases of sales of insurance products that are not suitable for the policyholder. This is especially true for certain types of combined products (pension / financial).


It is the responsibility of the board and management to ensure compliance with laws and regulations, and that the business is conducted in a sound and ethical manner. However, everyone working with insurance must understand and deal with ethical dilemmas and relevant regulations. However, the issue of a company's compliance with laws and regulations is also about facilitating a culture of leadership and organization that takes such issues seriously. The course will therefore also focus on how to organize the actual compliance function in the business. The teaching will be based on suitable cases that can form basis for discussion.

The following issues are highlighted:

  • What is compliance and how does the compliance process work in insurance?
  • What is the responsibility of the management and the individual employee when it comes to compliance with laws, regulations and internal policies?
  • What are the most important regulations and issues that employees and managers must deal with in connection with sales and customer management in insurance?
  • Regulations related to product packaging (PRIIPs), distribution of insurance (The Insurance Mediation Act), handling of personal protection/GDPR (The Personal Data Act) and handling of money laundering and terrorist financing (The Money Laundering Act). Challenges within these areas are great for the insurance industry.

                    - We show how these regulations affect the different parts of the sales and customer follow-up processes.



  • The Insurance Mediation Act and provisions of law, including broker authority. The Insurance Mediation Act provides the framework for insurance brokers, and the law is closely related to both compliance and ethical issues, as well as the other legal subjects to be taught.
  • Insurance Policy Act. Basic for all players in the insurance industry.
  • The provisions of the Criminal Code on corruption.
  • General contract law. The course is a basic pillar for understanding the Insurance Mediation Act and the activities of insurance brokers.
  • General right to compensation and contract liability. The course is fundamental to all players in the insurance industry, and it covers compensation in and out of contract.
  • Public Procurement. Public agencies will often be bound by the regulations on public procurement when they enter into all types of insurance contracts. The public sector is a major buyer of insurance services, and the regulations regarding public procurement are therefore important for the person who is to conduct insurance brokerage and for the insurance companies.
  • The course is designed as a combination of module-based lectures and blended learning.


  • The ethical guidelines - good brokering practice for insurance brokers - are central to the course (https://www.forsikringsmeglerne.no/god-meglerskikk/ethikk/). Selected ethical guidelines are put in the context of theory from the syllabus "Ethics and Corporate Social Responsibility".
  • In connection with the above, typical industry ethical dilemmas are raised and discussed.


Teaching and learning activities

The course consists of three independent topics with underlying themes: Compliance, Law and ethics


In all BI Executive courses and programs, there is a mutual requirement for the student and the course responsible regarding the involvement of the student's experience in the planning and implementation of courses, modules and programmes. This means that the student has the right and duty to get involved with their own knowledge and practice relevance, through the active sharing of their relevant experience and knowledge.

Software tools
No specified computer-based tools are required.

Higher Education Entrance Qualification

Deviations in teaching and exams may occur if external conditions or unforeseen events call for this.

Exam categoryWeightInvigilationDurationGroupingComment exam
Exam category:
Form of assessment:
Written submission
Exam code:
FAK 28051
Grading scale:
Grading rules:
Internal examiner
Examination when next scheduled course
100No72 Hour(s)Group/Individual ( 1 - 3) FAK 28051 - 72 hour Take home exam, account for 100 % of the final grade in the course FAK 2805 Compliance, Law and Ethics in the Insurance Industry, 15 credits.
Exam category:Submission
Form of assessment:Written submission
Grouping (size):Group/Individual (1-3)
Duration:72 Hour(s)
Comment: FAK 28051 - 72 hour Take home exam, account for 100 % of the final grade in the course FAK 2805 Compliance, Law and Ethics in the Insurance Industry, 15 credits.
Exam code: FAK 28051
Grading scale:ECTS
Resit:Examination when next scheduled course
Type of Assessment: 
Ordinary examination
Total weight: 
Student workload
65 Hour(s)
50 Hour(s)
Student's own work with learning resources
260 Hour(s)
25 Hour(s)
Sum workload: 

A course of 1 ECTS credit corresponds to a workload of 26-30 hours. Therefore a course of 15 ECTS credit corresponds to a workload of at least 400 hours.