Financial Business Act.pdf

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While this translation was carried out by a professional translation agency, the text is to be regarded as an unofficial translation based on the latest official Consolidated Act no. 286 of 4 April 2006. Only the Danish document has legal validity. October 2006, GlobalDenmark Translations 15.-(1) Once the Danish FSA has granted a license under section 14, the Danish Commerce and Companies Agency may carry out the necessary registration. (2) In notifications for registration, cf. subsection (1), and in notifications of amendments to the articles of association, the financial undertaking shall submit a dated specimen of the articles of association with the entire new wording to the Danish Commerce and Companies Agency, who shall forward a copy to the Danish FSA. (3) When granting licenses or changes in a license for insurance companies, the Danish FSA shall simultaneously forward a copy to the Danish Commerce and Companies Agency. The Danish Commerce and Companies Agency shall carry out registration of the date of the license. (4) The provisions of the Public Companies Act on notification and registration etc. shall apply correspondingly to savings banks and co-operative savings banks. 16. The Danish FSA may license banks, mortgage-credit institutions, investment companies, and investment management companies to carry out services with instruments and contracts covered by the decision of the Danish Securities Council in pursuance of section 2(1), no.12 of the Securities Trading, etc. Act. 17. The Danish FSA shall lay down regulations on with which instruments and contracts, in addition to the instruments and contracts mentioned in annex 5, financial undertakings may carry out services with a license under section 7(1) or section 9(1). Special regulations for insurance companies regarding notification to the Danish FSA 18.-(1) Applications for licenses shall contain an operating plan for the activities the insurance company intends to operate, prepared by the insurance company. The Danish FSA shall lay down regulations on the information to be included in the operating plan, on requirements for the form of reporting and format and on the term of years for which the plan shall be prepared. (2) An application for a license for insurance class 10 (third-party liability insurance for motor vehicles) shall be accompanied by information on whom the company will appoint as claims representative in each of the other countries in the European Union. (3) A license shall contain information about the insurance activities the company may carry out. The Danish FSA shall lay down more detailed provisions on the contents of the license and the application in general. 19.-(1) Life-assurance activities may not be combined with other insurance activities in the same company. Life-assurance companies may, however, carry out activities within insurance classes 1 and 2, cf. annex 7, in addition to life-assurance activities. Furthermore, the same company may carry out reinsurance of life assurance and other insurance. EXCLUDING MINOR AMENDMENTS (2) The Danish FSA shall lay down regulations on the extent to which the risk of life-assurance companies under insurance classes 1 and 2, cf. annex 7, shall be covered by the special regulations for life-assurance activities in this Act.
While this translation was carried out by a professional translation agency, the text is to be regarded as an unofficial translation based on the latest official Consolidated Act no. 286 of 4 April 2006. Only the Danish document has legal validity. October 2006, GlobalDenmark Translations 20.-(1) The technical basis etc. for life-assurance activities shall be notified to the Danish FSA no later than the same time as, or before, the company starts using the basis etc. The same shall apply to any subsequent change of these matters. The notification shall include a specification of: 1) the types of insurance the company intends to use, 2) the basis of calculation of insurance premiums, surrender values, and paid-up policies, 3) the rules for calculating and distributing the realised results to policyholders and other beneficiaries under insurance contracts, 4) the company’s principles for reinsurance, including limits to amounts, 5) the rules for when proposers and policyholders are to provide health information for an assessment of risks, 6) the rules for calculating life-assurance provisions for individual insurance contracts and for the company as a whole, and 7) the rules according to which pension schemes with annuity payments, effected or agreed as compulsory schemes with an insurance company or a pension fund, may be transferred to or from a company in connection with transition to another employment or in connection with a transfer of ownership or reorganisation of an undertaking. (2) Companies which do not arrange direct life assurance shall not notify the technical basis etc. for life-assurance activities. (3) The Danish FSA may lay down more detailed provisions on the conditions mentioned in subsection (1), including provisions on if and the extent to which notifications shall be available to the public. 21.-(1) The conditions notified under section 20(1), nos. 1-5 shall be adequate and reasonable for the individual policyholder and others eligible under insurance contracts. (2) The regulations notified for calculation and distribution of realised results, cf. section 20(1), no. 3, shall be accurate and clear and shall lead to a reasonable distribution. (3) Premiums for newly effected insurance contracts shall be sufficient to enable the insurance company to meet all its exposures so that no systematic and permanent input from other funds will be needed. (4) The elements of calculations (interest rates, expenses, and statistical elements) that form the basis for calculating insurance premiums, surrender values, and paid-up policies, shall be selected with prudence. The elements of calculations that form the basis for calculating lifeassurance provisions shall be set such that they are in accordance with the regulations issued pursuant to section 196. (5) The Danish FSA may lay down more detailed provisions on the requirements mentioned in subsections (1)-(4). (6) If the requirements in subsections (1)-(4) or the requirements in the regulations issued in pursuance of this Act are not fulfilled, the Danish FSA shall order the life-assurance company to carry out the necessary changes in the conditions notified under section 20 within a time limit laid down by the Danish FSA. The provisions of section 249 shall apply correspondingly. EXCLUDING MINOR AMENDMENTS 22.-(1) If, despite the provisions in sections 11-14, insurance contracts are arranged prior to a license being granted and registered, those who have arranged the insurance on behalf of
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