Financial Business Act.pdf
Financial Business Act.pdf
Financial Business Act.pdf
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While this translation was carried out by a professional translation agency, the text<br />
is to be regarded as an unofficial translation based on the latest official Consolidated<br />
<strong>Act</strong> no. 286 of 4 April 2006. Only the Danish document has legal validity.<br />
Annex 8<br />
Insurance activities - life<br />
Classification of risks by means of classes of insurance.<br />
I. General life assurance:<br />
October 2006, GlobalDenmark Translations<br />
a) Life assurance (that is to say, the class of insurance which comprises, in particular,<br />
assurance on survival to a stipulated age only, assurance on death only, assurance on<br />
survival to a stipulated age or on earlier death and life assurance with return of<br />
premiums),<br />
b) annuities,<br />
c) supplementary insurance contracts underwritten in connection with life assurance (in<br />
particular, insurance against personal injury including incapacity for employment and<br />
insurance against death resulting from an accident or insurance against disability<br />
resulting from an accident or sickness).<br />
II. Marriage assurance and birth insurance:<br />
a) marriage assurance;<br />
b) birth insurance.<br />
III. Insurance attached to collective investment funds:<br />
a) life assurance (that is to say, the class of insurance which comprises, in particular,<br />
assurance on survival to a stipulated age only, assurance on death only, assurance on<br />
survival to a stipulated age or on earlier death, life assurance with return of premiums,<br />
marriage assurance and birth insurance),<br />
b) annuities.<br />
IV. Permanent health insurance (long-term sickness insurance): sickness insurance which is<br />
written for a long period and is interminable for the insurance company in the entire period.<br />
V. Tontine: system entailing establishment of member associations with a view to joint<br />
capitalisation of contributions and payment of the resulting funds to either the survivors or to<br />
the heirs or beneficiaries of deceased members.<br />
VI. Capitalisation: activities based on actuarial calculation which include liabilities with a fixed<br />
term and amount against payment of a lump sum or predetermined regular payments.<br />
EXCLUDING MINOR AMENDMENTS