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 52. Banks which have been licensed by the Danish FSA as depositaries for an investment association, special-purpose association or restricted association shall, as the depositary of the association, act independently and exclusively in the interests of the association. Special regulations regarding mortgage-credit institutions 53.-(1) A mortgage-credit institution shall notify the borrower in the loan agreement that a mortgage-credit loan granted in contravention of the Mortgage-Credit Loans and Mortgage- Credit Bonds etc. Act may be reduced under this Act. (2) If a mortgage-credit loan shall be reduced in accordance with the Mortgage-Credit Loans and Mortgage-Credit Bonds etc. Act, the mortgage-credit institution shall grant a loan under corresponding terms so that the position of the borrower is unchanged. All costs in connection with the conversion shall rest upon the mortgage-credit institution. (3) The borrower shall not have the right to demand a conversion under subsection (2), if the mortgage-credit institution proves that the borrower knew, or should have known, that the mortgage-credit loan was granted in contravention of the provisions of the Mortgage-Credit Loans and Mortgage-Credit Bonds etc. Act, or if the contravention of the provisions mentioned is otherwise due to information given by the borrower. Special regulations regarding investment management companies 54.-(1) When investment management companies carry out portfolio management on behalf of investment associations, special-purpose associations, restricted associations, hedge associations and other collective investment schemes, including management of securities, the associations shall be covered by the same protection as customers under section 72. (2) Investment management companies with a license to carry out portfolio management based on estimates for customers shall agree with customers in advance whether the investment management company may place all or part of the funds of the customer's portfolio in shares in investment associations, special-purpose associations or restricted associations or other collective investment schemes managed by the investment management company. Special regulations regarding insurance companies 55.-(1) The following insurance contracts shall not be valid when entered into by or regarding persons domiciled in Denmark: 1) Life assurance under which on the death of the insured party the company is committed to paying an amount greater than the premium paid with interest, provided the policyholder is a different person from the insured party and does not have the consent of the insured party. 2) Life assurance under which the company is committed to paying an amount greater than the premium paid with interest, which takes effect on the death of the insured party before the insured party reaches 8 years of age. EXCLUDING MINOR AMENDMENTS
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 (2) The Danish FSA may determine exemptions from the provisions of subsection (1), nos. 1 and 2. (3) The Danish Financial Supervisory may lay down more detailed provisions on the content of ordinary insurance terms for life-assurance business. 56. The Danish FSA shall lay down more detailed regulations on the information that shall be submitted in writing by a life-assurance or non-life insurance company to customers before an insurance contract is entered into and during general customer contact and relations. 57.-(1) An insurance company which provides consumer insurance contracts shall allow the relevant insurance contracts to be taken out on terms such that the insurance may be cancelled by the policyholder with 30 days' notice to the end of a calendar month. (2) A consumer insurance contract under subsection (1) shall mean an insurance contract where the policyholder (consumer) acts primarily outside his business occupation when entering into the agreement. (3) Subsection (1) shall not apply to life assurance and change-of-ownership insurance taken out pursuant to the ”lov om forbrugerbeskyttelse ved erhvervelse af fast ejendom m.v.” (act on consumer protection on the acquisition of real property etc.). Furthermore, subsection (1) shall not apply to insurance contracts which cover special risks that only prevail for a limited period, when the insurance contract is entered into for an agreed period of no more than 1 month (short-term insurance), unless the insurance is part of another type of insurance. 57a.(1) An insurance company may only use an enterprise to sell the products of the insurance company if the enterprise is registered in a public register of insurance intermediaries or meets the conditions for registration, cf. section 10(1); section 27(1) and section 36(1) of the Insurance Mediation Act. (2) An insurance company may also use insurance distributors, covered by section 3(2) of the Insurance Mediation Act. 58.-(1) In the event that a life-assurance policy is lost, at the request of the person who has proved his right to the policy, the relevant insurance company may, with six-months' notice, summon the bearer to come forward. The summons shall be announced in the Danish Official Gazette in the first issue in a quarter, and it shall contain an adequate description of the policy, including the person whose life is insured by the policy. (2) In the event that no one reports before the time limit expires the policy shall be invalid, and the company shall prepare a new policy for the person who requested the summons. Such person shall pay the costs of the summons. (3) In the event that someone reports after the announcement and it is not possible to reach an amicable arrangement, a new policy may not be issued before the mutual legitimacy of the claims made has been determined by a judgement. EXCLUDING MINOR AMENDMENTS (4) The provisions in subsections (1)-(3) shall not imply any restriction on access to request that a life-assurance policy be cancelled by a judgement in pursuance of legislation on the cancellation of securities.
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