Financial Business Act.pdf

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.