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 />
October 2006, GlobalDenmark Translations<br />
(7) The Danish FSA may lay down more detailed provisions on the conditions mentioned in<br />
subsections (2)-(6), including the requirements that a person is required to fulfil in order to be<br />
employed as the responsible actuary.<br />
109. Sections 73 and 74 shall apply correspondingly to the shareholder committee of the<br />
insurance company.<br />
110.-(1) Raising of loans by life-assurance companies under section 43 of the Public<br />
Companies <strong>Act</strong> shall be approved by the Danish FSA.<br />
(2) Section 48a of the Public Companies <strong>Act</strong> shall not apply to the acquisition of own shares by<br />
an insurance company.<br />
(3) If a member of the board of directors, member of the shareholder committee, or member<br />
of the board of management, through participation in agency or brokering activities, or<br />
because of financial interests in such activities, receives commission or other income from<br />
insurance contracts that the company takes over or surrenders, the Danish FSA shall be<br />
notified hereof.<br />
Special regulations regarding mutual insurance companies<br />
111.-(1) The right of members and guarantors to make decisions in a mutual insurance<br />
company shall be exercised at the general meeting. Each member shall have at least 1 vote.<br />
(2) Notwithstanding subsection (1), the articles of association may stipulate that the general<br />
meeting shall consist of representatives elected by the members and guarantors, or their<br />
proxies.<br />
112. The articles of association of mutual insurance companies shall, apart from the conditions<br />
mentioned in section 4 of the Public Companies <strong>Act</strong>, contain provisions regarding<br />
1) the liability of members and guarantors to the obligations of the company, and<br />
regarding the mutual liability of members and guarantors, cf. section 284(2),<br />
2) whether the company shall be permitted to accept reinsurance without mutual liability,<br />
and<br />
3) whether the guarantee capital shall be subject to interest, and if so, under which<br />
regulations.<br />
113.-(1) Resolutions to change the articles of association shall be made at the general<br />
meeting, cf. however sections 23 and 114 of this <strong>Act</strong>, cf. section 38 of the Public Companies<br />
<strong>Act</strong>. The resolution shall only be valid if it is endorsed by no less than two thirds of the votes<br />
cast. The resolution shall comply with any extra provisions stipulated in the articles of<br />
association.<br />
(2) Significant changes in the objects of a company may, unless the articles of association<br />
stipulate otherwise, only be adopted if three quarters of the guarantors and three quarters of<br />
the members endorse it, or if the general meeting consists of representatives by three<br />
quarters of said representatives. Notification to the guarantors about such changes shall be<br />
given no more than 8 days after the resolution was made at the general meeting. Guarantors<br />
who oppose such changes may require the other guarantors to take over their guarantee<br />
interests if they make such a request no more than 1 month after the general meeting.<br />
EXCLUDING MINOR AMENDMENTS
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