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
4) Transfer to the individual insurance contracts of the share attached to the insurance
shall take place no later than at the time of payment of benefits under the insurance.
5) On a continuous basis, they are awarded a return on the basis of the interest rate set
by the company with a view to making the return correspond to the possible market
return on subordinate loan capital.
6) They may be used to cover all the company's losses and any non-subordinated claim
against the company, when the own funds has been lost.
7) The individual share and the relative collective share, cf. no. 2, may be included at the
time of cancellation of the insurance, and they shall be fully included on calculation of
surrender values as well as on transfers from one company to another in connection
with transition to another employment, cf. section 20(1), no. 7. Said share shall be
relative to the share which the insured party has contributed to accumulating. Special
bonus provisions, however, may only be included if the company meets the solvency
requirement in section 248(3), no.3.
8) The company shall comply with the disclosure requirement resting upon companies
listed on the stock exchange under section 27(1) of the Securities Trading, etc. Act.
139.-(1) When calculating the capital base in banks, mortgage-credit institutions, investment
companies and investment management companies the following shall be deducted:
1) the proportion of the capital requirement of a subsidiary insurance company or an
associated insurance company, which corresponds to the directly or indirectly owned
proportion of the share capital and guarantee capital of said insurance company. If the
insurance company does not have its registered office in Denmark, the capital
requirement under the regulations of the home country shall be used. However, the
capital requirement shall be no less than it would have been if the insurance company
had had its registered office in Denmark. The deduction under the 1st clause shall be
reduced by an amount corresponding to the difference between
a) an amount corresponding to the proportion of the capital base of a subsidiary
insurance company or an associated insurance company, which corresponds to the
proportion of the share capital owned, and
b) the value in the balance sheet of the ownership interest in question with an addition
of the value of the subordinate loan capital, including subordinate loan capital from
other group undertakings, to the subsidiary insurance company or the associated
insurance company, when subordinate loan capital is included in the capital base of
the subsidiary insurance company or the associated insurance company under
section 135(1), no. 1.
2) Directly and indirectly owned equity investments in subsidiary undertakings and
associated undertakings which are credit institutions, investment companies,
investment management companies and finance institutions, cf. however the 2nd
clause and subsections (4) and (5). Equity investments in finance institutions whose
main activity is to acquire equity investments or negotiable mortgage deeds or to carry
out activities at their own expense with one or more of the instruments mentioned in
annex 5 shall not be deducted. Indirectly owned equity investments which have been
deducted by a subsidiary insurance company, credit institution, investment company or
investment management company or an associated insurance company, credit
institution, investment company or investment management company under no. 3 or
section 131(2), no. 2, and indirectly owned equity investments which have been
deducted or exempted by a subsidiary insurance company or an associated insurance
company under section 131(5) shall not be deducted.
EXCLUDING MINOR AMENDMENTS