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
regularly, and open to the public, may comprise no more than 10 per cent of the insurance
provisions.
164.-(1) The following limits concerning insurance provisions shall apply for including assets
covered by section 159(1), where the assets comprise a risk for an individual undertaking or a
group of mutually connected undertakings.
1) Assets covered by section 162(1), no. 3 may comprise no more than 40 per cent.
2) Assets covered by section 162(1), no. 4 may comprise no more than 10 per cent.
3) Assets covered by section 162(1), no. 8, cf. however, subsection (2), may comprise no
more than 10 per cent.
4) Assets covered by section 162(1), no. 14 may comprise no more than 10 per cent.
5) Assets covered by section 162(1),nos. 5-7 and nos. 9-13, cf. however subsection (3),
may comprise no more than 5 per cent.
6) Assets covered by section 162(1), nos. 6, 7, 9, 10, 12 and 13, cf. however, subsection
(4) may comprise no more than 4 per cent.
7) Loans covered by section 162(1), no. 13 may comprise no more than 1 per cent.
(2) If a branch of an investment undertaking covered by regulations in Community law, cf.
section 162(1), no. 8, under its articles of association may only invest in assets covered by
section 162(1), nos. 1-3, the investment may also be classified under section 162(1), nos. 1-3.
(3) For equity investments in and loans to an undertaking whose activities exclusively
comprise investments in assets covered by section 162(1), nos. 5 and 11, the limit mentioned
in subsection (1), no. 5, shall apply to the exposure with the undertaking.
(4) The limit in subsection (1), no. 6 shall only apply to other insurance companies than
companies that carry out direct life-assurance business, and pension funds. For companies that
carry out direct life-assurance business and pension funds the limit shall be 3 per cent, cf.
however, subsection (5).
(5) If the undertaking is not domiciled or listed in a country within Zone A, or if the own funds
of the undertaking does not exceed DKK 250 million, the limit in subsection (4), 2nd clause
shall be 2 per cent.
(6) Subsection (1), no. 6 and (3) shall not apply to investments in a subsidiary undertaking
covered by section 162(2), or to a subsidiary company covered by section 162(3) or (4), or to
investments in undertakings whose activity according to their articles of association is limited
to investing in assets covered by section 162(1), nos. 1-3. In the latter case, with regard to
the provisions in subsection (1), nos. 5-7 and (2), as well as section 163(1), nos. 1, 2 and 4,
the investment may be classified under section 162(1), nos. 1-3.
165.-(1) The assets covered by section 159(1) shall include an amount of no less than 80 per
cent denominated in congruent currencies.
(2) Assets denominated in euro (EUR) may be used to fulfil half of the requirement under
subsection (1) for insurance provisions in another EU currency than euro (EUR).
EXCLUDING MINOR AMENDMENTS
(3) The requirement in subsection (1) shall not apply if the insurance provisions in the
relevant currency total less than 7 per cent of the insurance provisions in other currencies.