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 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.
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 166.-(1) For insurance provisions in insurance class III, where the insurance company or pension fund has not taken on an investment risk, section 159(2) and sections 163-165 shall not apply. (2) For funds taken over as separate SP (Special Pension Savings Scheme) accounts where the individual account-holder has influence on the choice of investment scheme or investment risk, section 159(2) and sections 163-165 shall not apply. (3) Funds taken over as separate SP (Special Pension Savings Scheme) accounts where the individual account-holder has no control over the choice of investment scheme or investment risk shall be placed in accordance with the regulations in part 11, cf. however subsections (4) and (5). (4) Section 163(1), no. 5 and section 164(1), no. 3 shall not apply to funds placed in investment associations, special-purpose associations and approved restricted associations covered by section 162(1), no. 8. (5) Section 163(1), no. 1 shall not apply to funds placed in investment associations, specialpurpose associations and approved restricted associations covered by section 162(1), no. 8 provided that the assets held by said associations are included in the calculation of placement of the funds covered by subsection (3) and that the provisions of part 11 of this Act, with the exceptions mentioned in subsection (4), are complied with in said calculation. 167.-(1) Insurance companies and pension funds shall keep a register of assets covered by section 159(1) and financial contracts under section 160(1), no. 3. Non-life assurance companies shall also keep a register of the assets that correspond to premiums received, where the insurance period commences after the end of the accounting year. The assets and contracts in such registers shall be exclusively to satisfy the insured parties. (2) The requirement to keep a register shall not apply to the policy loans mentioned in section 162(1), no. 7. (3) If real property is included in the assets, a mortgage deed shall be registered. (4) For subsidiary undertakings covered by section 162(2) and subsidiary companies covered by section 162(3) and (4), equity investments shall be registered as well as any loans to the subsidiary undertaking or subsidiary company, respectively. (5) The insurance company and the pension fund shall report to the Danish FSA which assets are included in the register. The Danish FSA or the party duly authorised by the Danish FSA shall verify the existence of said assets according to more detailed regulations laid down by the Danish FSA. (6) The Danish FSA may require that the register be deposited if the Danish FSA decides to limit or prohibit the availability of the assets to the company. On depositing the register the Danish FSA shall be registered at a central securities depository as authorised with regard to securities. Other assets and contracts that are to cover insurance provisions shall be pledged as collateral in favour of the Danish FSA. EXCLUDING MINOR AMENDMENTS (7) Any changes in the register deposited shall be approved by the Danish FSA and noted in the register.
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