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
to one or more insurance companies. If an offer of such transfer is received, the Danish FSA
shall, if it finds the offer acceptable, have prepared a report regarding such transfer as well as
a draft agreement with the relevant company.
(2) The report and draft shall be published in the Danish Official Gazette and in daily
newspapers. The report shall include an appeal to the policyholders to notify the Danish FSA in
writing if they have any objections to the transfer within a time limit stipulated by the Danish
FSA which is no shorter than one month. The company shall, at the same time, forward the
report and draft to those policyholders whose address is known to said company.
(3) After expiry of the time limit mentioned in subsection (2), the Minister for Economic and
Business Affairs shall, under consideration of the objections made, decide whether the portfolio
of insurance contracts may be transferred in accordance with the proposal made.
(4) The Danish FSA may, in connection with the report made and after negotiations with the
company taking over, decide whether insurance contracts arranged for periods of more than 1
year, are to be terminable by both parties according to the provisions that would have been in
force if the multi-year period of the agreement had expired. Provisions regarding such access
to termination shall be indicated in the report from the Danish FSA.
(5) Section 27(2) in the ”lov om forsikringsaftaler” (act on insurance contracts) shall apply
correspondingly until the Minister for Economic and Business Affairs has made a decision under
subsection (3). If a transfer takes place in accordance with such decision by the Minister for
Economic and Business Affairs, the liquidation and the transfer cannot, irrespective of sections
26 and 27 of the ”lov om forsikringsaftaler” (act on insurance contracts) be cited as a basis for
cancelling the insurance contract.
Special regulations for insurance companies regarding administration of a portfolio of lifeassurance
contracts
253.-(1) If the Danish FSA decides that the portfolio of insurance contracts of a life-assurance
company is to be placed under administration under section 224(1), no. 1 and 2 and (4);
section 226(3) and (4); section 234(5) or section 249, the Danish FSA shall at the same time
appoint an administrator to administer the portfolio of insurance contracts in cooperation with
any co-administrators.
(2) When a portfolio of insurance contracts is placed under administration, the Danish FSA
shall withdraw the license of said life-assurance company, and arrange for the decisions
regarding the implementation of said administration, regarding appointment of administrators,
and regarding the withdrawal of the license to be registered at the Danish Commerce and
Companies Agency.
(3) In order to ensure proper attendance to the administration, the administrator may appoint
one or more co-administrators with knowledge of relevant conditions for the administration.
Section 108 shall apply correspondingly to administration estates.
EXCLUDING MINOR AMENDMENTS
(4) Expenses that, under tax legislation, rest upon the administration estate consisting of the
insured parties, shall be paid by the administration estate through the administrator.