Financial Business Act.pdf

More documents

Recommendations

Info

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 October 2006, GlobalDenmark Translations Part 17 (repealed) VIII Special regulations regarding insurance companies Part 18 Special regulations regarding insurance companies Members of mutual insurance companies and their liability for the liabilities of the company 284.-(1) Members of a mutual insurance company shall only be the policyholders of said company. (2) If the members are to be liable for the liabilities of the company, the extent of such liability shall be stipulated in the articles of association. (3) The liability of the members for the company's liabilities may only be asserted by the company. (4) The company's claim against members regarding performance of said liability for the company's liabilities may not be transferred or lodged as collateral. 285. The Danish FSA may lay down regulations for mutual insurance companies regarding liability for members and guarantors, repayment of guarantee capital, and conditions for distribution to the members of the company's funds. 286. If an insurance company becomes a policyholder in a mutual company by reinsurance, agreement may be made in pursuance of the articles of association that said insurance company is exempt from membership liabilities. The total amount of such reinsurance contracts at the company's own account may not, however, with regard to life-assurance, exceed 10 per cent of the total insurance sum of the company taking over. With regard to annuity insurance, the insurance sum shall, in this calculation, be 10 times the annual interest amount. With regard to non-life assurance, the premium for such reinsurance contracts may not exceed 10 per cent of the company's total premium income without the authorisation of the Danish FSA. Payment of guarantee interests etc. in mutual insurance companies 287.-(1) A mutual insurance company may not, for a consideration, acquire its own guarantee interests for ownership or as collateral. (2) The subsidiary undertakings of a mutual insurance company may not, for a consideration, acquire guarantee interests in the parent undertaking for ownership or as collateral. EXCLUDING MINOR AMENDMENTS 288.-(1) In mutual insurance companies, a register shall be kept of guarantee interests. (2) Said guarantee interests shall be noted in the register stating the name, position and address of the guarantors.
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 (3) The company shall endorse the guarantee interest regarding the registration mentioned in subsection (2). General meetings in mutual insurance companies 289.-(1) Legal proceedings regarding a resolution of a general meeting that has not been made legally or is contrary to this Act or to the articles of association of the company, may be commenced by a voting participant, a member of the board of directors, or by a member of the board of management. (2) Such legal proceedings shall be commenced no later than three months after the resolution. Otherwise, the resolution shall be regarded as valid. (3) The time limit mentioned in subsection (2) shall not apply when 1) the resolution could not be made legally even with the consent of all voting participants, 2) the company's articles of association require consent for the resolution by all or certain members, guarantors or voting participants, and when such consent has not been given, 3) the general meeting has not been called, or the company's regulations regarding calling a meeting have been substantially disregarded, or 4) the person, who has commenced legal proceedings after expiry of the time limit mentioned in subsection (2) but no later than 2 years after the resolution was made, has had a good reason for the delay, and the courts, for this reason and in consideration of the general circumstances, find that application of the provisions in subsection (2) would lead to obvious unfairness. (4) If the court finds that the general-meeting resolution has not been made legally or is contrary to this Act or to the articles of association of the company, cf. subsection (1), said resolution shall be made invalid or changed by the court. A change of the general-meeting resolution may, however, only be carried out if a claim in this regard is made and the court is able to determine the rightful content of said resolution. The court decision shall be valid for all members and guarantors. Dividend distribution, contingency fund, etc. 290. Only the profit for the year in accordance with the audited annual report for the most recent accounting year, retained earnings from previous years, and other reserves that are not non-distributable in pursuance of legislation or the articles of association of the company after deduction of both uncovered losses and amounts that must be allocated to a contingency fund or other purposes in pursuance of legislation or the articles of association of the company may be used as dividends to shareholders, interest to guarantors, or payments to members of mutual companies. EXCLUDING MINOR AMENDMENTS 291. As long as the company's capital base does not meet the capital requirements under this Act, no dividend may be paid to shareholders, nor interest to guarantors, nor amounts to members of mutual companies.
Page 1 and 2:
While this translation was carried
Page 3 and 4:
Page 5 and 6:
Page 7 and 8:
Page 9 and 10:
Page 11 and 12:
Page 13 and 14:
Page 15 and 16:
Page 17 and 18:
Page 19 and 20:
Page 21 and 22:
Page 23 and 24:
Page 25 and 26:
Page 27 and 28:
Page 29 and 30:
Page 31 and 32:
Page 33 and 34:
Page 35 and 36:
Page 37 and 38:
Page 39 and 40:
Page 41 and 42: While this translation was carried
Page 91: While this translation was carried
Page 143 and 144:
Page 145 and 146:
Page 147 and 148:
Page 149 and 150:
Page 151 and 152:
Page 153 and 154:
Page 155 and 156:
Page 157 and 158:
Page 159 and 160:
Page 161 and 162:
Page 163 and 164:
Page 165 and 166:
show all

Financial Business Act.pdf

Create successful ePaper yourself

Delete template?

Save as template?