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
1) whose members have either received training or education within specific fields of
training or education or are employed by undertakings of a specific nature and which
have as their object to provide a pension in accordance with uniform rules for all the
members as part of their conditions of employment or as part of some other form of
attachment to an undertaking, or
2) whose members are self-employed persons within the same industry and which have as
their object to provide a pension in accordance with uniform rules for all their members.
305.-(1) Subject to the exceptions mentioned in subsection (2), the provisions regarding
mutual life-assurance companies shall apply correspondingly to lateral pension funds
(nationwide occupational pension funds).
(2) Section 284(2)-(4) shall not apply to lateral pension funds (nationwide occupational
pension funds).
306. The Danish FSA may lay down more detailed regulations defining the membership and
activities of lateral pension funds (nationwide occupational pension funds).
Special regulations regarding labour-market-related life-assurance limited companies
307.-(1) A labour-market-related life-assurance limited company shall mean a life-assurance
limited company that:
1) is directly or indirectly owned by the trade unions of the policyholders, possibly in
association with employers' organisations from the relevant sectors,
2) has been established through a collective agreement, and
3) according to its articles of association does not pay dividends to the owners.
(2) In addition to the condition mentioned in subsection (1), no. 3, the articles of association
of the company shall state that the company is a ”labour-market-related life-assurance limited
company”.
(3) Surrender of shares in the company to persons or organisations other than those
mentioned in subsection (1), no. 1 or changes to the articles of association regarding the
conditions mentioned in subsection (1), no. 3 and (2) shall not take place without the approval
of the Danish FSA. The Danish FSA may only issue such approval provided that the surrender
of shares or changes in the articles of association is deemed to be in the interests of the
insured parties.
(4) The articles of association of the company shall also state how the assets of the company
are to be applied when there are no more insurance claims against the company. The articles
of association shall state that the tax-exempt part of the own funds accumulated shall be
applied for the public good or for charitable purposes.
(5) If the company transfers its portfolio of insurance contracts, the company shall also apply
the tax-exempt part of the own funds accumulated to the benefit of the insured parties. In
cases of transfer of a specific part of the portfolio of insurance contracts, only the proportional
share of the tax-exempt own funds accumulated shall be applied to the benefit of the insured
parties.
EXCLUDING MINOR AMENDMENTS