Ordinance On Insurance Intermediaries Professional Indemnity Insurance, Guarantees And Treatment Of Fiduciary

Original Language Title: Bekendtgørelse om forsikringsformidleres ansvarsforsikring, garantistillelse og behandling af betroede midler

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ass="Stk2">Stk.  2. Upon submission of the guarantee declaration, the financial institution shall ensure that the guarantee shall comply with the rules in section 2-4 and section 5 (5).  1. Warranties issued on one of the Financial Regulation prepared form.

Chapter 3

Insurance companies, sub-agency companies and management companies liability insurance and guarantee

Section 9. This is a condition for a business establishment (hereinafter referred to as the insurance company or an administration company) may enter into a contract on sale. of insurance products for an insurance undertaking, which is : declared as a cross-border service provider pursuant to section 31 of the Act of Finance that the Finance Company is submitted

1) a statement from a the insurance undertaking that the insurance agent or the management company is covered by a liability insurance, cf. paragraph  4 and § 10, or

2) a statement that the insurance undertaking with which an insurance claim has been concluded has assumed responsibility for negligent conditions of the insurance agent ; or the management company for the insurance office.

Stk.  2. An insurance business, subsidiary company, management company, and a branch of an insurance business or company that is notified pursuant to section 43 (2).  1 in the Act of Insurance intermediary, which is an agreement with an industry (hereinafter referred to as ' sub-premises or management company ") on the sale of between the parties agreed upon insurance, must be covered by a liability insurance, cf. paragraph  4 and section 10.

Stk.  3. An insurance business, subagent-agency, or an administration company registered in another country within the European Union or in a country such as the Community has concluded an agreement in the financial sphere forming part of the territory of the European Union ; an agreement with a business undertaking (hereinafter referred to as the sub-agency company or the management company) on the sale of between the parties agreed on insurance products must be covered by a liability insurance, cf. paragraph  4 and section 10.

Stk.  4. It must appear in the assurance company's statement on the liability insurance,

1) that the insurance undertaking shall be liable immediately to the injured party for that ; liability for liability of the insurance agent, the agent company or the administration company in the event of negligent conditions of the insurance agent, the company company, the management company, or any such liability ; for,

2) to the insurance policy shall cover the activities of the insurance agent, the activities of the subordinate undertaking or the management company in all countries within the European Union and countries concluded by the Community in the financial sphere, and

3) that the coverage amount of the insurance cover is at least 1,120,200 euros per. emergency and at least 1,680,300 euros for all claims by insurance.

Stk.  5. Is the liability insurance for the individual Insurance Company, sub-company or management company established in the context of a collective scheme comprehensive more collaborative insurance companies, sub-agents companies or, as a member of an inter-branch association, the management companies or undertakings shall apply to those in question.  4, no. 3, indicated the amount of coverage for each insurance business, sub-agency or administration company.

§ 10. It is also a condition,

1) The liability insurance cover a recovery of the cover in the event that this may be depleted as a result of one or more injuries in an insurance year (police-covered reinstatement)

2) to the liability insurance contains the right of the insurance agent, the sub-contractor or the administration company, to an end to the termination of the insurance, as a result of the cessation of the insurance claim, to insure against compensation claims that have been raised and notified no later than three years after the termination of the insurance facilitator, cf. Section 11 (1).  1, and

3) that the liability of liability in relation to third parties shall cover claims that have been raised and notified no later than three years after the termination of liability insurance, insofar as it is not responsible for liability insurance ; in the second insurance undertaking with full retro-retro coverage.

section 11 When an insurance agent's, sub-agency company, or administration company is bankrupting, and upon an insurance agent, the termination of insurance intermediaries must draw up a drain on insurance, that will cover liability for replacement claims that have been raised and notified no later than three years after the termination of the company or the insurance intermediation agreement.

Stk.  2. The containment of the insurance cover shall be at least 1,120,200 euros per. emergency cases and at least EUR 1 680.300 for all emergency cases. You mentioned coverage amounts for the full 3-year expiration period.

Stk.  Three. even though it was referred to in paragraph 1  The insurance policy shall not be endorsed or the insurance policy is terminated for other reasons, and without reinsurance of the same degree of liability in another insurance undertaking, the insurance undertaking of the insurance undertaking for third parties ' s claim against the insurance agent, the assistant company or management company, which has been raised and notified no later than three years after the termination of responsibility.

Stk.  4. In relation to third parties, liability insurance may only be terminated at the request of the insurance undertaking from a certain date, which may not be able to enter in earlier than one month following the receipt in the Finance-SEC request.

§ 12. Upon submission of insurance policy, the assurance undertaking shall satisfy the liability insurance in section 9 (4).  Paragraph 1 and paragraph.  4 and 5, section 10 and section 11 (4).  1-3. The assurance undertaking ' s declaration shall be made on one of the Financial Comst.

section 6. Upon submission of insurance policy, the assurance undertaking shall satisfy the liability insurance in section 2-4 and section 5 (5).  1. The assurance undertaking ' s declaration shall be made on one of the Financial Commission, drawn up form.

section 7. For undertakings that have a connection as specified in the Act of financial activity section 5 (5).  1, no. 6 and 7, for companies with no registered offices in this country, the specific status of the Financial Services is the equivalent of the content and scope of an established insurance cover, corresponding to the rules in section 2-4 and section 5 (1).

§ 8. A company may be able to fulfill the rules in section 2-5 instead of a guarantee styling in a financial institution.

Stk.  2. Upon submission of the guarantee declaration, guarantee that the guarantee shall comply with the rules in section 22-24.

Stk.  3. The guarantee guarantee may only be brought to an end at the request of a guarantee, with effect from a certain date, which may not be able to enter in earlier than one month after receipt of the request in the Finance-sighted. However, warranties may require that the guarantee be brought to an end of the day following the receipt of the request in the Financial supervision, where the request is justified in the fraudulent circumstances of the insurance establishment.

Chapter 6

Penalty

section 26. Intiretion of § § 2-5, section 9 (4).  Paragraph 1 and paragraph.  4 and 5, section 10-11 (4).  One and three, section 15, section 16, section 18-23 (4).  ONE, TWO. Act. and § 25 is punished.

Stk.  2. Companies can be imposed on them. (legal persons) liability under the rules of the fifth chapter of the penal code.

Chapter 7

Entry into force, change and revision

section 27. The announcement will enter into force on the 15th. January, 2009.

Stk.  2. At the same time, notification no. Seven out of ten. January 2008, on the liability insurance, insurance, guarantee and treatment of trusted funds, cf. however, paragraph 3.

Stk.  3. Expire assurances drawn by a five-year period of departure prior to the 15th. In January 2009, it must be maintained with the agreed expiration period.

§ 28. You in section 2 (2).  1, no. 4, section 2, paragraph 2.  2, section 4 (4).  2, section 9 (4).  4, no. 3, section 11, paragraph 1.  2 and section 23 (4).  1 the amount of the liability insurance and the amount of guarantee shall be increased automatically every five years, the first time of the 15. January 2013, and then five years after the previous revision.

Stk.  2. Revision of the relevant amounts will take place by the percentage change to the European consumer price index for the period from the 15th. January 2008, and to the 15th. January 2013 or from the date of the previous revision to the new revision and will be rounded up to the nearest whole euro.

Stk.  3. Financial supervision will publish every five years with which percent the European consumer price index has been changed for the period.

Financial supervision, 22. December 2008Peter Sylvest Larsen / Vibeke Olesen
Official notes

1) The Bekendtstatement contains provisions that implement parts of the European Parliament and Council Directive no. 2002 /92/EC of 9. In December 2002 on the insurance intermediaries, no. L 9, s 3).

grafNr">Section 19. On the client account, all trusted funds must be inserted within the first day of the day following receipt of the first day of the banking sector. the amounts payable to the insurance intermediation undertaking, for the execution of the publicists for the client.

Stk.  2. Exempted from here the amount immediately after receipt shall be applied to the payment of the bill.

20. Any insurance intermediation must carry one, list of trusted funds. The insurance establishment must have a business process that ensures the proper registration of trusted funds.

section 21. The Financial supervision may be available at any time and without specifying require an assurance undertaking within one of the Financial supervision set out in a short period of time to submit a declaration from a state sautorised or registered auditor on the revision of the client account, cf. section 3 in the notice of the annual reports of the financial intermediaries and the reinsurance intermediaries to the Financial supervision.

Stk.  2. Has an insurance intermediation company's client account bookkeeping, cf. Article 20, has been incomplete or has the insurance intermediation, by the way, infringed the rules on the treatment of trusted funds, the Financial supervision may require the insurance intermediation undertaking for one of the Financial supervision fixed period or so far. to submit a client account declaration, cf. paragraph  1 each quarter or with other considerations fixed interval.

Chapter 5

Trusted Funds Guarantee

section 22. This is a condition for the benefit of an insurance intermediary in section 1, as provided for in section 1, cf. Chapter 4, the existence of a statement by an insurance undertaking or financial institution (hereinafter referred to as guarantees) that

1) Guarantees as a self-inflitor warrants for the payment of trusted funds, cf. Cap. 4 which can be directed against the insurance intermediation at the time of his business as an insurance intermediary,

2) the guarantee of the guarantee in accordance with its contents gives a direct claim to the person warrants,

3) the guarantee must cover requirements that relate to the funds entrusted with the date of the guarantee, and until the end of the guarantee period (warranty period), cf. § 24, and that

4) the warranty is not subject to any restrictions other than they are allowed by this notice.

Stk.  2. The guarantee for each insurance undertaking established within the framework of a collective scheme of undertakings may provide guarantees to be an independent fund or association if the commitment of the Fund or association, whereas, therefore, after a specific assessment of the Financial Authority, there may be a corresponding security, as provided for in paragraph 1.

section 23. The guarantee may be limited, amounts, so that all the requirements for each year of : the guarantee period shall be covered only with a certain amount. However, this amount shall be at least 300,829 euros per insurance intermediation.

Stk.  2. Amount limit in paragraph 1.  ONE, TWO. Act. the guarantee may not be reduced for a shorter period of time than 1 year.

section 24. The guarantee may be limited in time, in such a way that it only covers claims which are raised against guarantees ; no later than 3 years after the completion of the task that triggers the requirement.

Stk.  2. The period in paragraph 1 shall be that :  1 shall be suspended at the risk of prosecution against the insurance intermediation company.

§ 25. The warranty declaration after section 22 must be