Ordinance To The Law On Insurance Mediation

Original Language Title: Bekendtgørelse af lov om forsikringsformidling

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Read the untranslated law here: https://www.retsinformation.dk/Forms/R0710.aspx?id=121314

Overview (table of contents) Chapter 1 the law's scope and definitions Chapter 2 Permission and registration of insurance broker companies and employees insurance brokers Chapter 3 insurance broker companies ' disclosure obligations as well as other ongoing reporting obligations Chapter 4 suspension and cancellation of permits Chapter 5 Reinsurance brokerage Chapter 6 Insurance companies and management companies registration and disclosure obligations Under Chapter 7 of the companies and management companies registration and disclosure obligations Chapter 8 Insurance distributor company Chapter 9 cross-border business Chapter 10 Supervision , appeals and penalties Chapter 11 entry into force and transitional provisions, etc., The full text of the Ordinance to the law on forsikringsformidling1)

Hereby promulgated law on insurance mediation, see. lovbekendtgørelse nr. 401 of 25. April 2007 with the changes imposed by section 5 of law No. 515 of 17. June 2008 and by article 5 of law No. 517 of 17. June 2008.

Chapter 1 scope and definitions article 1 of the Act. This law shall apply to the commercial dissemination of insurance, which shall mean the activity consisting in payment of a fee introducing, proposing or carrying out preparatory work in connection with the conclusion of contracts of insurance or reinsurance contracts, to enter into such agreements or to assist in the Administration and performance of such contracts, in particular in the injury case.

(2). Insurance mediation pursuant to section 2, nr. 1 and 2, may be exercised by public limited liability companies, partnerships, private limited companies (limited partnerships with), limited partnerships, partnerships and sole proprietorships.

§ 2. In this law, the term 1) insurance brokerage: The activity consisting in providing customer advice, on the basis of an analysis of a large number of the insurance solutions available on the market as possible, and the activity that consists in presenting the customer for insurance solutions from one or more insurance companies, without explicit agreement has been concluded with insurance companies about this.

2) Reinsurance brokering: The activity consisting in providing an insurance company advice on the basis of an analysis of a large number of the insurance solutions available on the market as possible, and the activity that consists in presenting the insurance company for insurance solutions from one or more insurance companies, without explicit agreement has been concluded with reinsurance undertakings to that effect.

3) Insurance Company: The activity consisting in following an agreement with one or more insurance companies to convey the insurance company's insurance products.

4) of the company: The activity consisting in following an agreement with an insurance company to convey one or more insurance companies insurance products.

5) insurance distributor activity: The activity consisting in following an agreement with one or more insurance companies insurance company insurance to disseminate products subject to section 3, paragraph 2.

§ 3. The law does not apply to 1) on the dissemination of insurance underwritten by insurance and reinsurance undertakings, or on employees in these companies, 2) where a company occasionally advises on insurance in connection with the exercise of other business activities, when the main purpose of the advice is not to assist the customer with introducing, proposing, conclude or perform the preparatory work in connection with the conclusion of an insurance contract , 3) where a company simply conveys General information about insurance products or create contact to insurance companies, when the aim is not to assist the customer in concluding or submit, suggest or perform the preparatory work in connection with the conclusion of an insurance contract, or 4) where a company carries out the administration of claims of an insurance undertaking, appraisement record, notified claims by instances of damage or other similar tasks on its behalf.

(2). The law does not apply to the distribution of insurance products, which meet all the following conditions: 1) the insurance contract only requires knowledge of the insurance coverage offered.

2) the insurance contract is not a life assurance contract.

3) insurance contract does not include any liability coverage.

4) The concerned natural or legal person exercising the activity of insurance mediation not as their main occupation.

5) insurance agreement constitutes a supplement to the product or service provided by a given supplier, if the insurance contract covers a) risk of operating error, loss of or damage to goods supplied by that provider or b) loss of or damage to baggage and other risks linked to the travel ordered from the supplier concerned, irrespective of whether the insurance contract includes life-or liability insurance , provided that the cover is ancillary to the main cover on risks linked to that travel.

6) insurance agreement annual premium does not exceed EUR 500.

7) insurance contract, including renewals, does not exceed 5 years.

(3). Notwithstanding paragraph 2, insurance distributors, who supply the products referred to in paragraph 2 included the insurance, however, give the customer the information about the insurance product, as specified in section 34 and section 35.

Chapter 2 the authorisation and registration of insurance broker companies and employees insurance brokers, § 4. Companies engaged in insurance brokerage, must have FSA authorisation.

(2). A person exercising the activity of insurance mediation as an employee within an organization covered by paragraph 1, must have permission to the FSA as an employee of the company to carry on insurance mediation.

§ 5. The Danish financial supervisory authority authorises, that a company can pursue insurance mediation in legal form, when 1) members of the Board and management of the applicant meets the conditions of § 8, 2) or the responsible persons in the provision of insurance company meets the conditions of § 8, paragraph 2, and article 9, paragraphs 1, 3) the company has taken out a professional indemnity insurance, see. section 20, and 4) in the company is employed by persons who have or which, at the same time applying for authorisation for which employees to carry on insurance mediation, see. § 7.

(2). An application for authorisation in accordance with paragraph 1 shall contain the information required for the use of the FSA assessment of whether the conditions in paragraph 1 are fulfilled. The application must also include a statement 1) about the nature of the insurance mediation, which the company intends to exercise, and the company's legal form, 2), in which individual Member States within the European Union or in countries with which the community has entered into an agreement on the financial area to be engaged in insurance brokerage, 3) about the names of the company's capital owners, as well as on capital owners ' share of the company's capital or voting rights) and (4) of the company's share of one or more insurance companies ' capital or voting rights as well as the names of this.

§ 6. FSA grants permission to a person may engage in insurance mediation in sole proprietorship when the 1) the applicant satisfies the conditions laid down in section 8, paragraph 2, 2) applicant meets the prescribed requirements for theoretical training and practical skills relating to the insurance brokerage, see. § 9, paragraph 2, and 3), the company has taken out a professional indemnity insurance, see. § 20.

(2). An application for authorisation in accordance with paragraph 1 shall contain the information required for the use of the FSA assessment of whether the conditions in paragraph 1 are fulfilled. The application must also include a statement 1) about the nature of the insurance mediation, which the company intends to exercise, 2), in which individual Member States within the European Union or in countries with which the community has entered into an agreement on the financial area to be engaged in insurance brokerage, and 3) of the company's share of one or more insurance companies ' capital or voting rights as well as the names of this.

§ 7. FSA grants permission to a person exercising the activity of insurance mediation as an employee of an insurance brokerage, when 1) the applicant satisfies the conditions laid down in section 8, paragraph 2, and (2)) the applicant meets the requirements set for theoretical training and practical skills relating to the insurance brokerage, see. § 9, paragraph 2.

(2). An application for authorisation in accordance with paragraph 1 shall contain the information required for the use of the FSA assessment of whether the conditions in paragraph 1 are fulfilled. The application must also include a statement of the nature of the insurance mediation, the person intends to exercise.

§ 8. Members of the applicant's Board of Directors and executive management must have sufficient experience to exercise the Office or post of, respectively, Board member and Director of the company.

(2). The of §§ 5-7 included persons can not contest the Office or position in an insurance brokerage, if 1) the person is charged with criminal liability for violation of the criminal code or the financial legislation and this violation implies the risk that the operator or production not handled with integrity, 2), the person concerned has declared bankruptcy, filed a petition for compulsory settlement, bankruptcy or debt settlement or is in receivership under bankruptcy, debt settlement or arrangement with creditors, or


3) he or she has demonstrated such behavior, that there are grounds for believing that the person concerned will not carry out the duties of the position or safely.

(3). The paragraph 2 included the persons obliged to provide information about the Danish financial supervisory authority referred to in paragraphs 1 and 2 against.

§ 9. The person in your company who is responsible for the insurance provision, should have a general knowledge of insurance mediation. The Danish financial supervisory authority shall lay down detailed rules on the subject.

(2). Persons applying for permission to be insurance broker, must possess a theoretical training and practical knowledge on insurance mediation. The Danish financial supervisory authority shall lay down detailed rules on the subject.

(3). The FSA obtains for the of §§ 6 and 7 persons included an assessment of an applicant's foreign education qualifications from the Centre for the Assessment of foreign qualifications.

(4). The Danish financial supervisory authority may allow persons, irrespective of the fact that these do not meet the conditions laid down in paragraphs 1 and 2.

§ 10. When the FSA has announced an insurance brokerage or an employee insurance broker authorized pursuant to section 4 to carry on insurance mediation, registered insurance broker company, the person or persons responsible for insurance mediation in the company and the employee insurance brokers in the FSA register of insurance intermediaries. The register is available to the public.

(2). When the Danish financial supervisory authority has authorized pursuant to section 4 to an insurance broker activity of public limited liability companies, partnerships, private limited companies (limited partnerships with), partnerships and limited partnerships, in which all stakeholders, respectively komplementarer is public limited liability companies, partnerships, private limited companies (limited partnerships with) or undertakings with a similar legal form, informed the Danish Commerce and companies Agency, who can then carry out registration.

§ 11. Insurance brokerage companies, which have received the Danish FSA authorisation, should use the term ' insurance broker ' in the name. A person who has been given permission to be employed FSA insurance broker, is committed to the pursuit of the business of insurance brokerage by using the term ' insurance broker '. Other terms such as URf.eks. ' registered ', ' certified ' or ' approved ' cannot also be added to the name. An insurance broker company may notwithstanding 1. clause in solicitations to the public particularly highlight the company's specialities, such as insurance consulting.

(2). Other companies and persons may not use the names or descriptions of their activities, which are apt to induce the impression that they are insurance brokerage companies or employees insurance brokers.

(3). An insurance brokerage or a person who is subject to section 43, however, here in the country can use the same name as the company or person uses in the home country. There is a risk of confusion with a name that is already used in this country, can the FSA or the Danish Commerce and companies agency require an explanatory addition to the name.

§ 12. An insurance broker company can engage in other activities. This activity must be carried out in an establishment other than insurance broker company. For this activity to be used a term that cannot be confused with insurance broker company.

(2). When an insurance broker company signs an agreement with an insurance company to convey the company's insurance products, insurance broker company inform Danish financial supervisory authority on the subject. Chapter 6 on the insurance companies ' registration and disclosure requirements applicable to the relationship.

(3). When an insurance broker company signs agreement with an operator to provide the insurance products, such as insurance brokerage company in accordance with paragraph 2 has entered into an agreement with an insurance company to convey, insurance broker company inform Danish financial supervisory authority on the subject. The rules set out in Chapter 7 on agents applicable to the relationship.

Chapter 3 Insurance brokerage companies ' disclosure obligations as well as other ongoing reporting obligations § 13. In a concrete contract, an insurance brokerage, at a minimum, provide the customer with information 1) about the insurance broker's name and address, 2) as to which directory insurance broker company and employees insurance brokers is included in, and the manner in which registration may be checked, 3) about whether insurance broker company provides advice on the basis of an analysis of a large number of the insurance solutions available on the market as possible, see. § 2, nr. 1, 1. Indent 4) that the insurance brokerage company has a holding, direct or indirect, representing more than 10 per cent of the voting rights or of the capital in a given insurance undertaking, if this is the case, 5) that a given insurance undertaking or parent undertaking of a given insurance undertaking has a holding, direct or indirect, representing more than 10 per cent of the voting rights or of the capital in the insurance brokerage company, if this is the case, and 6) about how customers and other interested parties can complain about insurance broker company, and whether there are non-judicial review procedures, where appropriate.

(2). In a concrete contract, insurance broker company as a minimum writing articulate the customer's needs and requirements, in particular on the basis of the customer's own information. Insurance broker company must also justify the advice in writing, the customer will receive on a particular insurance solution. This advice adapted to the complexity of the insurance solution presented.

§ 14. In a concrete contract, insurance broker company conclude a written agreement with the customer, specifying what services insurance broker company must deliver. Of the cooperation agreement, the two parties to the agreement on the size of the amount which the customer or owners of an insurance system with the client shall pay insurance broker company for the establishment of an insurance scheme or a framework agreement and of any other services during the first year of duration of the insurance.

(2). Insurance broker company must, in writing, once a year, inform the customer 1) the size of the total costs that have been associated with the use of insurance broker company in the year in question, as well as 2) the amount of any remuneration, as insurance broker company has received from third parties in connection with the business relationship.

section 14 (a). When an insurance broker Company obtains quotes on insurance contracts for the customer with one or more insurance companies, insurance broker company while providing the information to the insurance company, which is needed to ensure that the insurance undertaking is able to fix the price of the insurance. In pension plans covered by the pension taxation Act section I must inform the insurer about insurance broker company the size of the fee has been agreed between the customer and the insurance broker company. Insurance broker shall simultaneously inform the insurer about the length of the period during which the customer and the insurance company has agreed that the fee has to be factored in insurance premium. The period must not exceed 3 years. The insurer must include this fee in the insurance premium and pay the fee for the insurance broker company.

(2). An insurance broker company must not receive commissions or other remuneration from the insurance company related to the concrete customer conditions.

(3). An insurance company may, however, on the customer's behalf carry out dissemination of the in section 14, paragraph 1, the said amount to the insurance broker company. The customer and the insurance company may also enter into agreement on the financing of the customer's payment to the insurance broker company.

(4). Notwithstanding paragraph 2, an insurance broker company receive Commission from an insurance company that does not have a registered office or are established by a branch here in the country. Insurance broker company, however, is required to forward a received commissions to the customer.

section 14 (b). The Danish financial supervisory authority may lay down rules about the procedures that insurance broker company to be taken into account when a customer's insurance schemes will be sent out to tender with one or more insurance companies.

§ 15. When an insurance mediation exclusively using one or more periods of insurance companies, without explicit agreement has been concluded with the insurance companies on this matter, the customer must be aware of this before a concrete insurance agreement is concluded. Furthermore, the customer must be made aware of the availability to get the names of insurance companies, insurance brokerage company uses.

§ 16. They are in sections 13, 14 15shall apply only after specified information to be provided in a clear and precise manner that is comprehensible to the customer and on the Danish language, unless otherwise agreed between the parties. The Danish financial supervisory authority shall lay down detailed rules concerning the functioning of the sections 13, 14 and 15, the specified information shall be communicated to the customer.

§ 17. An insurance broker company represents the only customer.

(2). An insurance broker company shall not, directly or indirectly, have such connections to an insurance company that is suitable for creating doubts about the independence of the establishment of the insurance broker forsikringsselskabs interests, which is not a result of companies ' mutual ownership.


(3). An employee insurance broker must not through recruitment or other form of association with insurance companies or related companies in the group depend on the forsikringsselskabs interests.

§ 18. An insurance broker company and its employees must not improperly disclose or exploit confidential information, as the insurance broker company in the exercise of his or her duties becomes aware.

§ 19. Insurance mediation shall be operated in accordance with fair business practice and good practice within the business area.

(2). The Minister for economic and business affairs shall lay down detailed rules concerning fair business practice and good practice.

§ 20. An insurance broker company must be insured against any claims that may result from the economic operator.

(2). An insurance broker company shall without delay to insert the fiduciary on a special client account and must establish proper security for these products, see. However, paragraph 3.

(3). The obligation imposed in paragraph 2, to insert the trusted resources on a client account shall not apply to the funds relates to an insurance company which issued the emancipation certificate to the insurance broker company.

(4). Liability claims against the insurance company can be directed directly to the insurance undertaking, where insurance broker company is insured.

(5). FSA sets out rules on occupational ansvarsforsikringens and security scope and nature as well as its temporal extent.

§ 21. Insurance broker company must report to the Danish FSA calendar year earnings with specification of revenue distribution to insurance companies or insurance broker companies and customers.

(2). Insurance broker company must concurrently with submission of the specification referred to in paragraph 1 shall submit declaration from a chartered or registered Auditor on the review of the article 20, paragraph 2, referred to the client account.

(3). FSA sets out detailed rules concerning notification in accordance with paragraph 1.

Chapter 4 suspension and cancellation of licences section 22. The Danish financial supervisory authority involves an insurance broker company authorisation, if 1) at the request of the company, 2) there is no longer any sign liability insurance, 3) insurance broker company guilty of serious or repeated violations of the provisions of this law or regulations issued pursuant to the Act, 4) a member of the insurance undertaking's administrative, managerial or the broker for insurance dissemination responsible person no longer can contest his duties or his position without prejudice to article. § 8, paragraph 2, 5) the company no longer has hired at least one person with the FSA authorisation to engage in insurance mediation in accordance with the company's permission, 6) insurance brokerage is not started within 12 months after the FSA has granted permission, or 7) shall not be exercised insurance brokering for a period exceeding 6 months.

(2). The Danish financial supervisory authority involves an employee insurance broker permission, if 1) insurance broker requests, 2) insurance broker has been guilty of serious or repeated violations of the provisions of this law or regulations issued pursuant to the law, or 3) insurance broker can no longer contest his position, see. § 8, paragraph 2.

(3). A decision on the withdrawal of authorisation pursuant to paragraph 1, nr. 3, or (2). 2, can the decision relates, be required, brought before the courts. Application for judicial review must be received no later than 4 weeks after the FSA that the decision is announced. FSA brings an action against the person concerned in the civil procedure forms. Request for referral of a withdrawal have suspensive effect, unless the Court decides otherwise.

(4). Decision of the cases covered by paragraph 1, nr. 4, and (2). 3 shall be taken by the courts. Other decisions concerning the withdrawal of authorization shall be taken by the FSA.

(5). The withdrawal of authorisation pursuant to paragraph 2 may be carried out for a period of 1 to 5 years or until further notice. Permission can then be achieved again, provided the employee insurance broker meets the conditions of § 8, paragraph 2.

section 22 (a). The Danish financial supervisory authority may order an insurance brokerage to allocate a Director or the responsible person for insurance provision within a period specified by the FSA, if this is pursuant to section 8, paragraph 2, cannot contest the post.

(2). The Danish financial supervisory authority may order a member of the Management Board of an insurance broker company to resign within a period specified by the FSA, if this under section 8, paragraph 2, cannot contest the Office.

(3). The Danish financial supervisory authority may order an insurance brokerage to allocate a Director or the responsible person for insurance provision when there is indicted in a criminal case about violation of criminal law, law on insurance mediation or other financial legislation, until the criminal case is settled, if a conviction would mean that he or she does not meet the requirements in section 8, paragraph 2, no. 1. The Danish financial supervisory authority shall set a deadline for compliance with the order. The Danish financial supervisory authority may, under the same conditions as in 1. point to order a member of the Management Board of an insurance broker company to resign. The Danish financial supervisory authority shall set a deadline for compliance with the order.

(4). The duration of the injunction granted in accordance with paragraph 2 on the basis of § 8, paragraph 2, no. 2 or 3, shall be set out in the order.

(5). Injunction granted pursuant to paragraphs 1 to 3 may by insurance broker company and of the person to whom the order relates, demanded brought before the courts. The request must be submitted to the FSA, within 4 weeks after the order is notified the concerned. The request does not have suspensive effect on order, but the Court may by order direct that the person concerned was Director, the appropriate Board member or the responsible person for insurance provision during these proceedings can maintain his functions or his position. FSA earns within 4 weeks the matter to the courts. Proceedings in the civil procedure forms.

(6). The FSA may, of its own motion or on application, withdraw an injunction granted pursuant to paragraph 2 and paragraph 3 3. paragraph shall refuse an application for revocation, the DFSA, the applicant may require the refusal brought before the courts. The request must be submitted to the FSA, within 4 weeks after the refusal is notified the concerned. Request for judicial review can only be made if the order is not limited in time and elapsed at least 5 years from the date of issue of the order, or at least 2 years after the FSA refused withdrawal is confirmed by judgment.

(7). Paragraphs 1 to 3 shall apply mutatis mutandis to an insurance broker, authorised by the FSA to carry on insurance mediation in a sole proprietorship or as an employee of an insurance broker company, see. § 6 and § 7.

(8). Have insurance broker company not allocated by the Director or the responsible person for insurance provision within a period specified by the FSA, FSA may involve the company's permission, see. section 22 (1) (8). 4. The FSA may also involve the company's permission, see. section 22 (1) (8). 4 If a Board fails to comply with an injunction issued pursuant to paragraphs 2 and 3.

§ 23. An insurance broker company authorisation lapses, when insurance broker company be declared bankrupt or ceases otherwise.

(2). An employee insurance broker permission lapses when the insurance mediator dies.

§ 24. If the FSA has included an insurance brokerage business permit or the permit has lapsed, lapse at the same time, the employee insurance broker permission, unless the person concerned has obtained other employment immediately as an insurance broker or has applied for authorization deposited in accordance with paragraph 2.

(2). An insurance broker may apply for authorization as an employee insurance brokerage deposited. The authorization can be achieved in ny, where insurance broker fulfils the conditions set out in section 6 or the employee insurance broker fulfils the conditions set out in section 7.

§ 25. When the authorization for an insurance brokerage is withdrawn or lapsed, insurance broker company cease. Other company may not commence before completion.

(2). Upon suspension or withdrawal of an authorisation to an insurance brokerage or an employee insurance broker is deleted the concerned insurance brokerage or insurance broker employees of the FSA register of insurance intermediaries. The Danish Commerce and companies Agency is informed of the suspension or cancellation of permits for insurance broker establishments covered by article 10, paragraph 2.

Chapter 5 the reinsurance brokerage section 26. For the pursuit of reinsurance brokering find rules in Chapter 2, §§ 18, 20 and 21 as well as Chapter 4 apply mutatis mutandis.

(2). The Danish financial supervisory authority may lay down special rules or derogations from paragraph 1, taking into account the special conditions related to reinsurance brokerage.

Chapter 6 Insurance companies and management companies registration and disclosure obligations § 27. Companies and management companies, carrying on insurance business must be registered, without prejudice. paragraphs 2 and 3.


(2). The company or the management company signed an agreement on the distribution of insurance products for a Danish insurance company, of a branch of an insurance undertaking authorised in another country within the European Union or in a country with which the community has entered into an agreement on financial matters, or for an insurance company which has been authorised by the FSA, is the responsibility of the duty to register company or the management company insurance company or branch. The insurance undertaking, or the branch shall publish the registration in its register of insurance agents.

(3). In cases other than those referred to in paragraph 2 shall be the responsibility of the obligation to register the FSA. The Danish financial supervisory authority shall publish the registration in its register of insurance intermediaries.

(4). The duty of registration includes: 1) insurance company and the person or persons responsible for dissemination of insurance in the company or 2) a management company acting on behalf of several insurance companies, and the person or persons responsible for dissemination of insurance in the management company.

(5). Insurance company or a management company may not communicate the insurer's products, before the insurance company or the management company is registered.

(6). The Danish financial supervisory authority shall lay down detailed rules concerning the insurance undertaking, or the branch's duties as a data processor in accordance with paragraph 2.

section 28. For use for FSA registration pursuant to section 27 (3), insurance company or the management company submit Declaration on that 1) insurance company or the management company is covered by insurance or a guarantee to safeguard against any financial requirements arising from insurance provision, 2) there are one or more competent persons in the provision of insurance insurance undertaking or of the management company, which holds the necessary general knowledge on insurance mediation , 3) persons as employees of the insurance undertaking is directly involved with the insurance provision, possess an adequate knowledge of the insurance products that are disseminated, and 4) the persons covered by the No. 2 and 3, is not under bankruptcy and on the employer has showcased a criminal record without importation of unconditional custodial sentences in 4 months or more for violation of Penal Code section 171 of forgery or §§ 276-290 on property crimes.

(2). For use by the insurance undertaking or branch registration under section 27, paragraph 2, the insurance company or the management company submit to in paragraph 1, no. 2-4, referred to statements.

(3). In cases where the insurance company or insurance company is in doubt as to whether a sub-agency agreement entails the registration requirement, the question shall be submitted by the insurance company or insurance company for the Danish financial supervisory authority, which shall take a decision.

(4). Insurance company or the management company is obliged at the request of the Danish financial supervisory authority to explain the procedures that insurance company or the management company uses to meet the requirements of paragraphs 1 and 2.

(5). FSA sets out detailed rules on liability insurance extent and temporal extent, see. Article 20, paragraph 5.

section 29. When the insurance intermediary agreement ceases, the insurance company or the branch, which has registered insurance company or the management company pursuant to § 27, paragraph 2, delete the insurance company or the management company of its register of insurance agents.

(2). When the insurance intermediary agreement ceases, the insurance company or the management company inform the FSA when the FSA registered insurance company or the management company pursuant to § 27, paragraph 3. The FSA will then delete the insurance company or the management company of its register of insurance intermediaries.

section 30. The insurer shall annually make a declaration to the FSA about that business processes and administrative procedures relating to the treatment of the under section 28 (2), received statements is sound.

section 31. FSA sets out detailed rules about what knowledge would apply subject to section 28, paragraph 1, no. 2 and 3, must possess.

section 32. Insurance companies and management companies are covered by the regulations issued pursuant to the law on financial business, to the extent these rules governing good practice in the field of insurance.

section 33. At the latest at the same time that a concrete contract, insurance company or the management company, as a minimum, provide the customer with information on the insurance undertaking 1) or the management company's name and address, 2) as to which directory insurance company or the management company is included in, and the manner in which registration may be checked, 3) that the insurance company or the management company has a holding, direct or indirect, representing more than 10 per cent of the voting rights or of the capital in a given insurance undertaking If this is the case, 4) that a given insurance undertaking or parent undertaking of a given insurance undertaking has a holding, direct or indirect, representing more than 10 per cent of the voting rights or of the capital in the insurance company or the management company, if this is the case and 5) that the insurance company or the management company have entered into an agreement with one or more periods of insurance companies on insurance products and to convey to the customer on request can get the names of these insurance companies.

§ 34. At the latest at the same time that a concrete contract, insurance company or the management company provide the customer with information on the insurance contract's primary content. There must at least be given information 1) about relevant rights under the sale of goods Act, 2) about possible other insurance coverage, 3) on insurance coverage, 4) of the agreement concerning the insurance contract, 5) on the conditions for termination of the insurance contract and 6) of the regulations that apply to the handling of complaints from the customer relating to the agreement, including the existence of a complaints body.

(2). Receives the insurance company or the management company Commission or other remuneration as a result of insurance provision, the customer must be made aware of this. In addition, the insurance company or the management company make the customer aware of access to be informed of the amount of remuneration and on request or disclose this.

section 35. In sections 33 and 34 specified information shall be communicated to the customer in a clear and precise manner that is comprehensible to the customer and on the Danish language, unless otherwise agreed between the parties. The Danish financial supervisory authority shall lay down detailed rules concerning the functioning of the sections 33 and 34 specified information shall be communicated to the customer.

Chapter 7 of the companies and management companies registration and disclosure obligations § 36. After that an insurance company has signed an agreement with one of the company or a management company on behalf of insurance undertaking to disseminate products, such as insurance company have entered into an agreement with one or more insurance companies to disseminate, to the company or the management company shall be registered in the Danish FSA register of insurance intermediaries. The register is available to the public.

(2). The duty of registration includes: 1) of the company and the person or persons responsible in the provision of insurance company or 2) a management company acting on behalf of several of the companies, and the person or persons responsible for dissemination of insurance in the management company.

section 37. Of the company or the management company may not provide the insurance products, such as insurance company has signed an agreement with an insurance company to convey, before of the company or the management company is registered in the Danish FSA register of insurance intermediaries. For use for FSA registration pursuant to section 36 of the company or the management company should insurance company or the management company in the face of the Danish financial supervisory authority, declare that the insurance company or the management company has taken out an insurance policy or are covered by a guarantee to safeguard against any financial requirements arising from the establishment or the management company's duties as a facilitator of the insurance products on behalf of the insurance company.

(2). Of the company or the management company should insurance company or the management company declare that 1) the person or persons in the company or the management company responsible for insurance provision, possesses the necessary general knowledge on insurance mediation, 2) persons as employees in the company are directly involved with the insurance provision, possess an adequate knowledge of the insurance products that are disseminated, and


3) persons covered by nr. 1 and 2 are not bankrupt and on the employer has showcased criminal record without importation of unconditional custodial sentences in 4 months or more for violation of Penal Code section 171 of forgery or §§ 276-290 on property crimes.

(3). In cases where the insurance undertaking or of the undertaking is in doubt as to whether a sub-agency agreement entails the registration requirement, presented the question of insurance agent or of the company for the financial supervisory authority, which shall take a decision.

(4). Of the company or the management company is obliged at the request of the Danish financial supervisory authority to explain the procedures that the company uses to meet the requirements in paragraph 2.

(5). Insurance company or the management company shall annually make a declaration to the FSA about that business processes and administrative procedures relating to the processing of the declarations specified in paragraph 2 is acceptable.

(6). FSA sets out rules on liability insurance extent and temporal extent, see. Article 20, paragraph 5.

(7). The Danish financial supervisory authority may lay down detailed rules on the form in which declarations within the scope of paragraphs 1 and 2 shall be given, including whether the agent or the management company of the establishment opportunity on behalf of the insurance company or the management company to submit these declarations.

section 38. When the agreement between the insurance undertaking and of the company or the management company shall come to an end, the insurance company or the management company inform Danish financial supervisory authority on the subject. FSA deletes of the company or the management company of the Danish FSA register of insurance intermediaries.

§ 39. FSA sets out detailed rules about what knowledge and abilities to the categories covered by section 37, paragraph 2, no. 1 and 2, shall possess.

§ 40. Of the company or the management company is subject to the disclosure obligations in section 33, no. 1 and 2, and § 34 of information to the customer.

(2). Of the company or the management company shall also inform the customer that there is an agreement with one or more insurance undertakings on the dissemination of certain insurance companies ' products, and to the customer on request can get the names of these companies.

Chapter 8 Insurance distributor business § 41. § 34 shall apply mutatis mutandis to the activity of insurance mediation carried out by insurance distributor companies.

Chapter 9 cross-border business § 42. An insurance or reinsurance undertaking or an insurance agent-broker or subagent company wishing to practise in another country within the European Union or in a country with which the community has entered into an agreement on the financial area in accordance with the provisions on the freedom to provide services or the provisions on freedom of establishment, must announce this to the Danish financial supervisory authority with information about 1) of the country in which a branch is desired established and branch address, or 2) the country in which the cross-border provision of services desired offered.

(2). The Danish financial supervisory authority, not later than 1 month after the notification shall transmit the information to the competent authorities of the host Member State, who wish to do so. Insurance brokerage, Reinsurance broker, insurance agent or subagent undertaking may start business one month after the date on which the establishment of the FSA has been advised of the forwarding of the in 1. notification referred to in paragraph. Insurance brokerage, Reinsurance broker, insurance agent or subagent undertaking may, however, start business immediately if the host country does not want to be notified.

section 43. An insurance or reinsurance undertaking or an insurance agent-broker or subagent company that is registered in another country within the European Union or in a country with which the community has entered into an agreement on financial matters, can commence business in Denmark through a branch 1 month after the FSA from the competent authority of the home Member State is notified of the company's intention.

(2). The Danish financial supervisory authority may lay down detailed rules for the branch and service business from insurance intermediaries, authorised or registered in a country outside the European Union, which the community has not concluded an agreement with the financial area. FSA sets out rules with deviations, as branch relationship requires, or as provided for in or pursuant to international agreement.

Chapter 10 Monitoring, appeals and penalties Supervision



§ 44. The Danish FSA shall ensure compliance with this law and by the regulations issued pursuant to the law.

(2). The Financial Business Council is included in the supervision referred to in paragraph 1 with the competence conferred on the Council under section 345 (2) of the financial business Act.

(3). The Danish financial supervisory authority may give orders for the rectification of the relationship, which is in contravention of articles 19 (1).

(4). The Danish financial supervisory authority may give an assurance undertaking or a branch injunction to continuously update its directory of insurance companies and management companies, see. § 27, paragraph 2, and article 29, paragraph 1.

§ 45. The Minister for economic and business affairs shall lay down detailed rules on the application of digital communication, including electronic signature, by the exchange of information under this law between citizens and businesses on the one hand and the public administration, on the other hand, as well as on the retention of information.

§ 46. The Danish financial supervisory authority can carry out investigations, which are suitable for promoting transparency in the insurance brokerage sector. The FSA can independently or in cooperation with other public authorities to publish the results of such studies.

(2). Companies and individuals who are the subject of an investigation must be made aware of the results.

(3). Referred to in paragraph 2, businesses and individuals are entitled to the terse comments on the study's conclusions in relation to the publication of these, if the comments are received in the Danish financial supervisory authority not later than 1 month after the person's receipt of the results of the study.

§ 47. Insurance and reinsurance broker companies, an employee insurance broker, insurance agent and agent companies, including management companies as well as insurance distributor companies shall, on request, give the Danish financial supervisory authority with the information necessary for supervisory activities.

(2). The FSA has also access to physical and legal persons may request all information necessary for the supervisory assessment of whether their activities are covered by the provisions of the Act.

section 48. In the calculation of the time limits under this Act or in the rules issued pursuant to the law, the provisions of the financial business Act § 357 mutatis mutandis.

§ 49. For the employees of the FSA will find sections 354 and 356 in the financial business Act shall apply.

(2). Paragraph 1 shall not, however, apply to information in respect of 1) good behaviour, see. § 19 and regulations issued thereunder, 2) insurance brokerage companies ' information obligations before conclusion of insurance agreements, see. § 13, 3) insurance broker companies ' obligation to the conclusion of a cooperation agreement, see. § 14, 4) insurance brokerage companies ' fee, see. section 14 (a) (1), 5. paragraph (2) and (4), 2. paragraph, 5) insurance brokerage companies ' disclosure about which insurance companies used, see. § 15, 6) insurance companies and management companies of information duties at the conclusion of insurance agreements, see. section 33 and section 34, 7) of the companies or management companies ' disclosure obligations upon conclusion of insurance agreements, see. section 40, and 8) information obligations, see. notices of information issued pursuant to § 16 and § 35.

section 49 (a). Decisions pursuant to section 345 (2) of the financial business Act, see. This law § 44, must be published. 1. paragraph also applies to decisions to hand over cases to the police investigation, see. However, paragraph 2. The publication shall include the company's name.

(2). Publication in accordance with paragraph 1 may, however, not be done if it would cause disproportionate harm to the company or investigative reasons militate against disclosure. The publication shall not contain confidential information about customer relations or information subject to section 12, paragraph 1, of the law on open government. The publication shall not contain confidential information derived from financial regulators in other countries within or outside the European Union, unless the authorities that have submitted information, have given their express permission.

(3). If disclosure is omitted in accordance with paragraph 2, 1. point, there must be disclosure in accordance with paragraph 1 when the account, which necessitated the omitted Act is no longer applicable. However, this applies only for up to 2 years, after the decision has been taken.

section 49 (b). The Danish financial supervisory authority must inform the public about matters that are dealt with by the Danish financial supervisory authority, the Prosecutor's Office or the courts, and which is of general interest or of importance for the understanding of the following provisions: 1) Good usage, see. § 19 and regulations issued thereunder, 2) insurance brokerage companies ' information obligations before conclusion of insurance agreements, see. section 13,


3) insurance broker companies ' obligation to the conclusion of a cooperation agreement, see. § 14, 4) insurance brokerage companies ' fee, see. section 14 (a) (1), 5. paragraph, and (4), 2. paragraph, 5) insurance brokerage companies ' disclosure about which insurance companies used, see. § 15, 6) insurance companies or management companies information duties at the conclusion of insurance agreements, see. section 33 and section 34, 7) of the companies or management companies ' disclosure obligations upon conclusion of insurance agreements, see. section 40, and 8) information obligations, see. notices of information issued pursuant to § 16 and § 35.

(2). The Danish financial supervisory authority must also inform the public about the name of a company that violates the prohibition to engage in insurance intermediation company without permission, see. § 4 and § 26. Similarly, for violations of the requirement of registration in section 27 and section 36.

§ 50. As a party in relation to the Danish financial supervisory authority shall be deemed to be solely those of § § 4 and 26, § 27, paragraph 4, article 28, paragraph 3, article 36, paragraph 2, article 37, paragraph 3, and § 41 companies and individuals covered, as the Danish FSA decision taken pursuant to this Act or rules issued pursuant to law is aimed at, see. However, paragraph 2.

(2). As a party to the relationship with the FSA, as regards that part of the case, which relates to the person concerned shall be deemed to be also 1) the operator of insurance mediation without permission, see. § 4, 2) an undertaking or a person applying for an authorisation to engage in insurance or reinsurance mediation without prejudice. §§ 5-7 and 26, 3) a member of the administrative or management body of a company or the person or persons in the company that are responsible for the supervision of insurance provision when denying a company authorized to carry on insurance and reinsurance brokerage or withdraw such authorisation without prejudice. § 5 (1) and section 22 (1) (8). 4, 4) anyone who violates the law's ban on in a company name or designation to use words that are covered by insurance or reinsurance brokerage companies the exclusive right to the name, see. sections 11 and 26, and 5) a natural or legal person to whom the DFSA requires information for determining whether this is covered by the provisions of this law, without prejudice. section 47 (2).

(3). (Repealed) § 51. (Repealed) section 52. Insurance and reinsurance brokerage firms under supervision after this law pays tax to the Danish financial supervisory authority in accordance with Chapter 22 of the financial business Act.

Anke



§ 53. Decisions taken by the Danish financial supervisory authority according to the law or regulations issued by virtue of law can by it, as the decision is directed against, be referred to the EAB within 4 weeks after that decision is announced.

Criminal provisions



§ 54. Violation of the provisions of section 4, article 11, paragraphs 1 and 2, § 13, § 14, § 14 (a) (1), 5. paragraph (2) and (4), 2. section, § 15, § 17, § 18, section 20, paragraphs 1-3, § 27, paragraphs 2 and 5, § 28, paragraphs 1, 2 and 4, article 29, paragraph 2, 1. section, § 33, § 34, § 36, § 37, paragraphs 1, 2, 4 and 5, § 40 and § 41 are punished with a fine, unless a higher penalty is inflicted upon the rest of the legislation. With fine punished 1) anyone who fails to comply with an order under section 22 (a) (1) and (2), 2) a insurance broker company that fails to comply with an order made under section 44, paragraph 3, 3) an insurance undertaking or a branch fails to comply with an order made under section 44, paragraph 4.

(2). In rules adopted pursuant to the law may be fixed fines for violation of the provisions in the rules.

(3). That can be imposed on companies, etc. (legal persons) criminal liability in accordance with the provisions of the criminal code 5. Chapter.

Chapter 11 entry into force and transitional provisions etc.

§ 55. The law shall enter into force on the 1. January 2005, see. However, paragraph 2. At the same time repealed the Act on insurance mediation, see. lovbekendtgørelse nr. 983 by 5. December 2003.

(2). Notwithstanding the provisions of paragraphs 1, 2. point, remain FSA authorisation to an insurance broker company or employee insurance broker under section 3, paragraph 1, or article 3, paragraph 1, of the basic regulation. § 4, paragraph 7, of the law on insurance mediation, see. lovbekendtgørelse nr. 983 by 5. December 2003, in force.

(3). Notwithstanding the provisions of paragraphs 1, 2. point, remain FSA authorisation to an insurance broker company or employee insurance broker under section 34, paragraph 2, of the law on insurance mediation, see. lovbekendtgørelse nr. 983 by 5. December 2003, in force until 1 January 2008. April 2005.

(4). Regulations issued pursuant to the in (1), (2). point, that law, shall be maintained until they are repealed or replaced by regulations issued pursuant to this Act.

section 56. A company or person that the 1. January 2005 exercise reinsurance brokerage and has submitted applications for authorisation to the FSA by 1. July 2005, may continue to do so until the Danish financial supervisory authority has taken a decision, irrespective of the fact that 1) the person or persons responsible in the provision of insurance company does not fulfil the conditions set out in section 9, paragraph 1, or 2) employees insurance brokers do not meet the conditions laid down in article 9, paragraph 2.

(2). An insurance agent and subagent company or a management company, that the 1. January 2005 exercising the activity of insurance mediation, and the responsible persons in the provision of insurance company as well as persons as employees in the insurance agent and subagent company is directly involved in the activity of insurance mediation can continue to do so regardless of the conditions laid down in article 28, paragraph 1, and section 37 (2) are not complied with, see. paragraphs 3 and 4.

(3). Insurance undertakings shall, before 1 May 2004. July 2005 to record the insurance companies who are contracted with the sale of insurance products in their register of insurance intermediaries.

(4). Insurance company or the management company shall, not later than 1 January 2006. April 2005 to the Danish FSA disclose name, registration No. and address of the agent companies or management companies who are contracted with the dissemination of the insurance companies ' products, as the insurance company or the management company have entered into an agreement with an insurance company to convey. In addition, the insurance company or the management company inform the name of the person or persons responsible for dissemination of insurance in the company or the management company. The Danish financial supervisory authority shall before 1 January 2002. July 2005 record the question under the companies and management companies in the Danish FSA register of insurance intermediaries.

section 56 (a). A company or a person who, in the face of the Danish financial supervisory authority can demonstrate that the person concerned before the 1. January 2005, engaged in insurance advice, can continue with this company, if the company or person by 1. October 2006 applying the FSA for authorization pursuant to section 4. This is true regardless of the 1) the person or persons responsible for insurance advice in the company do not meet the conditions laid down in article 9, paragraph 1, or 2) employees insurance advisors do not meet the conditions laid down in article 9, paragraph 2.

(2). The right to engage in insurance advice in accordance with paragraph 1 shall lapse on 1. January 2011, unless the person concerned prior to submit proof that he or she meets the requirements for theoretical education pursuant to section 9 (1) or (2).

§ 57. The law does not apply to the Faroe Islands and Greenland but may by Royal Decree be put into force for Greenland of the variances, as the special Greenlandic conditions warrant.

Act No. 1383 of 20. December 2004 includes the following entry-into-force provisions:

§ 17 paragraph 1. The law shall enter into force on the 1. January 2005, see. However, paragraphs 2 to 4.

Paragraphs 2 to 4. (Omitted)

§ 18 paragraph 1. The law does not apply to the Faroe Islands and Greenland, without prejudice. However, paragraphs 2 and 3.

Paragraph 2-3. (Omitted)

Act No. 604 of 24. June 2005 includes the following entry-into-force provisions:

§ 5 paragraph 1. The law shall enter into force on the day after publication in the Official Gazette referred to in article 6. However, paragraph 2.

Paragraph 2-3. (Omitted)

§ 6 paragraph 1. (Omitted)

(2). section 4 shall not apply to the Faroe Islands and Greenland but may by Royal Decree be put into force for Greenland of the variances, as the special Greenlandic conditions warrant.

Act No. 524 of 7. June 2006 contains the following entry into force and transitional provisions:

§ 2 paragraph 1. The law shall enter into force on the 1. July 2006, see. However, paragraphs 2 and 3.

(2). The obligation to provide information pursuant to section 14 (2), as amended by this Act, section 1, no. 3, shall enter into force on the 1. July 2007.

(3). Transitional rule for insurance advisors under section 56 (a) as amended by § 1, nr. 10, shall enter into force on the day after publication in the Official Gazette and shall take effect from the 1. January 2005.

§ 3 paragraph 1. Receive an insurance brokerage commissions or other remuneration in connection with the specific customer relationships in accordance with the agreement concluded before 1 January 2002. July 2006 with an insurance company, the provisions of section 14 (a), (2), as amended by this Act, section 1, no. 4, shall apply from the 1. July 2011.

(2). Notwithstanding paragraph 1, an insurance broker company does not receive commissions or other remuneration from an insurance company by the dissemination of new occupational pensions supervisors 1) after the 1. July 2007, where the total annual contribution represents 4 million. USD or more, and 2) after the 1. July 2009, provided that the total annual premium represents 2 million. USD or more.


(3). Change an appointment, which is covered by paragraph 1, the provisions of section 14 (a), (2), as amended by this Act, section 1, no. 4, apply to the amended agreement.

(4). The insurers shall, not later than 1 January 2006. August 2006 informing FSA about whether they have agreements with insurance broker companies for payment of commissions or other remuneration covered by paragraph 1. If an insurance company has such agreements, the insurance company once a year report number thereof, and specify which insurance broker companies agreements are concluded. Notification shall be made on 1 January. July, the first time on 1 October. July 2006. The alert must be received in the Danish financial supervisory authority by 1. August. The reports are published on the FSA website.

(5). Insurance broker company must, in writing, inform the customer about the agreements, which is covered by paragraph 1, which are relevant for the specific customer relationships. This is true both when establishing new cooperation agreements and for amendments of existing cooperation agreements.

(6). Violation of paragraphs 2, 4 and 5 are punishable by a fine, unless a higher penalty is inflicted upon the rest of the legislation. That can be imposed on companies, etc. (legal persons) criminal liability in accordance with the provisions of the criminal code 5. Chapter.

section 4 of the Act does not apply to the Faroe Islands and Greenland but may by Royal Decree be put into force for Greenland of the variances, as the special Greenlandic conditions warrant.

Act No. 108 of 7. February 2007 contains the following entry into force and transitional provisions:

section 21 (1). The law shall enter into force on the 1. November 2007, see. However, paragraphs 3 to 7.

(2). (Omitted)

(3). § 1, nr. 88, § 3, nr. 1, 3, 11, 24, 27, 30, 40-43, 58, 61, 62, 68, 69, 76, 81, 83, 85 and 86, § 6, nr. 1-9, § 7, § 8, nr. 3, 8 and 9, § 9, nr. 6 and 7, section 10, no. 6, and sections 11-15 shall enter into force on the 15. February 2007.

(4). (Omitted)

(5). (Omitted)

(6). § 1, nr. 88, § 3, nr. 62, § 11, nr. 1, § 12, nr. 12 and section 13, nr. 2, have effect from 1 January. January 2006.

(7). (Omitted)

§ 22 (Omitted)

§ 23 paragraph 1. The law does not apply to the Faroe Islands and Greenland, without prejudice. However, paragraphs 2 and 3.

(2). (Omitted)

(3). sections 7, 10-12 and 16 may, by Royal Decree in whole or in part be put into force for Greenland of the variances, as the special Greenlandic conditions warrant.

(4). (Omitted)

Act No. 515 of 17. June 2008 includes the following entry-into-force provisions:

§ 10 paragraph 1. The law enters into scrub the 1. July 2008, see. However, paragraph 2.

(2). (Omitted)

§ 11 paragraph 1. § § 1-5 and 7-9 shall not apply to the Faroe Islands and Greenland, without prejudice. However, paragraphs 2 to 4.

(2). (Omitted)

(3). (Omitted)

(4). § § 1-5 and 9 may be wholly or partially put into force for Greenland of the variances, as the special Greenlandic conditions warrant.

Act No. 517 of 17. June 2008 includes the following entry-into-force provisions:

section 13 (1). The law shall enter into force on the 1. July 2008, see. However, paragraphs 2 to 5.

(2). (Omitted)

(3). (Omitted)

(4). (Omitted)

(5). (Omitted)

section 14 (1). The law does not apply to the Faroe Islands and Greenland, without prejudice. However, paragraphs 2 and 3.

(2). (Omitted)

(3). sections 3-5 and 9 may, by Royal Decree in whole or in part be put into force for Greenland of the variances, as the special Greenlandic conditions warrant.

Economic and business affairs, the 18. September 2008 Lene Espersen/Peter Sylvest Larsen Official notes 1) Act contains provisions transposing a European Parliament and Council Directive 2002/92/EC of 9. December 2002 on insurance mediation (Official Journal of the European Communities 2003 nr. L 9, p. 3) (directive on insurance mediation)