Key Benefits:
Completion of the basic rate of life assurance business 1)
In accordance with paragraph 1 (1), 3, section 21, paragraph. 6, and Section 373 (3). 4, in the law of financial activities, cf. Law Order no. 376 of 22. May 2008, as amended by Section 1 of Act 1. 517 of 17. June 2008 shall be determined :
Scope of application
§ 1. This notice shall apply to life-assurance activities, cf. however, paragraph 1 3.
Paragraph 2. In the case of insurance undertakings, in this notice, life assurance undertakings and transverse pension funds and branches in the country of undertakings authorised for life-assurance activities in a country outside the European Union shall be taken into account in the country of undertakings authorised by undertakings. The Community has not concluded an agreement in the financial sphere, provided that the branch has been granted the Finance-SEC approval.
Paragraph 3. This notice shall not apply to insurance contracts, where the basis for calculating insurance premiums, repurchase values and free policeservices shall include the possibility of splitting up the insurance premiums paid in a part, for which : a guaranteed pension and a part to be paid either to the collective bonus potential or bonus potential of free-policing services and where the basis as a whole is based on reassuring conditions.
Founding Lame
§ 2. In the case of the conclusion of an insurance policy or amending it, the interest rate or interest rates (basic charge) added to the calculation of the premiums shall be chosen with caution.
Paragraph 2. The basic rate of interest shall not exceed the maximum rate of interest fixed in accordance with paragraph 1. Three or four.
Paragraph 3. The maximum interest rate for insurance contracts awarded in Danish kroner or in the second currency shall be fixed at 2% per one, including a guaranteed cost and security system, which may be contained in the basic charge, cf. however, paragraph 1 4.
Paragraph 4. The financial supervision of insurance contracts awarded in currency other than Danish kroner shall lay down another maximum rate of basic interest in accordance with Article 20 of Directive 2002 /83/EC of the European Parliament and of the Council on life assurance.
§ 3. An insurance undertaking shall not conclude an insurance contract in which the company for a period of longer than 1 year cuts off the basis of altering the basic rate for future premiums, bonuses, etc.
Exemptions and derogations
§ 4. The rules in section 2 (2). 2 4 shall not apply in the following cases :
1) In the case of an amendment to an insurance agreement, where the value of the future premiums after deduction of labour market contributions is not increased.
2) In the case of an increase in the insurance contract concluded in a contract of employment, the increase corresponds to a previous premium and is caused by the fact that the policyholder after having been part time engaged or without employment will have increased employment or new employment.
3) In the case of repayment of the premium payment in an insurance contract after it has been disconnected for no more than 1 year.
4) An insurance contract which is linked to investment funds, and for which an insurance undertaking has not taken on an investment risk.
5) For an inferred insurance contract with a maturity of up to 8 years.
6) An insurance contract with no right to a bonus.
7) At a life cleanup without withdrawal value determined for a maximum of three years.
Paragraph 2. In the paragraphs in paragraph 1. 1, no. In the case of 1 3, the basic rate of interest may not exceed the basis for which the agreement was used up to date.
§ 5. The SEC may dispensers from Section 2 (2). 2-4, in the following case, cf. however, paragraph 1 3-4 :
1) In the case of the transfer of a life assurance from a Danish or Greenlandic company, mergers or similar, cf. § § 204 and 252 of the Act on Financial Business and Chapter 8 of the Act on the supervision of company pension funds.
2) In the transfer of a life assurance from a foreign or ferry, to one of sections 1 (2), 2 covered insurance undertakings, provided that the transfer is approved by a supervisory authority of the transferable homeland of the transferable undertaking.
3) In the case of continuation, change, regulation and the like of a existing insurance relationship, where the use of a higher basic rate has a trivial economic impact on the insurance undertaking and is reasonable and reassuring to each individual ; Insurance holders of the company.
4) In cases where the technical reason for technical reasons is temporarily unable to comply with section 2 (2), 2-4.
Paragraph 2. In the cases referred to in paragraph 1, may be : 1, no. 1 3, do not grant a derogation to the fact that the basic rate of interest exceeds the tenuous interest previously used in the contract.
Paragraph 3. Pensation in accordance with paragraph 1. 1, no. 3, for the purpose of applying a basic rate of interest of 3%, in the case of a presupposition, that the total payments and bonus accounts within a financial year for insurance established under this provision do not exceed 2% of the insurance undertaking ; Total life assurance provision. For higher or lower basic rates of interest, a corresponding lower or higher limit applies.
Paragraph 4. The SEC may dispensers from section 3 for insurance contracts, where the assurance of insurance services is given on the basis of future premiums. This presupds that the increase in the conclusion of the insurance agreement is specified in terms of both the time and size of the contract, so that the insurance provision should be given a real substance immediately at the conclusion of the agreement.
Punishment
§ 6. The withdrawal of section 2 (2). 2, sections 3 and section 4 (4). Two, punishable by fine.
Paragraph 2. Companies can be imposed on companies, etc. (legal persons) punishable by the rules of the penal code 5. Chapter.
Entry into force
§ 7. The announcement shall enter into force on 1. July 2008.
Paragraph 2. At the same time, notice No 312 of 3. May 2005 on the basic rate of life assurance business.
1) The announcement contains provisions that implement parts of Directive 2002 /83/EC of the European Parliament and of the Council of 5. November 2002 on life insurance, (EC Official Journal 2002 L 345, p. 1).
