Executive Order On Terrorist Insurance Council

Original Language Title: Bekendtgørelse om Terrorforsikringsrådet

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Executive order on Terrorist insurance Council

Pursuant to section 7 of the Act No. 469 of 17. June 2008 on a terrorism insurance on non-life insurance area is fixed: terrorism insurance Council members and alternates



§ 1. Terrorism Insurance Council consists of 4 members, one member from each of the following authorities and organization: Ministry of finance, Ministry of business and growth, the financial supervisory authority and terrorism insurance pool for non-life insurance.

(2). Members, who must have legal or financial insight, appointed by the Secretary of State for business and growth for up to four years at a time and can be extended.

(3). The Ministry's business and growth member is President for terrorism insurance Council.

(4). Terrorism Insurance Council shall be assisted by a secretariat. The Secretariat is provided by the Danish financial supervisory authority.

§ 2. An alternate shall be appointed for each Member. By a member from attending participating alternate as far as possible on the Member's behalf.

(2). The alternate shall be set and appointed in the same manner as the members concerned.

Competence



§ 3. Terrorism Insurance Council shall take a decision as to whether we are talking about an event as a result of terrorist attacks, which used NBCR – weapons, and thus damage covered by terrorism insurance scheme.

(2). For use in determining the existence of NBCR – terror, terrorism insurance Council can use particular expertise.

§ 4. Terrorism Insurance Council sets annually by 15. November to the Minister of business and growth, the monetary limit, when reinsurance guarantee to take effect.

(2). By the definition of the limit referred to in paragraph 1, which may not be less than 2 billion. DKK, must be based on the ability to obtain reinsurance cover on the current international reinsurance market for NBCR – terrorist risks and other market opportunities for hedging of NBCR – terrorist risks. In the definition of the border must also be taken of the property and casualty insurance companies ' current solvency.

(3). Terrorism Insurance Council shall request information from the Danish financial supervisory authority on the solvency situation referred to in paragraph 2.

§ 5. The risk premium determined in accordance with the terrorism insurance § 5 (3) and Commission decision of 14. January 2010 in State aid case No. N 637/2009 – Denmark, as the sum of the risk premium for the individual layers of reinsurance warranty. The layers are divided into intervals of 1 billion. us $. For the layer falls in the range of 2-3 billion. DKK, and included in the warranty, paid a reinsurance risk premium on 0.18%. For the layer falls in the range of 3-4 billion. DKK, and included in the warranty, paid a reinsurance risk premium of 0.17% risk premium, the rate then falls with 0.01% per layer. Risk premium rate may not be less than 0.10%.

(2). By the date of entry into force of the scheme constitutes a risk premium to 0.15% per annum of reinsurance the State guarantee, and the limit for when reinsurance warranty comes into force, is 5 billion. us $.

§ 6. Terrorism Insurance Council may, at the request of terrorism insurance pool for non-life insurance business and growth set for the Minister, that there must be (a) advance payment from the guarantee, regardless of the damage not reinsurance are finally determined.

(2). To the extent that payment has been made from reinsurance guarantee without limit for entry into force had been met, guarantee terrorism insurance pool for non-life insurance shall be liable for the amount across the State.

Council meetings and voting rules



§ 7. Terrorism Insurance Council President leader Council meetings.

(2). Terrorforsikringsrådetholder meeting on the adopted by the Council meeting days, and, in fact, so often the President will find the occasion to do so. The Secretary participates in the meetings of the Council.

(3). The members convened meetings with at least 7 days ' notice, unless the President decides otherwise.

(4). The Council is quorate when at least half of the members are present. Decisions shall be taken by a simple majority of votes among the members present. Event of a tie, the casting vote.

(5). The special experts, may, in accordance with the President's decision to participate in the meetings of the Council for the purpose of determining whether there has been NBCR – terrorism.

Date of entry into force of



§ 8. The notice shall enter into force on the 1. July 2012.

(2). At the same time repealed Executive Order No. 808 of 28. June 2010 on terrorism insurance Council.

The Commerce Ministry, the 21st century Growth. may 2012 Ole Sohn/His High