Denmark Insurance Industry – Governance, Risk and Compliance
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Denmark Insurance Industry Regulation Overview
The Danish Financial Supervisory Authority (Finanstilsynet – DFSA) acts as the regulator of the Denmark insurance industry while the International Association of Insurance Supervisors (IAIS), European Insurance and Occupational Pensions Authority (EIOPA), and Federation of European Risk Management Associations (FERMA) act as the other supervisors. The Denmark Insurance Industry governance regulation report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation, and transit insurance. The report specifies various requirements for establishing and operating insurance and reinsurance companies and intermediaries. The report also gives insurers access to information on prevailing insurance regulations and recent and upcoming changes in the country’s regulatory framework, taxation, and legal system. It includes the scope of non-admitted insurance in the country as well.
Key Regulators | · Danish Financial Supervisory Authority (Finanstilsynet – DFSA)
· International Association of Insurance Supervisors (IAIS) · European Insurance and Occupational Pensions Authority (EIOPA) · Federation of European Risk Management Associations (FERMA) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Aviation Liability Insurance · Marine Liability Insurance · Professional Indemnity Insurance · Social Security Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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Denmark Insurance Industry – Key Regulators and Legislation
Danish Financial Supervisory Authority: The DFSA is the financial regulatory authority of the country and is responsible for the regulation of financial markets. It is responsible for overseeing the financial and legal compliance of insurance companies and investors. It also contributes to the development of financial legislation and collects and disseminates knowledge about the industry.
International Association of Insurance Supervisors: The IAIS is a membership-driven global organization that represents insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.
The key piece of legislation governing the Danish insurance industry is:
- Financial Business Act
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Denmark Insurance Industry - Compulsory Insurance
Some of the key compulsory insurances required within the Denmark insurance industry are:
- Motor Third-Party Liability Insurance
- Aviation Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
Denmark Insurance Industry Analysis by Compulsory Insurances
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Denmark Insurance Industry - Company Registration and Operation
A license is required to operate in the Denmark insurance industry. The establishment of insurance companies in Denmark is supervised and regulated by the DFSA. Rules and regulations governing the establishment of insurance and reinsurance companies by domestic firms are stipulated in the Danish Financial Business Act. After receiving the relevant documents, the DFSA grants licenses to applicants and companies registered by the Danish Commerce and Companies Agency. Furthermore, the CEO and board members of an insurance and reinsurance company are required to conform to the fit and proper requirements. Individuals owning qualified holdings in the insurer must also satisfy the fit and proper requirements.
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Denmark Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in Denmark. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
Corporate Income Tax: Corporation tax is imposed on the profits of the company, which includes business income, passive income, and capital gains. Under corporate tax, Danish residents are taxed on a worldwide basis, although profits and losses from foreign permanent establishments and real estate are exempt. Non-residents are taxed on income from a Danish source. However, the branches are taxed at the same rate as subsidiaries.
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Scope
This report provides:
- Details of the insurance regulatory framework in Denmark
- Details of the rules and regulations governing insurance products and insurance entities
- Lists and analysis of key trends and developments pertaining to the country’s insurance regulatory framework
- Analysis of the rules and regulations pertaining to the establishment and operation of insurance businesses in the country
- Details of the taxation imposed on insurance products and insurance companies
Key Highlights
- The Danish Financial Supervisory Authority is responsible for supervising and regulating the insurance and reinsurance industry of Denmark
- Composite insurance is not permitted in the Danish insurance industry.
- The placement of non-admitted insurance is not permitted in the country. However, EEA and EU Member State insurers are permitted to underwrite and sell non-admitted insurance contracts.
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Denmark.
- Track the latest regulatory changes and expected changes impacting the Danish insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance products.
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Frequently asked questions
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Which is the key regulator of the Denmark insurance industry?
The Danish Financial Supervisory Authority (Finanstilsynet – DFSA) is the key regulator of the Denmark insurance industry.
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Which other bodies oversee the Denmark insurance industry?
The International Association of Insurance Supervisors (IAIS), European Insurance and Occupational Pensions Authority (EIOPA), and Federation of European Risk Management Associations (FERMA) oversee the Denmark insurance industry.
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Which are the compulsory insurances required within the Denmark insurance industry?
Some of the key compulsory insurances required within the Denmark insurance industry are motor third-party liability insurance, aviation liability insurance, marine liability insurance, professional indemnity insurance, and social security insurance.
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What are the types of taxes imposed upon the Denmark insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Denmark. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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