Synopsis The report provides insights into the governance, risk and compliance framework pertaining to insurance industry in Denmark including: - An overview of the insurance regulatory framework in Denmark. - The latest key changes and changes expected in the Danish insurance regulatory framework. - Key regulations and market practices related to different types of insurance products in the country. - Rules and regulations pertaining to key classes of compulsory insurance and the scope of non-admitted insurance in Denmark. - Key GRC parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency requirements, reserve requirements, and investment regulations. - Details of the tax and legal systems in the country. Executive summary Timetric’s 'Governance, Risk and Compliance - The Danish Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Denmark. It provides 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 the establishment and operations of insurance and reinsurance companies and intermediaries. The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country. Scope - This report covers details of insurance regulatory framework of Denmark. - The report contains details of rules and regulations governing insurance products and insurance entities. - The report enlists and analyzes key trends and developments pertaining to the insurance regulatory framework of the country. - The report analyzes rules and regulations pertaining to establishment and operation of insurance business in the country. - The report provides details of taxation imposed on insurance products and companies. - Legal system prevailing in the country is also covered. Reasons to buy - Gain insights into the insurance regulatory framework in Denmark - Track latest regulatory changes and expected changes impacting the Danish insurance industry - Gain detailed information about 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 product. Key highlights - The Danish Financial Supervisory Authority is responsible for supervising and regulating the insurance and reinsurance industry of Denmark. - 100% FDI is permitted in the insurance industry of Denmark. - Composite insurance is not permitted in the Danish insurance industry. - IPT is imposed at a rate of 1.1% on non-life insurance policies except a few classes of insurance. - 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.
Table of Content 1 Introduction 1.1 What is this Report About? 1.2 Definitions 2 Governance, Risk and Compliance 2.1 Legislation Overview and Historical Evolution 2.2 Latest Changes in Regulations 2.3 Legislation and Market Practice by Type of Insurance 2.3.1 Life insurance 2.3.2 Property insurance 2.3.3 Motor insurance 2.3.4 Liability insurance 2.3.5 Marine, aviation and transit insurance 2.3.6 Personal accident and health insurance 2.4 Compulsory Insurance 2.4.1 Motor third-party liability insurance 2.4.2 Air carriers and aircraft operators insurance 2.4.3 Workmen’s compensation insurance 2.4.4 Professional indemnity insurance for alternative investment fund managers 2.4.5 Third-party liability insurance for dogs 2.5 Supervision and Control 2.5.1 International Association of Insurance Supervisors 2.5.2 European Insurance and Occupational Pensions Authority 2.5.3 Danish Financial Supervisory Authority (DFSA) 2.6 Non-Admitted Insurance Regulations 2.6.1 Overview 2.6.2 Intermediaries 2.6.3 Market practices 2.6.4 Fines and penalties 2.7 Company Registration and Operations 2.7.1 Types of insurance organization 2.7.2 Establishing a local company 2.7.3 Foreign ownership 2.7.4 Types of license 2.7.5 Capital requirements 2.7.6 Solvency margins 2.7.7 Reserve requirements 2.7.8 Investment regulations 2.7.9 Statutory return requirements 2.7.10 Fee structure 2.8 Taxation 2.8.1 Insurance premium or policy taxation 2.8.2 Withholding taxes on premium paid overseas 2.8.3 Corporate tax 2.8.4 VAT 2.8.5 Captives 2.9 Legal System 2.9.1 Introduction 2.9.2 Access to court 2.9.3 Alternative dispute resolution (ADR) 3 Appendix 3.1 Methodology 3.2 Contact Timetric 3.3 About Timetric 3.4 Timetric’s Services 3.5 Disclaimer
List of Table Table 1: Insurance Industry Definitions Table 2: Denmark - Insurance Regulatory Framework Key Features Table 3: Denmark - Life Insurance Regulatory Framework Table 4: Denmark - Property Insurance Regulatory Framework Table 5: Denmark - Motor Insurance Regulatory Framework Table 6: Denmark - Liability Insurance Regulatory Framework Table 7: Denmark - Minimum Coverage for Aircraft Third-Party Liability per Accident and Aircraft Table 8: Denmark - Corporate Tax Rates for Financial Year 2015 List of Chart Figure 1: Denmark - The Three Pillars of Solvency II Figure 2: Denmark - Insurance Supervision and Control at Various Levels Figure 3: Denmark - Insurance Regulatory Frameworks for Company Registration and Operation
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