On Dec. 14, DEN GVT issued order on information on fees and costs.
DEN GVT published BEK 1535 Executive Order of Dec. 6, 2024 on information on fees and other costs for insurance companies in relationship with consumers.
Overview
Order applies to Danish and foreign pension and life insurance companies and cross-border pension funds as well as non-life insurance companies that offer non-life and life insurance to consumers in this country, including via establishment of branches.
A consumer is understood to be a person mainly acting outside his profession and that acts or enters into agreement with trader who is acting as part of own profession.
An insurance company means a pension and life insurance company, a cross-sector pension fund or a non-life insurance company.
Insurance companies must clearly and prominently disclose on the company's website the amount of fees it imposes and collects from consumers.
If insurance companies provide information on price of insurance policy in marketing material, must state total price for insurance a consumer will be invoiced for (details); the information must be provided in a prominent manner.
If insurance company provides organized discount or special benefit to members of associations, organizations or specific groups of people, including employees of specific companies, must clearly state on website groups receiving organized discount, sums.
The above does not apply to discounts or other special benefits given as part of an employment relationship between discount provider and discount recipient.
Effectiveness
Order enters into force on Jan. 1, 2025; Executive Order 44/2014 is then repealed.
Regulators
DEN GVT
Entity Types
Ins; Inv Co; Pension
Reference
OG 12/14/2024; BEK 1535, Ord 12/6/2024; Rpl BEK 44/2014
