On Dec. 13, DEN GVT issued order on assets in insurance/pensions.
DEN GVT issued executive order (OG BEK 1515) on registration of assets in life insurance companies, cross-sector pension funds and company pension funds.
Follows DEN FSA Jul. 2024, consulted on management of pension funds, see #217989. Follows DEN GVT Feb. 2024, published law on company pension funds, see #202885.
Overview
Amends Act 718 on Insurance Business in Cross-Sector Pension Funds, Life Insurance Companies and Non-Life Insurance Companies etc. (Act on Insurance Business).
This Act was effective on Jun. 13, 2023, and has been amended by this order.
Scope of Requirements
Executive Order applies to non-life insurance companies and captive self-insurance companies, and covers content and layout of the register, and policies and procedures.
Also, order covers reporting, audit, and penal provisions under Danish Criminal Code.
EU Provisions
Executive order contains provisions implementing parts of Directive 2009/138/EC on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II).
Also, this executive order includes parts of EU Directive 2016/2341 on the activities and supervision of institutions for occupational retirement provision (IORPs).
Effectiveness
Executive order will enter into force on Jan. 1, 2025.
However, BEK 1260 of Nov. 29, 2019 on registration of assets in life insurance companies, cross-sector pension funds and company pension funds is repealed.
Regulators
DEN GVT
Entity Types
Auditor; Corp; IA; Pension
Reference
OG BEK 1515, 12/13/2024; SLV2 Reg 2015/35, Dir 2009/138; IORP Dir 2016/2341, Dir 2003/41; Citation: OG BEK 1515;
