Regulatory Alerts2025-02-03
Order on Amendments to the Order on Competence Requirements and Good Reputation Requirements for Employees in Insurance and Reinsurance Companies and Intermediaries
The Danish Ministry of Industry, Business and Financial Affairs issued this order to amend the regulations governing competence and reputation requirements for insurance intermediaries. It introduces a transitional provision allowing former financial advisors who applied for insurance distribution permits by February 28, 2025, to continue their activities if they pass a relevant training exam by June 1, 2026. The amendments officially enter into force on March 1, 2025.
Order on Amendments to the Order on Competence Requirements and Good Reputation Requirements for Employees in Insurance and Reinsurance Companies and Employees of an Insurance Intermediary and a Reinsurance Intermediary
§ 1 In Order No. 1607 of 6 December 2024 on competence requirements and requirements for good reputation for employees in insurance companies, reinsurance companies and employees of an insurance intermediary and a reinsurance intermediary, the following amendments are made:
- In § 13, subsection 9 is inserted as follows:
"Subsection 9. Employees of a company that had permission as a financial advisor during the period from 1 January 2025 to 28 February 2025, pursuant to § 3 of the Act on Financial Advisors, Investment Advisors and Mortgage Credit Intermediaries, and which submitted an application for permission to conduct insurance distribution as an insurance intermediary, pursuant to § 3 of the Act on Insurance Intermediation, pursuant to § 17, subsection 5, of Act No. 1668 of 30 December 2024, at the latest by 28 February 2025, and where the employee has worked within one or more of the areas of work mentioned in § 4, subsections 1-4, during a period between 1 January 2024 and 28 February 2025 in a company with permission as a financial advisor, may continue to work within the same areas of work, provided that the employee passes the relevant further education exam by 1 June 2026."
§ 2 The Order enters into force on 1 March 2025.
Ministry of Industry, Business and Financial Affairs, 3 February 2025
Morten Bødskov / Julie Sonne
Official Gazette A 2025 Published on 4 February 2025 3 February 2025. No. 94. Ministry of Industry, Business and Financial Affairs, Financial Supervisory Authority, case no. 24-017565 CQ003127