Regulatory Alerts2024-12-05
Order on Permission to Provide Services in Denmark for Insurance Undertakings Authorized in the Faroe Islands
The Danish Financial Supervisory Authority and the Ministry of Industry, Business and Financial Affairs issued this order to regulate insurance undertakings authorized in the Faroe Islands wishing to provide services in Denmark. The regulation mandates that such companies must have a reciprocal agreement in place and submit specific notifications, including a solvency certificate and details of coverage, to the Danish authorities before commencing activities. It further establishes requirements for representatives in specific insurance classes, participation in guarantee schemes, and sets the enforcement date for January 1, 2025.
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