Regulatory Alerts2019-09-10
Order on the Terrorism Insurance Council, the Secretariat Function, and Supervision of Damage Insurance Companies' Handling of NBCR Terrorist Damage
The Danish Ministry of Industry and the Danish Financial Supervisory Authority issued this order to establish the operational framework for the Terrorism Insurance Council, including its composition, meeting procedures, and decision-making powers regarding NBCR terrorist acts. The regulation mandates the Danish Financial Supervisory Authority to act as the Council's secretariat, overseeing the administrative handling of claims, supervising insurance companies' compliance with terrorism insurance laws, and managing the payment of administrative costs. It further defines the Council's authority to issue binding reactions against non-compliant insurers and outlines the specific procedures for processing and adjudicating complaints from policyholders regarding NBCR terror damage claims.