Regulatory Alerts2023-12-12
Order on the Issuance and Use of Damage Certificates for Insurance Companies Authorized to Conduct Non-Life Insurance
The Danish Ministry of Industry, Business and Financial Affairs, in collaboration with the Financial Supervisory Authority, issued this order to regulate the issuance and use of damage certificates by non-life insurance companies offering motor vehicle liability insurance. The regulation mandates that insurers must provide these certificates within 15 days upon request, detailing third-party claims over the preceding five years, and prohibits discriminatory premium adjustments based on nationality or previous residence within the EU. Furthermore, insurers are required to treat foreign EU-issued certificates on equal terms with domestic ones and publicly disclose their premium calculation policies regarding such certificates.
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