Regulatory Alerts2024-12-05
Order on the Management and Control of Insurance Undertakings
The Danish Financial Supervisory Authority issued this Order to implement Solvency II requirements, mandating that insurance companies establish robust governance, risk management, and internal control frameworks. The regulation assigns specific strategic oversight duties to boards of directors, including the approval of business models, capital plans, and risk policies, while restricting the delegation of critical decision-making powers to management. It further details operational requirements for organizational structure, conflict of interest prevention, and the implementation of clear reporting lines and accountability measures for both Group 1 and Group 2 insurance undertakings.
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