Regulatory Alerts2024-12-06
Order on Information Concerning Life Insurance Contracts
Issued by the Danish Ministry of Industry, Business and Financial Affairs and the Danish Financial Supervisory Authority, this Order mandates that Danish life insurance companies and cross-border pension funds provide comprehensive pre-contractual and annual information to policyholders. It requires insurers to disclose detailed terms, costs, guarantees, and potential payment scenarios using standardized calculations, while ensuring all communications are clear, accurate, and provided in Danish unless otherwise agreed. The regulation supersedes previous orders and imposes fines for non-compliance, entering into force on January 1, 2025.
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