Regulatory Alerts2024-12-06
Order on Proportional Reduction of Regular Supervisory Reporting for Group 1 Insurance Undertakings
The Danish Financial Supervisory Authority (Finanstilsynet) is empowered to grant proportional reductions in regular supervisory reporting requirements for Group 1 insurance undertakings that meet specific market share and risk complexity criteria. These exemptions, which apply to both reduced frequency and post-by-post reporting, are contingent upon the reporting burden being disproportionate to the risks involved and the company's ability to provide data upon request. The regulation, which replaces the 2016 order, enters into force on January 1, 2025, and applies to companies collectively holding no more than 20% of the Danish market.
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