Regulatory Alerts2024-12-05
Order on Legal Expenses Insurance for Group 1 Insurance Undertakings
Issued by the Danish Financial Supervisory Authority, this Order implements Solvency II directives by establishing specific regulatory requirements for legal expenses insurance provided by Group 1 insurance undertakings. It mandates strict conflict-of-interest safeguards in claims handling, guarantees the insured's right to freely choose legal counsel, and requires explicit dispute resolution mechanisms via the Insurance Appeals Board. The regulation supersedes previous orders and enters into force on January 1, 2025.
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