Insurance & Pension
Our areas of expertise include:
- Regulatory aspects
- Legal proceedings and dispute resolution, non-life and life insurance products
- Insurance distribution, including insurance mediation contracts as well as registration and authorisation
- Transfer of insurance portfolios
- L/P investments
- Corporate insurance
- Registration of changes in and application for authorisation to purchase qualifying ownership shares
- Customisation of non-life and life insurance products
- Measures to prevent money laundering
- Point of contact for supervisory authorities
How we may help
We are highly experienced in rendering advice to Danish and non-Danish insurance companies on the acquisition, sale and merger of insurance companies and pension funds and on the transfer of insurance portfolios. We are particularly experienced in cross-border transactions within the insurance industry.
Our skills encompass expertise to match any legal challenges facing life and non-life insurance providers and pension funds. We have in-depth knowledge of the interaction between company law, union issues and regulatory requirements and have good business relations with the Danish FSA and the Danish Business Authority.
The acquisition, sale and merger of insurance companies and the transfer of insurance portfolios are subject to special authorisation by the Danish FSA pursuant to the Danish Financial Business Act (lov om finansiel virksomhed). In the event of cross-border transfers, the financial supervisory authorities of other EU/EEA countries may be involved.
Specific structural adjustments are also subject to notification to the authorities. Changes in the qualifying ownership shares and indirect ownership shares must, for example, be notified and, in certain circumstances, be authorised by the FSA, just as any registration of new executive officers and board members must comply with the FSA's fit & proper requirements of suitability and integrity.
Compliance challenges facing the industry
The regulatory framework for the financial industry is subject to constant change and the new legislation affects the way insurance and pension activities are carried out. As a consequence of this, the dialogue with the supervisory authorities has intensified and so has the focus on internal compliance.
The various ways of distributing insurance and pension products also make demands on the wording and monitoring of contracts concluded with business partners, not to mention the specific challenges posed by data protection law owing to the increased application of personal data.