Denmark: Guarantee Fund Contribution is Payable for Risks in Greenland

Edit Buliczka
August 5, 2024

On 29 June 2024, the Danish Guarantee Fund (DGF) issued an order on its website for Greenland about contributions to the Guarantee Fund for non-life insurance companies. The order applies to certain life insurance companies as well, however does not apply to non-life insurance companies that only underwrite motor liability insurance in Greenland on a Freedom of Services (FoS) or Freedom of Establishment (FoE) basis.

The following risks in Greenland are subject to the contribution:

  • Motor insurance policies
  • Family insurance policies
  • Homeowners insurance policies
  • Health insurances
  • Change of ownership insurances
  • Seller liability insurances
  • Building/Construction damage insurance
  • Occupational accident insurance

The DGF confirmed that it is expected that policies with risks in Greenland will be subject to the contribution from 1 January 2025. To declare and pay this contribution, insurance companies writing businesses in Greenland must register with DGF.

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Author

Edit Buliczka

Edit is a senior regulatory counsel. She joined Sovos in January 2016 and has extensive IPT knowledge and experience. Her role ensures the IPT teams and systems at Sovos are always updated with legislative changes. She is a Hungarian registered tax expert and chartered accountant and has worked for companies in Hungary including Deloitte and KPMG and as an indirect tax manager she worked for AIG in Budapest. She graduated with an economist degree from Budapest Business School, faculty of finance and accountancy and also she has a postgraduate diploma from ELTE Legal University in Budapest.
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