The Act on Guarantee Fund for Non-Life Insurance Companies, executive order no. 2067, has been amended recently by Act no. 480. The main change is that the scope of insurance companies liable to make contributions to the Guarantee Fund in Denmark has been extended to include life insurers writing occupational accidental insurance / industrial injury insurance in the country. Previously, only non-life insurers writing this specific line of insurance were subject to the contributions. Direct life insurers, branches of insurers with head office in the EU or in a country with which EU has concluded a financial agreement, and also foreign insurers writing insurance businesses on a freedom of services basis in Denmark are included in the scope provided that they are entitled to carry on occupational accident insurance business in Denmark.
This change also means that life insurers should register with the Guarantee Fund. The rate of DKK 30 per insured employee is applicable to life insurers as it is to non-life insurers.
There is no change to the scope or rates applicable to the various categories of consumer insurance policies, which still attract the DKK 40 per policy rate.
