Governance, Risk and Compliance - The Danish Insurance Industry

 

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4.6 Star Rating for report Governance, Risk and Compliance - The Danish Insurance Industry
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Pages: 67
Price: $950.00

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Abstract

 
Timetric's 'Governance, Risk and Compliance - The Danish Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Denmark.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.
 

Description

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Denmark, including:

o An overview of the insurance regulatory framework in Denmark.

o The latest key changes, and changes expected in the country's insurance regulatory framework.

o Key regulations and market practices related to different types of insurance product in the country.

o Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Denmark.

o Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.

o Details of the tax and legal systems in the country.
 

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Report Source Information

Supplied by: Research and Experts 
Date Published: 2017-02-28 

Report: Governance, Risk and Compliance - The Danish Insurance Industry

 

Contents

1 INTRODUCTION
1.1 What is this Report About?
1.2 Definitions
2 GOVERNANCE, RISK AND COMPLIANCE
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulation
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Motor third-party liability insurance
2.4.2 Air carriers and aircraft operators liability insurance
2.4.3 Workmen's compensation insurance
2.4.4 Professional indemnity insurance for alternative investment fund managers
2.4.5 Third-party liability insurance for dogs
2.4.6 Nuclear third-party liability insurance
2.4.7 Liability insurance for ships with respect to oil pollution
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 European Insurance and Occupational Pensions Authority
2.5.3 Federation of European Risk Management Associations
2.5.4 Danish Financial Supervisory Authority
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and Penalties
2.7 Company Registration and Operations
2.7.1 Type of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margin
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution
3 APPENDIX
3.1 Methodology
3.2 Contact Timetric
3.3 About Timetric
3.4 Timetric's Services
3.5 Disclaimer
 

List of Tables

Table 1: Insurance Industry Definitions
Table 2: Denmark - Insurance Regulatory Framework Key Features
Table 3: Denmark - Life Insurance Regulatory Framework
Table 4: Denmark - Property Insurance Regulatory Framework
Table 5: Denmark- Motor Insurance Regulatory Framework
Table 6: Denmark - Liability Insurance Regulatory Framework
Table 7: Denmark - Minimum Coverage for Aircraft Third-Party Liability per Accident and Aircraft
Table 8: Denmark - Corporate Tax Rates for the Financial Year 2017
 

List of Figures

Figure 1: Denmark - The Three Pillars of Solvency II
Figure 2: Denmark - Insurance Supervision and Control at Various Levels
Figure 3: Denmark - Insurance Regulatory Frameworks for Company Registration and Operation
 

Scope

o The report covers details of the insurance regulatory framework in Denmark.

o The report contains details of the rules and regulations governing insurance products and entities.

o The report lists and analyzes key trends and developments pertaining to the country's insurance regulatory framework.

o The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.

o The report provides details of taxation imposed on insurance products and companies.

 

Highlights

o The Danish Financial Supervisory Authority is responsible for supervising and regulating the insurance and reinsurance industry of Denmark

o 100% foreign direct investment is permitted in Denmark's insurance industry.

o Composite insurance is not permitted in the Danish insurance industry.

o IPT is imposed at a rate of 1.1% on non-life insurance policies except a few classes of insurance

o The placement of non-admitted insurance is not permitted in the country. However, EEA and EU member state insurers are permitted to underwrite and sell non-admitted insurance contracts.

 

Classification

Language Code: EN 
Region: Denmark 
Report Type: Industry Report 
Industry: Service Industries 
Sector: Insurance 
Pages: 67 

Reasons to buy this report

o Gain insights into the insurance regulatory framework in Denmark.

o Track the latest regulatory changes, and expected changes impacting the Danish insurance industry.

o Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.

o Understand key regulations and market practices pertaining to various types of insurance product.
 

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Report... 00RV-BA10399CCDanica Pension A/S : Company Profile and SWOT AnalysisOct 2016
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Governance, Risk and Compliance - The Danish Insurance Industry

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Regional Information

Taxonomy

Branch ID: 1391

Taxonomy Location

The taxonomy on the left shows the ancestors of the Denmark node. This provides an insight into parent categories that may provide reports or articles that may compliment this report. The number in brackets after the node name indicates the number of reports that Research and Experts currently have in the parent category.

Clicking on a parent category will present the list of reports in the parent node in a separate window.

Denmark

Denmark has a strong but small mixed economy which is worth $355billion. Unemployment is at 7.3%. 

Main industries include petroleum and gas, iron, steel, nonferrous metals, chemicals, food processing, machinery and transportation equipment, textiles and clothing, electronics, construction, furniture and other wood products, shipbuilding and refurbishment, windmills, pharmaceuticals, medical equipment. As yet, Denmark has not adopted the euro.

Issues of concern over the Danish economy are the low productivity levels (according to the OECD the Danes spend some of the fewest hours working per annum). They also have the highest levels of personal debt in the world probably because they have the highest levels of income tax and a high cost of living. They also have issues with their education and health services which need to be addressed.

As exports of goods and services increase the Danish government expects a growth rate of 1.4% in 2014 and 1.8% in 2015.

Researchandexperts.com is a  leading source of market research on Denmark. 

Useful Links

World Bank, Doing Business in Denmark

Overview of Denmark, official website of Denmark

Denmark

Nordic Countries

Region

 

Europe

Fifty six sovereign states are listed with territory in Europe (six have limited rocognition). The 50 soverign states of Europe are Albania, Andorra, Armenia, Austria, Azerbaijan, Belarus, Belgium, Bosnia & Herzegovina, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark,  Estonia,  Finland, France, Georgia, Germany, Greece, Hungary, Iceland, Ireland, Italy, Kosovo, Latvia, Lithuania, Luxembourg, Macedonia, Malta, Moldova, Monaco, Montenegro, The Netherlands, Norway, Poland, Portugal, Romania, Russia, San Marino, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, Ukraine, United Kingdom, Vatican City (Holy See).

The leading economies of Europe are Germany, France, UK, Italy and Russia.
 
Research and Experts, the market intelligence platform, provides companies with access to the latest leading industry reports covering the European region. Our company reports contain the following information; company overviews, key facts, key employees, products and services, as well as financial ratios. Our industry reports are vital sources of detailed historic and forecast values for markets in Europe, segmented at category level. Research and Experts reports also provide regional analysis and analysis of the leading companies in key European markets. 

Europe

Country

Countries

 

Industry Sector Information

Taxonomy

Branch ID: 381

Taxonomy Location

The taxonomy on the left shows the ancestors of the Insurance node. This provides an insight into parent categories that may provide reports or articles that may compliment this report. The number in brackets after the node name indicates the number of reports that Research and Experts currently have in the parent category.

Clicking on a parent category will present the list of reports in the parent node in a separate window.

Insurance

The insurance industry is facing many challenges in todays environment. Insurance companies need to adapt to the latest legislation and regulations which are slowing growth in many regions, manage high costs of doing business and identify new growth markets. 

Research and Experts provide companies with the information and analysis they need to grow their business. Our reports provide information on the industry on a global level and also at a regional and country level.

 

Industry Associations

Global Federation of Insurance Associations

American Insurance Association

British Insurance Brokers Association

 

Financial Services

Financial services are the services provided by the finance industry and include banking services, insurance services, real estate services and investment services. Since the recession began in 2008/09 banking services in many European countries and the US  have been a drag on the financial services sector due to non-performing loans. Financial services is set for a strong year in 2014 as the economy improves. The US is bullish about increasing loans, more mergers, acquisitions and IPO's and higher commodity prices which will all benefit this sector. 

Research and Experts provide a range of reports on the financial services sector with information on leading companies, best trading partners, best performing companies, market size etc.

Useful Links

The Fiancial Services Authority (UK)

The British Banking Association

The International Banking Federation

American Bankers Association

European Banking Federation

Financial Services

Service Industries

Our Service Industries reports cover the areas of Business Services, Financial Services, Tourism and Leisure, Consumer Services and the Public Sector. A strong services sector is an indicator of a well developed economy. Examples of economies with a strong services sector include US, UK, Luxembourg, Switzerland and Australia.

Researchandexperts.com is a reliable source of business intelligence reports from leading publishers on the service sector economy. Industries covered by us include IT services, banking, insurance, travel, media services etc. 

Companies in the services sector require competitive intelligence which will give them keen insights into market size, best trading partners, financial analysis and company rankings. A recent report by Plimsoll on the advertising industry reviewed 500 of the largest agents in this sector. ARENA BLM LIMITED was identified as being among the fastest growing companies while  UNIVERSAL MCCANN GMBH was selected as a best trading partner.    

Service Industries

Industry

Industries

 

 

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