The Danish Guarantee Fund will compensate for motor liability damage in- and outside Denmark
The Danish Guarantee Fund provides compensation to claims from an injured party for damage to property or personal injuries caused by a vehicle insured against civil liability by a bankrupt insurance company under the home member state principle. This means that the Danish Guarantee Fund in the future will also provide compensation to foreign policyholders that have taken out a motor liability insurance with a Danish non-life insurance company in the event of a bankruptcy.
Cease of contributions regarding motor liability insurance
The contributions on motor liability insurance written in Denmark will cease on 23 December 2023. After the 23 December 2023, the Danish Guarantee Fund for Non-Life Insurers is no longer allowed to require contributions on motor liability insurance written in Denmark by foreign insurance companies.
Certain life insurance companies must be members of the Danish Guarantee Fund
As of 1 July 2023, Danish and foreign life insurance companies that have been authorised by the Danish Financial Supervisory Authority to conduct industrial industrial insurance business must be members of the Danish Guarantee Fund.
The Danish Guarantee Fund provides compensation to claims from an injured party for damage to property or personal injuries caused by a vehicle insured against civil liability by a bankrupt insurance company under the home member state principle. This means that the Danish Guarantee Fund in the future will also provide compensation to foreign policyholders that have taken out a motor liability insurance with a Danish non-life insurance company in the event of a bankruptcy.
The Danish Financial Supervisory Authority (DFSA) has on the 31 of October 2023 instructed the Danish Guarantee Fund for Non-life Insurers (the Fund) to in 2024 continually collect contributions fixed at DKK 40 per further specified consumer insurances written or renewed in Denmark. The DFSA has also instructed the Fund to continually collect contributions fixed at DKK 30 per insured under an industrial injury insurance policy (converted into full time employees) written or renewed in Denmark. The DFSA has furthermore instructed the Fund not to collect contributions on motor comprehensive insurances written or renewed in Denmark for risks in Denmark in 2024.
The contributions on motor liability insurance written in Denmark will cease on 23 December 2023.
After the 23 December 2023, the Danish Guarantee Fund for Non-Life Insurers is no longer allowed to require contributions on motor liability insurance written in Denmark by foreign insurance companies.
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