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Industrial Injury Insurance

The Danish Guarantee Fund for Non-life Insurers takes over the coverage of industrial injury insurance claims concerning Alpha Insurance A/S in bankruptcy and CBL Insurance Europe Dac in bankruptcy

 

The Danish Guarantee Fund for Non-life Insurers' administration of Industrial injury insurances 

 

With effect from 1 July 2021 the Danish Guarantee Fund for Non-life Insurers (the Danish Fund) will handle the administration of Danish industrial injury insurances written by Alpha Insurance A/S in bankruptcy and CBL Insurance Europe Dac in bankruptcy.

 

Customers and injured parties are not affected by this change, since Labour Market Insurance (AES) will continue handling the ongoing industrial injury insurance cases.

 

Disbursements in cases will in the future be made by Sedgwick Leif Hansen (SLH), which is the company the Danish Fund has entered into an agreement with, in relation to handling payment in industrial injury insurance cases.

 

If an industrial injury has happened, and not yet been reported, the Danish Fund/SLH must be contacted as soon possible at garantifonden@slhdk.dk


Handling of bankruptcies, etc. in industrial injury insurance companies


The Danish Fund must in the future handle the portfolio of industrial injury insurance, when a non-life insurance company has its license to write industrial injury insurance business revoked or goes into bankruptcy.


In order to finance the Danish Funds take-over of the obligations regarding industrial injury insurance all insurance companies, which write industrial injury insurances in Denmark, must from the 1 January 2022 report and pay the contributions to the Danish Fund. Payment of the contributions continues until the Danish Funds capital regarding industrial injury insurance reaches a minimum of DKK 200 million.

 

The contribution amount is determined by the Danish Financial Supervisory Authority (DFSA) and it is expected that the DFSA will be announcing the contribution amount the 1 November 2021 at the latest. The contribution is expectedly on the low side of DKK 100 annually per full-time insured.

 

The DFSA also determines when the contributions are initiated, and it is expected that the companies must make contributions to the Danish Fund from the 1st quarter of 2022, implying the 1st reporting and payment to the Danish Fund must be completed in April 2022.


The Danish Fund’s existing reporting system will be expanded, so insurance companies writing industrial injury insurance will be able to report and pay the contributions to the Danish Fund in the same familiar way as before.

 

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