Ongoing Contributions to the Guarantee Fund

The Danish Guarantee Fund for Non-life Insurers must have a capital of DKK 600 million. At least DKK 300 million must consist of contributions from insurance companies which writes consumer insurance. DKK 200 million must consist of contributions from insurance companies, which writes industrial injury insurance, including violence injury insurance, and DKK 100 million must consist of contributions from insurance companies that writes motor liability insurance.

Once a year, the DFSA announces the contribution rates paid by insurance companies to the Danish Guarantee Fund for insurances subject to contributions. The DFSA's announcement is published no later than 6 months before the first contribution payment to the Danish Guarantee Fund occurs.

For consumer insurances, industrial injury insurances, and motor liability insurances

The first contribution payment date is 1 May, which is why the DFSA's announcement is published no later than 1 November the previous year.

Insurance companies must pay the contribution for insurance policies subject to the Danish Guarantee no later than

• 1 May for insurance policies that have been taken out or renewed in Q1

• 1 August for insurance policies that have been taken out or renewed in Q2

• 1 November for insurance policies that have been taken out or renewed in Q3

• 1 February for insurance policies that have been taken out or renewed in Q4

Payment of the first contribution on 1 May uses the contribution rate that is stated in the most recent published announcement from the DFSA. These contribution rates shall be applied up to and including 1 February in connection with the payment of contributions to the Danish Guarantee Fund.

Payment of the contribution to the Danish Guarantee Fund must be made via the Danish Guarantee Fund's system by a quarterly reporting.

Each quarter, all members must report via the Danish Guarantee Fund's reporting system the number of policies/insured the insurance company has taken out during the period.

Access the system