The Danish Financial Supervisory Authority has clarified that the term "vehicle" in Section 2, subsection 2 of the Act on a Guarantee Fund for Non-Life Insurance Companies shall be interpreted in accordance with Section 2, number 14 of the Danish Road Traffic Act. This means that the definition of a "motor vehicle" shall be used when paying contributions to the Guarantee Fund for Non-Life Insurance Companies.
Furthermore, in connection with the enactment of the Act on a Guarantee Fund for Non-Life Insurance Companies in Greenland and its associated executive order, the Danish Financial Supervisory Authority has stated that the definition of a "motor vehicle" in the Executive Order on the Greenlandic Road Traffic Act shall be used when considering motor insurance risks in Greenland.
The Guarantee Fund would like to emphasize that these contributions apply to consumer insurance policies – that is, insurance contracts where the policyholder (consumer) is primarily acting outside of their profession when entering into the agreement.
From 1st of January 2025, the definition in Section 2, number 14 of the Danish Road Traffic Act shall be used when paying contributions to the Guarantee Fund on motor insurance (both liability and comprehensive) with Danish risks:
"14. Motor vehicle: vehicle that is fitted with a motor as motive power. For wheelchairs designed for a maximum speed of 15 km/h and which can only be modified to a higher speed by significant structural changes, the regulations on bicycles shall apply, unless otherwise specified. Motor vehicles are classified as motorcars, tractors, motorized implements, and mopeds."
Contributions shall therefore be paid on private motor liability insurance and private comprehensive insurance for cars, motorcycles, tractors, motorized implements, and mopeds, including mopeds 45 and speed pedelecs. Trailer and caravan insurance shall continue not to be subject to the contribution obligation.
For motor insurance risks in Greenland, the definition in Section 2 of the Executive Order on the Greenlandic Road Traffic Act shall be used (from 1 January 2025):
"2. Motor vehicle: Any vehicle driven by a motor. Motor vehicles are divided as motor vehicles, tractors, motorized implements, mopeds, and snowmobiles."
Contributions shall therefore be paid on private motor liability insurance and private comprehensive insurance for cars, motorcycles, tractors, motorized implements, mopeds, including mopeds 45 and speed pedelecs, and snowmobiles. Trailer and caravan insurance shall continue not to be subject to the contribution obligation.