Transparency and accountability in the field of insurance

Solvency II aims to ensure greater transparency and accountability in the insurance sector. This means that both insurance undertakings and supervisory authorities must make comprehensive information available to the public.

Solvency II came into force throughout Europe on 1 January 2016. With the aim of ensuring that the Solvency II regulation does not apply to certain Danish insurance undertakings and multi-employer occupational pension funds, undertakings were divided into group 1 and group 2 insurance undertakings in section 5(1), nos. 24 and 25, of the Danish Financial Business Act. Group 1 insurance undertakings are insurance undertakings that are covered by the Solvency II regulation due to their size and complexity, whereas group 2 insurance undertakings are typically smaller and less complex, and are not covered by the Solvency II regulation. See which insurance undertakings are group 1 insurance undertakings here.

 

Article 31(2) of the Solvency II Directive (Directive 2009/138/EC) introduced a requirement for the national supervisory authorities to disclose specific information. In addition to this, in December 2015 the European Commission adopted standards for the structure and format of the information to be disclosed (Commission Implementing Regulation (EU) 2015/2451 of 2 December 2015). The purpose of the stricter requirements regarding disclosure of information by supervisory authorities is to ensure that information about the supervisory and regulatory practice in a Member State is easily accessible to undertakings that are subject to supervision and other interested parties. Uniform disclosure within the European Union also means it is possible to compare different Member States, thus furthering the consistency of supervision throughout the EU.

 

This page on transparency and accountability includes a detailed overview of supervisory and regulatory practice for group 1 insurance undertakings in Denmark. As the competent national supervisory authority for Danish insurance undertakings, the Danish FSA fulfils its disclosure obligations on the following linked pages:                       

  1. Laws, administrative rules and general guidance

  2. The Danish FSA's supervisory review process 

  3. Aggregate statistical data

  4. Exercise of options under Directive 2009/138/EC                    

  5. The objectives of the Danish FSA and its main functions and activities

 

The information is updated regularly and at least once a year.