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International Monetary Fund. Monetary and Capital Markets Department
Denmark’s insurance sector is highly developed with a particularly high penetration and density in the life sector. Traditionally, work-related life insurance and pension savings are offered as a combined package, and life insurance companies dominate the market for mandatory pension schemes for employees. The high penetration explains the overall size of the insurance sector, which exceeds those of peers from other Nordic countries and various other EU member states. Assets managed by the insurance industry amounted to 146 percent of the GDP at end-2018, compared to 72 percent for the EU average.
International Monetary Fund. Monetary and Capital Markets Department

company had not prepared its entry to the foreign market sufficiently, and the company dropped its plan after the on-site inspection. Source: DFSA. 49. Compensation for loss in case of a failed insurer is available to non-life policyholders . The Guarantee Fund for Non-Life Insurance Companies is established and administered as a private, self-governing body by the Danish Insurance Association, under DFSA supervision. It covers eligible policyholders in respect of claims outstanding and premiums paid prior to a bankruptcy order being issued. Premium cover is

International Monetary Fund

Corrective Measures The supervisory authority takes preventive and corrective measures that are timely, suitable and necessary to achieve the objectives of insurance supervision. Description The DFSA supervises compliance with the FBA and regulations laid down in section 344.1. FBA section 350 entitles Finanstilsynet to order that a financial undertaking take the measures necessary within a time limit specified by the DFSA, if the financial position of the undertaking has deteriorated to such a degree that the interests of the depositors, the insured parties, the

International Monetary Fund
This paper discusses key findings of the Detailed Assessment of Observance of the Basel Core Principles for Denmark. The assessment reveals that the basic legal framework is contained in the Financial Business Act (FBA), and in executive orders and explanatory guidelines issued pursuant to the FBA. These provide powers for the Danish Financial Supervisory Authority to supervise all financial institutions. Legal protection for supervisors is currently not provided for in specific legislation but general legislative arrangements ensure that staff is protected against lawsuits while discharging their duties in good faith.
International Monetary Fund

inspected only once every seven years. All banks are subject to off-site reporting requirements and the resulting data is analyzed on at least a quarterly basis. Annual assessments are made and the consequent ratings are used to ensure that high risk banks are prioritized in the on-site examination schedule. 30. Information requirements (CP 21): Banks are now required to comply with IFRS. The DFSA has the power to dismiss external auditors and appoint additional auditors. External audit obligations are set out by the DFSA. Supervisors see reports prepared by internal

International Monetary Fund
This paper discusses key findings of the Detailed Assessment of the Observance of the Insurance Core Principles for Denmark. Key recommendations arising from the assessment cover two main issues. First is the fact that the Danish Financial Supervisory Authority Finanstilsynet bases its system to assess the appropriateness of key functions on the assumption that it is the core responsibility of the senior management to ensure adequate personnel to be assigned to relevant tasks in the supervised companies. The second issue relates to a requirement that internal audit functions should be made compulsory for smaller companies.
International Monetary Fund

small banks posing minimal risk are inspected only once every seven years. Annual assessments are made to ensure that high risk banks receive priority treatment in the on-site examination schedule. 17. Information requirements (CP 21) . Banks are now required to comply with IFRS. The DFSA has the power to dismiss external auditors and appoint additional auditors. External audit obligations are set out by the DFSA. Supervisors see reports prepared by internal and external auditors and these contain information specifically required by the supervisors. 18. Formal

International Monetary Fund. Monetary and Capital Markets Department

-long, guaranteed pension benefits to ATP’s members, while the bonus contributions are passed on to the bonus potential which covers ATP’s risks and increases, over time, the life-long guaranteed pension in the form of bonus. The Danish Ministry of Employment has the primary legislative authority in ATP’s activity area . It is also responsible for the supervision of ATP. In addition, the DFSA supervises certain financial, managerial and pension-related matters. ATP’s investments are divided into a hedging portfolio and an investment portfolio, reflecting the structure of the

International Monetary Fund. Monetary and Capital Markets Department
The Financial Sector Assessment Program (FSAP) work was conducted prior to the COVID-19 pandemic. This report, however, includes stability analysis and stress tests under updated illustrative scenarios to quantify the possible implications of the COVID-19 shock on bank solvency. An unusually high degree of caution must be exercised in interpreting the stress tests results and their implications or validity at the current juncture, due to heightened uncertainty around post COVID central projections and downside risks. Financial vulnerabilities were elevated on the eve of the COVID-19 pandemic. Key financial vulnerabilities included high household leverage amid high real estate valuations following a long period of loose financial conditions. There were also signs of risk taking in some sectors, such as commercial real estate (CRE), and in addition, there were downside risks to bank profitability amid the low-interest-rate environment.