Insurance laws Greenland (Denmark)
Greenland, as an autonomous territory within the Kingdom of Denmark, operates under Danish insurance laws and regulations. The Danish Financial Supervisory Authority (Finanstilsynet) oversees the insurance sector in Greenland, ensuring compliance with national and EU regulations.
🏛️ Regulatory Framework
Greenland's insurance market is primarily governed by Danish legislation, including nsurance Business Act: Establishes the legal framework for insurance operations in Denmark and Greenland
Solvency II Directive: EU regulation that sets out risk-based capital requirements and governance standards for insurers
Insurance Distribution Act: Regulates the distribution of insurance products, ensuring transparency and consumer protection These laws are enforced by the Danish Financial Supervisory Authority (Finanstilsynet), which supervises insurance companies, brokers, and intermediaries to ensure compliance with regulatory standards
🌍 Greenland-Specific Regulations
In addition to Danish laws, Greenland has specific regulations concerning insurance activitie:
Guarantee Fund Contributions As of January 1, 2025, insurance companies writing policies covering risks in Greenland must contribute to the Danish Guarantee Fund. This applies to various insurance types, including motor, homeowners, health, and occupational accident insuranc.
Taxation Insurance premiums in Greenland are subject to Danish tax laws, including a 1.1% insurance premium tax on non-life insurance policies, with certain exemption.
🧾 Consumer Protection and Dispute Resolution
Policyholders in Greenland benefit from robust consumer protection laws, includig:
*Insurance Contracts Act: Provides a framework for insurance contracts, ensuring fairness and clarity in policy ters.
*Insurance Complaints Board: Offers an alternative dispute resolution mechanism for policyholders, handling complaints related to insurance coverage and clais.
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