I INTRODUCTION

The majority of Danish insurance companies are members of Insurance and Pension Denmark (IPD), an association that promotes the interests of the entire insurance (and pensions) industry. Foreign insurance companies engaged in the provision of services in Denmark may become 'info' members.

The Danish insurance market is characterised by strong competition for customers. According to the statistics published by the association, the number of Danish insurance companies has more than halved over the past 20 years, from 138 companies subject to Danish supervision in 1999 to 65 in 2017.2 In the same period, the number of employees fluctuated, from 13,751 in 1999 to 10,305 in 2005 to 13,533 in 2014 to 10,343 in 2017.3 Customers are also switching between companies more frequently to get better cover and prices.4 In 2013, the number of new customers (less than four years as a customer) increased by 22 per cent, which grew to 35 per cent in 2017.5 Customer satisfaction is also very high, with a score of 77 (out of 100) in 20176 and 75 in 2018. Denmark also has the highest industry score in Scandinavia.7

The annual profit of the insurance industry increased by 1.5 per cent from 2016 to 2017, to 13 billion kroner before tax. Underwriting profits increased by 5 per cent in the same period to almost 8 billion kroner.8 This was primarily a result of increasing premiums and lowering operating expenses.9 However, despite this, two big companies, Alpha Insurance and Qudos Insurance, went bankrupt in 2018.

In terms of the balance sheet total in 2017, Tryg Forsikring was the biggest insurance company in Denmark, followed by Codan and Topdanmark. This includes foreign assets,10 which, according to the IPD's estimate,11 account for 12 per cent of the Danish market.

II REGULATION

i The insurance regulator

The insurance market is regulated, and the requirements for establishing and carrying on insurance business are laid out in the Danish Financial Business Act.12

However, a large number of other statutory provisions also apply, including those contained in:

  1. the rules on money laundering;
  2. the Danish Companies Act;
  3. the Danish Capital Markets Act; and
  4. the Danish Act on Processing of Personal Data.

The Financial Business Act also applies to reinsurers. However, special rules for these companies may also apply.

The Danish Financial Services Authority (FSA)13 monitors and regulates the financial sector in Denmark, including insurance and reinsurance companies. The purpose of the FSA is to supervise, legislate and provide information. In 2018, the FSA was authorised to obtain information from enterprises subject to the new Danish Insurance Mediation Act14 (see subsection ii, 'Insurance distribution'). The FSA is also authorised to obtain information from persons and enterprises not subject to the Act in order to assess whether they should be subject to the rules.

The FSA may prosecute, issue orders and report issues to the police if insurers or reinsurers fail to comply with the rules applying to financial services firms, and, as another consequence of the new Act, violation of the rules of the Act could be punishable by a fine or imprisonment for up to four months.

ii Registration with the FSA

Insurance and reinsurance companies

Insurance and reinsurance business in Denmark requires a licence from the FSA.15 The licence is issued based on a plan of operations prepared by the insurer or reinsurer. The FSA establishes the rules for the information that must be included in the plan of operations.

Foreign insurance and reinsurance companies in the European Economic Area and European Union

Insurance and reinsurance companies from other Member States of the European Economic Area (EEA) or the European Union (EU) may carry on insurance business in Denmark on either an establishment or a freedom-of-services basis (without the need for a licence from the FSA) if they have already been licensed in another EEA or EU Member State.

These companies may operate in Denmark on a cross-border basis immediately after the FSA has received notification from the supervisory authorities of the company's home country, or the home country can notify the FSA and the company may operate through a branch in Denmark two months after the notification has been given.16

The company must observe Danish good business practice rules, consumer protection regulation and certain insurance contract requirements that are contained in, for example, the Insurance Contracts Act (ICA).17

Foreign insurance and reinsurance companies from outside the EEA or the EU

Insurance and reinsurance companies from outside the EEA or the EU may not carry on insurance business in Denmark using a licence from their home country.

If the company wants to carry on business in Denmark, it is required to set up an insurance company or a branch in Denmark and apply for a licence from the FSA.

Other requirements

As a result of the implementation of the EU Solvency II Directive into Danish law (with effect from 1 January 2016), the law distinguishes between Group 1 and Group 2 insurers. Group 1 insurers are big companies calculated (among other factors) according to their gross annual premium. Group 2 companies include all other companies.

Depending on which group the insurer belongs to, there will be different additional capital and solvency requirements, as well as organisational requirements.

Insurance distribution

On 1 October 2018, the new Insurance Mediation Act came into force, implementing the EU Insurance Distribution Directive into Danish law. The Act increases the protection of consumers by, among other things, introducing stricter licence and registration requirements. It is no longer enough for agents and subagents to be registered; they must also have a licence from the FSA (provided that they fall under the definition of insurance intermediaries).

Enterprises selling goods or services and selling insurance in connection with the sale of these other goods or services are not required to have a licence, but must be registered. This applies to travel agents and car dealers, for example.

One requirement for receiving a licence from the FSA to distribute insurance is that the registered office of the enterprise is in Denmark. It is also a requirement that the enterprise has liability insurance or another corresponding guarantee against claims for damages and has measures in place ensuring that customers are protected against the distributor's inability to pay. The enterprise must also have a management fulfilling the suitability and integrity requirements of the Act, ensuring a responsible and efficient operation of the insurance intermediaries.

It follows from the transitional provisions of the Act that enterprises already licensed as insurance brokers before the Act entered into force have to submit a new application, but that the enterprise may continue its activities until the FSA has made a decision on the matter.

The same applies to enterprises registered as insurance agents or as subagents and to enterprises selling insurance that did not require a licence under the preceding Act (Consolidating Act No. 174 of 31 January 2017). These enterprises must submit an application for a licence but may continue their activities until the FSA has made a decision.

Non-compliance

If insurance is effected before a licence to carry on insurance business has been issued and registration has been made, the individuals who have effected the insurance or who are responsible are jointly and severally liable for the performance of the contract. However, if the insurer accepts the liability no later than four weeks after registration, the liability is repealed (provided that the policyholder's security is not significantly weakened as a result).18

If the rules for are not complied with, the FSA can exercise certain powers. For instance, an order may be issued stipulating that the insurer or reinsurer will be subject to strict supervision. Ultimately, the company could risk losing its licence to carry on business in Denmark.

The members of the executive board and the board of directors of an insurance or reinsurance company may incur liability if the management does not fulfil the necessary requirements.

iii Compulsory insurance

A number of specific laws, contracts and other regulation stipulate that compulsory insurance cover must be taken out in certain areas, including the following: motor vehicle; professional liability (for some advisers, such as lawyers and accountants); industrial injury; dog and horse liability; railway liability; aviation liability; occupational disease; oil pollution; maritime claims (for all Danish ships with a gross tonnage of 300 or more); drones (that are not micro-drones); and, as of 15 May 2018, injuries caused by jet skis, etc., in connection with maritime accidents.

Insurance brokers must also take out liability insurance and provide security for the claims that may be raised against them as a result of their business.

III INSURANCE AND REINSURANCE LAW

i Sources of law

The ICA regulates insurance contracts and provisions, which are mandatory to a certain extent, governing the relationship between an insurer and a policyholder.

Different rules on consumer protection and good practice also apply (e.g., the insurer must give correct advice on insurance products). These rules must be complied with or the advisers may incur professional liability. The rules on good practice are laid down in Part 6 of the Financial Business Act, and they apply to insurers in contractual relationships.

The ICA does not apply directly to reinsurance, but it is applied by analogy together with the general law of contract, including the freedom of contract.

Insurance brokers and others selling insurance commercially are subject to the Danish Insurance Mediation Act (see subsection iv).

ii Making the contract

Any issues relating to the rights and obligations between an insurer and a policyholder are regulated by the ICA. However, the characteristics of an insurance contract are not defined in the ICA, but are governed by the Contract Act19 and the general principles of Danish contract law, including freedom of contract (for some areas insurance is compulsory, see Section II.iv.)

An insurance contract is generally defined as 'an agreement to take over a financial risk for the occurrence of an unexpected event, against a consideration calculated statistically based on the distribution of that risk on a plurality of policyholders'.20

When entering into an insurance contract, an insurance seeker will usually apply for cover from the insurance company, after which it will fill out a form with a number of questions provided by the insurance company. The underwriters will draft the policy terms based on the information provided and enter into an insurance contract with the insurance seeker on behalf of the insurer.

A general duty of good faith and fair dealing in respect of other contracting parties applies to all contractual relationships. Furthermore, when it comes to insurance and reinsurance contracts, the ICA stipulates that the insurance seeker has a duty of disclosure and to provide answers. If it fails to answer the questions in the application form truthfully or fails to disclose an important fact, the rules of the ICA will determine whether an insured event is to be compensated and whether the company is bound by the contract at all.21

The insurance premium must be paid 21 days after a claim for payment has been made. Only then may the insurer terminate the insurance contract.

iii Interpreting the contract

Denmark has a civil law system that is based on general rules and principles to some extent, and the interpretation of insurance and reinsurance contracts is, in line with the interpretation of other contracts, subject to these rules and principles.

The interpretation of an insurance contract involves both the disputed provision and the agreement as a whole, including the other provisions of the contract, and the background and purpose of the contract.

As a general rule, the provisions of an insurance policy should be interpreted strictly, and in relation to the other provisions of the policy (both general and specific).

If the policy wording generates doubt as to the contents, the circumstances of the conclusion of the contract and the purpose of the insurance may be included in the interpretation. Occasionally, ambiguities regarding the contents of the specific policy provision will be detrimental to the insurers that wrote the policy (the ambiguity rule).

When interpreting the contract, the ICA and the general rules of contract law must always be read with a consideration of trade usage, case law and other legal standards and rules of interpretation that apply (which can vary depending on the contract type).

iv Intermediaries and the role of the broker

Insurance mediation is regulated by the Insurance Mediation Act. The Act does not apply to insurers, but rather to brokers and other parties that have a licence to sell insurance commercially. This licence is issued by the FSA. According to the Act, insurance agents will also require a licence from the FSA to carry out activities (see Section II.ii, 'Insurance distribution').

The parties responsible for insurance mediation must have general knowledge of insurance mediation. The responsible persons must have theoretical training in, and practical knowledge of, insurance mediation activities. Insurance brokers must comply with the duty of disclosure and other obligations about regular reporting.

The FSA monitors insurance brokers. If the insurance broker does not comply with the guidelines laid down in the Insurance Mediation Act, the FSA may cancel the insurance broker's licence to sell insurance commercially.

v Claims

The party with an insurance claim must file the claim with the insurer before the statute of limitations expires. There are no formal requirements on how an insurance claim must be filed, and thus it can be made both orally and in writing. In recent years it has become commonplace to file the claim through a form on the insurer's website.

It is sufficient in respect of certain types of business insurance that a party entitled to damages has filed its claim for damages with the policyholder in time (the business covered by insurance).

A policyholder must provide the insurer with all available information on matters of significance to the assessment of the claim. If the holder fails to do so, the insurer may refuse to take a position on the insurance claim.22

An insurer may also refuse to provide cover to a policyholder or a third party entitled to damages if the claim for damages or the insurance event has not been proved, or if it is clear that the claim is not covered by or is exempt from the insurance cover.

An insurer may also refuse cover if the insurance contract was based on incorrect information given by the policyholder. The insurance contract is either void (based on fraudulent misrepresentation or non-disclosure) or the insurer is exempt from liability or entitled to reduce compensation (based on a negligently false statement).

vi Third-party action

An injured third party is free to file a claim directly with the insurer if the claim is filed under liability insurance. The insurer is directly liable to an injured third party in certain situations (e.g., bodily injury caused by a motor vehicle).

When the insured's liability for damages to the injured party has been established and the amount of damages assessed, the injured party must be subrogated to the insured's rights against the insurer, but only to the extent that the party entitled to damages has not already received the amount claimed in whole or in part.23

A policyholder cannot be a party to a reinsurance contract and cannot file a claim directly with the reinsurer. As a contractual party, the insurer may file a claim with the reinsurer.

vii Subrogation

As a general rule, if an insurer has paid damages to an injured party, it is subrogated to the injured party's claim. However, the Danish Consolidation Act on the Liability to Pay Compensation contains important exemptions in this regard, as it limits an insurer's right to recourse in many situations where insurance cover has been taken out.24

IV DISPUTE RESOLUTION

i Jurisdiction, choice of law and arbitration clauses

Insurance litigation and arbitration are governed by the Danish Administration of Justice Act25 and the Danish Arbitration Act.26 Regarding the issue of jurisdiction and the choice of law, Denmark has ratified the relevant parts of the Brussels I Regulation27 and the Rome Convention.

As a general rule, parties may agree both before and after a dispute has occurred that proceedings are to be heard in Denmark by a specific court. However, in certain instances the courts in a specific country have exclusive jurisdiction and the consequence is that the agreement cannot be relied upon. The parties are not allowed to agree that a case is to be heard by a court that has no jurisdiction in respect of the substance of the matter. For example, the parties are not allowed to agree that the case is to be brought before the Danish Supreme Court as the court of first instance.

In addition, the parties may agree to resolve disputes by arbitration. They may also enter into an arbitration agreement either before or after a dispute has arisen, which Danish courts, if the arbitration clause has the necessary clarity, will recognise and enforce. Both written and oral arbitration agreements are valid under Danish law. However, to enforce the agreement, the Danish Institute of Arbitration recommends the following standard clause to be included in the contract:28

Any dispute arising out of or in connection with this contract, including any disputes regarding the existence, validity or termination thereof, shall be settled by arbitration administrated by The Danish Institute of Arbitration in accordance with the rules of arbitration procedure adopted by The Danish Institute of Arbitration and in force at the time when such proceedings are commenced.

With regard to a consumer contract, the costumer is not bound by an arbitration agreement concluded before the conflict arose.

ii Litigation

Any disagreement between the insurer and a consumer regarding an insurance policy may be brought before the Insurance Complaints Board, directly before the courts or settled by arbitration (see subsection iii).

The Insurance Complaints Board

In case of any disagreement between the insurer and a consumer regarding an insurance policy, the matter may be brought before the Insurance Complaints Board,29 which is a private complaints board authorised by the Minister for Business and Growth.

The advantage of bringing the matter before the board is that it is possible to get a decision in a few months if the policyholder pays a nominal amount. Any decision by the board may be brought before the relevant district court. As a main rule, the board only hears complaints concerning insurance taken out by private individuals.

The judicial system

In broad terms, the judicial system is composed of the Supreme Court, the High Courts of Western and Eastern Denmark, the Maritime and Commercial Court, the Land Registration Court and 24 district courts.30 No courts in Denmark are specialised in insurance disputes, so as a general rule insurance cases (like all other court cases) commence in the district courts.

The legal system is based on a two-tier principle, according to which it is usually possible to appeal against a decision made by a court once. However, there are many exceptions to this rule. If a case is of general public importance (implications for rulings in other cases),31 the Danish Appeals Permission Board32 may grant leave to appeal to a court of third instance (the Supreme Court).

In addition, if the case involves a matter of general public importance, the district court may commit the case to one of the High Courts upon request.33 In this case, the first instance High Court judgment may be appealed directly to the Supreme Court.

Judgments delivered by a district court concerning an amount of less that 20,000 kroner cannot be appealed without leave from the Appeals Permission Board. The High Court may also dismiss an appeal if there are no prospects of a different result than that of the district court.

The Maritime and Commercial High Court is a specialised first instance court.34 The Court hears cases concerning the Danish Trademarks Act, the Danish Designs Act, the Danish Marketing Practices Act and the Danish Competition Act, and cases concerning international trade conditions as well as other commercial matters. The Court is not specialised in insurance law. Decisions passed by the Maritime and Commercial High Court may be appealed to the Supreme Court if the case is of general public importance; otherwise, they will be appealed to one of the High Courts.

The main stages in civil proceedings35

A court case is initiated by the plaintiff filing a writ with the court. The defendant will then file a statement of defence if the defendant disputes the plaintiff's claim. The exchange of pleadings may take several months.

Further pleadings will often be exchanged and a pretrial hearing (by telephone) will be held during which the court discusses the matter with the parties. An expert opinion may also be requested at that stage. The duration of the procedure depends on the nature of the case and can vary from a few months to more than a year.

When the case has been set down for the final hearing, the court will inform the parties of when the pretrial stage ends. After this date, new claims, allegations or evidence will not, as a general rule, be permitted. After the final hearing, the court will make its decision on the claims submitted. Normally, one to two months will pass from the time of the conclusion of the pretrial stage until a final appealable judgment is delivered.

Sometimes the court will decide on procedural issues during the case, including on whether to admit certain evidence, whether to commit the matter to another court, etc. These procedural issues may, as a general rule, be appealed during the case; however, this is often subject to prior leave by the Appeals Permission Board.

For cases involving claims of up to 50,000 kroner, the case may be brought before the courts according to the cheapest and fastest small-claims procedure.

Time frame for insurance litigation

Insurance litigation includes everything from small cases to large and complicated claims for damages covered by business insurance. A hearing by a court of first instance could take anything from a few months to several years. According to the most recent statistics published by the courts in 2018, the average case processing time in civil cases decided by settlement or judgment before the district courts was 10 months.36

Evidence

As a general rule, the parties are free to determine which evidence and legal issues should be considered in cases and all types of evidence, in board terms, are admissible.

The most important types of evidence are documents, witness statements and expert surveys by specialists who may be examined in court. Expert opinions or expert witnesses are not widely used because expert surveys (reports based on an appraisal by experts appointed by the court) are preferred; however, new rules encourage their use to a wider extent. Courts may bar unnecessary evidence, but they are generally reluctant to do so. Evidence produced by an illegal or criminal act is also admissible in most cases, but the court will decide the level of importance to attach to the evidence.

The court may also, either at the request of one of the parties or on its motion, request the opponent to produce relevant evidence and may also bar unnecessary evidence.37 The evidence is for the court to assess and is not subject to particular rules. Even in the absence of a pending case, evidence may be taken before a court without a trial, including for use in a later case. In personal injury matters, special bodies have been established by law that provide medical assessments of the nature of the personal injury or assessments of the extent and impact of the personal injury.

Persons called as witnesses of fact are not allowed to make observations as experts when giving evidence. They are therefore only allowed to give evidence of their knowledge of the incident in the specific case. Written statements on factual information may be used as documentary evidence and are sometimes used as an alternative to witness statements, provided that the court has no objections.

Witness statements are generally presented during the final hearing. However, in special cases, the court may decide that the statement is to be given before the final hearing. The witness statement may be given by using telecommunication (with or without an image) if found appropriate and if special considerations for the witness favour the procedure (e.g., if a witness resides abroad).38

The disclosure of documents and witness statements is subject to some limitations (see Sections 169 to 172 the Administration of Justice Act). As a result, persons bound by professional secrecy cannot give evidence about matters that have come to their knowledge in the course of their function.

Costs

The institution of proceedings is subject to a court fee of 500 kroner.39 If the value of the case exceeds 50,000 kroner, another 250 kroner is added, plus 1.2 per cent of the part of the value of the case exceeding 50,000 kroner. However, the court fee cannot exceed 75,000 kroner. If the matter concerns a review of a decision by an authority, the maximum fee is 2,000 kroner. The same applies to certain other types of cases. If appealing to the Supreme Court, the court fee is increased by 50 per cent.

In addition to the fee payable if the value of the matter exceeds 50,000 kroner, a fee is to be paid for the final hearing (the trial hearing) or the written proceedings that may replace the trial hearing. The fee will generally be the same as the fee for instituting proceedings.

As a general rule, it is the party making or requesting a procedural step that, provisionally, has to pay the costs in this respect. The unsuccessful party to a case will usually have to compensate the costs of the successful party. Legal fees, however, are not covered according to realised costs, but will be fixed according to certain rates as a rule, depending on the financial value of the claim and whether an expert opinion has been obtained.

iii Arbitration

The parties are entitled to agree that an insurance dispute is to be settled by arbitration, and both ad hoc and institutional arbitration are widely used. The framework applying to arbitration follows from the parties' contract and the Arbitration Act, which follows the UNCITRAL Model Law of 1985 to a wide extent.

Denmark does not have a specific board of arbitration that deals with insurance disputes, but several institutes handle arbitration cases. The Danish Institute of Arbitration40 processes all types of cases, and the rules governing the arbitration procedures of the institute entered into force on 1 May 2013. The Arbitration Board41 is reserved for construction matters.

In the Danish Institute of Arbitration, the judges are usually appointed by the parties, whereas the chairman is appointed by the Institute. Expert judges usually participate in Arbitration Board cases. Both institutions offer mediation, conciliation and expert opinions. These methods are used to a minor extent, but in particular there is a trend towards mediation being an attractive alternative to the parties. Mediation is also offered by the special institution, the Mediation Institute, and by individual mediators.

iv Mediation

At the request of the parties, the court may appoint a mediator to assist the parties in reaching a settlement during the proceedings,42 but it has no powers to force the parties to participate in mediation.

Mediation is also offered by the Danish Mediation Institute43 and other private, independent institutions.

V YEAR IN REVIEW

The FSA has been focusing on business models primarily based on cross-border activities and the sale of products involving bigger risks compared to standard products.

In addition, there was a particular focus on Solvency II in 2018 because the European Commission carried out a review (evaluation) of the framework and published a draft delegated regulation with a feedback period that ended on 7 December 2018.44 It is also due to carry out another review before the end of 2020.45

As of 1 January 2019, it is compulsory for foreign insurance companies from the EU and EEA that carry on insurance business in Denmark on either an establishment or freedom-of-services basis (see Section II.ii) to join the Danish Guarantee Fund for Non-life Insurance Companies to continue carrying out this business.

The cover by the Guarantee Fund was also changed in 2018: as of 1 January 2019, the Fund only covers insurance companies' direct activities in Denmark for risks in Denmark (it previously also covered insurance companies' direct activities in EU and EEA Member States).

VI OUTLOOK AND CONCLUSIONS

i Climate change risk

In recent years, as a result of climate change, Denmark has increasingly been affected by bad weather, such as torrential rain and storms, that has resulted in insurers having to pay substantial compensation. By way of example, in January 2019, Storm Alfrida caused significant damage in southern Denmark. This has also led insurers to focus more on limiting their risks by reinsurance and this focus is likely to continue in 2019.

Another aspect to consider is that some companies, such as those in the oil and gas industry, could be more vulnerable to climate change risks. It could become more important in 2019 for directors and officers (D&O) to demonstrate that they have considered climate change risks, and that they have taken actions to mitigate them where necessary. This means that D&O insurers may be affected by climate change disclosure claims in the year ahead.

ii Increased interest in technology

Artifical intelligence, insurtech, smart contracts, machine learning and other technology-based products are becoming increasingly popular, and are likely to result in new insurance products, more cost-effective claims handling and new types of claims in 2019.

As a consequence of the growth of and interest in technology, digital contracts will become more common. This could result in a new generation of insurance companies in Denmark as well as new digital strategies from established companies. For example, the biggest insurance company in Denmark, Tryg, has announced that by the end of 2020 it will be using innovative products and solutions to streamline business processes, which will contribute to the achievement of its overall financial target of 3.3 billion kroner.46

iii Insurance Mediation Act

With regard to regulatory developments, it will be particularly interesting in 2019 to see how the rules of the Insurance Mediation Act are administered and sanctioned. This includes to what extent the FSA makes use of the fact that it now has access to obtain information from businesses that are subject to the Act, and also from persons and businesses not subject to the Act, to assess whether they should be subject to the rules.

There are also likely to be examples of the penalties for breach of the Act (which were adjusted in line with other financial legislation (see Section II.i)) being determined and administered in 2019.


Footnotes

1 Henrik Nedergaard Thomsen is a partner and Sigrid Majlund Kjærulff is a senior manager at Kammeradvokaten / Poul Schmith.

12 Consolidated Act No. 793 of 20 August 2009.

14 Act No. 41 on Insurance Distribution of 22 January 2018.

15 Section 11(1) of the Financial Business Act (Consolidating Act No. 1140 of September 2017).

16 Sections 30 and 31 of the Financial Business Act (consolidating Act No. 1140 of September 2017).

17 Consolidating Act No. 1237 of 9 November 2015.

18 Sections 22 of the Financial Business Act.

19 Consolidated Act No. 193 of 2 March 2016.

20 Ivan Sørensen, Forsikringsret, sixth edition, p. 57, with additional references.

21 Sections 4 to 10 of the ICA (Consolidating Act No. 1237 of 9 November 2015).

22 Sections 21 and 22 of the ICA.

23 Section 95 of the ICA.

24 Part 2 of the Act. Corresponding limitations can be found in other acts.

25 Consolidating Act No. 1284 of 14 November 2018.

26 Consolidating Act No. 553 of 24 June 2005.

27 Act No. 518 of 28 May 2013.

31 Section 371 of the Administration of Justice Act.

33 Section 226 of the Administration of Justice Act.

34 Section 14-17 of the Administration of Justice Act.

35 Part 33 of the Administration of Justice Act.

37 Sections 298 and 299 of the Administration of Justice Act.

38 Section 174(2) of the Administration of Justice Act.

39 Act No. 1252 of 27 November 2014.

42 Part 27 of the Administration of Justice Act (Consolidating Act no 1284 of 14 November 2018).

45 Analyses of the market development in 2017, made public on 2 and 30 October 2018 for insurance companies and life insurance companies, and multi-employer pension funds.