Insurance and Pension Denmark (I&P Denmark) has welcomed a new law that has been submitted for consultation specifically aimed at insurance and pension companies.

The industry association has hailed the law as long-awaited good news. I&P Denmark CEO, Kent Damsgaard, said the sector has long wanted its own law, separate from other financial institutions and that is now a little closer.

“Today, our companies are regulated according to legislation which, among other things, also embraces financial institutions, and the new law must do away with that. Banks are fundamentally different from insurance and pensions. It will be good to separate the areas and make it clearer what is what,” he said.

The Ministry of Business and Industry has sent a draft of the Insurance Business Act for consultation.

“We look forward to the new law, which is targeted at the insurance and pension industry, and which is clearer and simpler than the Financial Business Act. We are convinced that the law will benefit insurance and pension customers, companies and the Danish Financial Supervisory Authority, which oversees our industry.

“At the same time, it is a clear recognition that the underlying European Union regulation for the insurance and pension industry is different from the regulation of the banks,” Damsgaard added.

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