Executive Order no. 922 of 28 September 2009

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1 Executive Order on Registration of Assets in Direct-Business Insurance Companies, Multi-employer occupational pension funds, Company Pension Funds and Branches in Denmark of Foreign Direct-Business Insurance Companies Executive Order no. 922 of 28 September 2009 The following provisions are laid down pursuant to section 3, section 169, no. 4, section 199(6) and section 373(4) and (5) of the Financial Business Act, cf. Consolidating Act no. 793 of 20 August 2009, and section 51(1), no. 3, section 52(1) and section 71(4) and (5) of the Supervision of Company Pension Funds Act ( lov om tilsyn med firmapensionskasser ), cf. Consolidating Act no of 19 December 2007: Scope 1.-(1) Life assurance companies and multi-employer occupational pension funds shall keep a register of assets at a value, which shall, at all times, as a minimum, correspond to the value of the total insurance provisions calculated by the responsible actuaries of the companies and multi-employer occupational pension funds. Similarly, company pension funds shall register assets at a value, which shall, at all times, as a minimum, correspond to the total pension provisions calculated by the responsible actuaries of the company pension funds. (2) Foreign insurance companies with a registered office outside the European Union or outside countries with which the Community has entered into an agreement, and which carry out direct life assurance activities in Denmark through a branch, shall register assets at a value, which shall, at all times, as a minimum, correspond to the insurance provisions related to the branches, calculated by the responsible actuaries of the branches of the companies. (3) Non-life insurance companies shall keep a register of assets at a value, which shall, at all times, as a minimum, correspond to the value of the total insurance provisions calculated by the companies, as well as assets at a value which correspond to the premiums received, where the insurance period is not commenced until at a later date. (4) Foreign insurance companies with a registered office outside the European Union or outside countries with which the Community has entered into an agreement, and which carry out direct non-life assurance activities in Denmark through a branch, shall register assets at a value, which shall, at all times, as a minimum, correspond to the insurance provisions as calculated relating to the branches, as well as assets at a value, which shall correspond to the premiums received by the branch, where the insurance period is not commenced until at a later date. (5) This Executive Order shall not apply to reinsurance activities in the companies etc. mentioned in subsections (1)-(4). Contents and organisation of the register 2.-(1) The register shall, at all times, exhibit all assets covered by the registration. For insurance companies, multi-employer occupational pension funds and branches, the registered assets shall comply with the provisions in sections , section 162(1), sections 163 and 164 of the Financial Business Act. For company pension funds, registered assets shall comply

2 with the provisions in sections 46a-c, section 46d(1) and sections 46e and 46f of the Supervision of Company Pension Funds Act ( lov om tilsyn med firmapensionskasser ). (2) If section 162(2), (3) or (4) of the Financial Business Act or section 46d(2) of the Supervision of Company Pensions Act is applied, equity investments in, as well as any loans to, the relevant subsidiary undertaking, cf. section 167(4) of the Financial Business Act and section 49(3) of the Supervision of Company Pensions Act, shall be registered. (3) In the cases mentioned in subsection (2), the assets of the subsidiary undertaking shall, within the limits stated in section 162(2), (3) or (4) of the Financial Business Act or in section 46d(2) of the Supervision of Company Pensions Act together with the assets otherwise included in the register of the parent company, comply with the provisions referred to in subsection (1). (4) The register may cover assets which, as a category or single asset, exceed the limits in sections 163 and 164 of the Financial Business Act. When all single assets and asset categories are included at the limited values, the minimum requirement for the total value of the registered assets shall, however, still be met. The same shall apply to assets exceeding the limits laid down in sections 46e-f of the Supervision of Company Pensions Act. 3.-(1) All assets mentioned in section 2(1) shall be clearly individualised and stated in the register at the most recently calculated accounting value in accordance with the regulations for presentation of financial statements by insurance companies, pension funds or branches. (2) For deposits in banks, the name and account number of the bank shall also be stated. (3) For each investment security registered at a central securities depository, the accountholding institution and the depository account number shall also be stated. (4) For assets deposited in a bank, the name of the bank and the depository account number, under which the asset is deposited in the bank, shall also be stated. (5) For securities deposited in an omnibus account or safekeep, the securities owned by the individual insurance company, pension fund or branch, shall be stated. (6) For deposits in joint accounts, the percentage owned by the individual insurance company, pension fund or branch shall be stated. (7) For other assets, the place of depository shall also be stated. (8) If real property is included in the assets, a registered mortgage deed shall be registered, cf. section 167(3) of the Financial Business Act and section 49(2) of the Supervision of Company Pensions Act. If interests in property partnerships are included among the assets, the percentage of the partnership interest shall be registered. 4.-(1) The register, as well as extracts from the register, shall explicitly state that the register is kept according to section 167(1) of the Financial Business Act or section 49(1) of the Supervision of Company Pensions Act. (2) The register shall be structured such that, at all times during a 24-hour period, an overview of all registered assets can be extracted, including the information mentioned in section 3. (3) If the register consists of several sub-systems, the register shall include an elaborate description of the relationship between the sub-systems, as well as how the register is produced on a given calculation date.

3 Guidelines and procedures 5.-(1) The board of directors of the insurance company or the pension fund shall establish guidelines for the structure of the register and its management. Guidelines for branches shall be established by the general agent. The board of directors shall make a reasoned estimate of the share of assets and the types of assets, which are to cover insurance or pension provisions, and further to this, the extent of coverage surplus. The board of directors of nonlife insurance companies shall also take into account fluctuations in the insurance provisions. For branches the reasoned estimate shall be made by the general agent. (2) The guidelines shall, among other things, specify how: 1) fluctuations in the value of the registered assets are taken into account to ensure that the value of the registered assets, at all times, as a minimum, corresponds to insurance or pension provisions, 2) fluctuations in premium provisions as well as claims provisions are taken into account to ensure that a decision is made on any changes in average or frequent claims, as well as possible major claims, 3) interest due and proceeds of selling or drawing are processed, including whether interest and proceeds are covered by the register, 4) the register is divided into sub-systems, if relevant. (3) The guidelines shall also specify who is responsible for keeping the register, as well as the person responsible for controlling the register. 6.-(1) The board of management of the insurance company or the pension fund shall establish a procedure for regular supervision and updating of the register. For branches the procedure shall be established by the general agent. (2) The procedures shall ensure that the register continuously contains registered assets at a value, which, as a minimum, corresponds to the insurance or pension provisions, and that the guidelines issued pursuant to section 5 are followed. (3) The procedures shall, among other things, specify how: 1) the registered assets are clearly individualised, cf. section 3(2)-(6), 2) the place of depository of registered mortgage deeds as well as other assets is stated, cf. section 3(7) and (8), 3) the value of assets listed in the register is calculated, and 4) the register is produced on a given calculation date. Depositing 7.-(1) Pursuant to section 167(6) of the Financial Business Act and section 49(5) of the Supervision of Company Pensions Act, the Danish FSA may require that the register be deposited. (2) On depositing the register as mentioned in subsection (1), the Danish FSA shall be registered as entitled to investment securities in a central securities depository. Other assets which serve to cover the provisions shall be pledged as collateral in favour of the Danish FSA. Reporting

4 8.-(1) No later than one month after each quarter, the insurance company, the pension fund or the branch shall submit a statement of the total insurance provisions at the end of the quarter and a statement of the registered assets which are to cover said provisions. (2) Reporting shall be done by using the forms prepared for this purpose by the Danish FSA. (3) In life assurance companies, multi-employer occupational pension funds, company pension funds and the branches mentioned in section 1(2) the statement of provisions shall be signed by the responsible actuary. In other insurance companies and in the branches mentioned in section 1(4) the statement of provisions and premiums received, where the insurance period is not commenced until at a later date, shall be signed by a director or the general agent. The statement of registered assets shall be signed by a director, the manager or the general agent of the insurance company, pension fund or the branch, as well as the elected auditors who provide an opinion on the accounting value and the values calculated under section 2(4), respectively, and on whether the assets registered comply with the provisions of sections , section 162(1), sections 163 and 164 as well as section 166 of the Financial Business Act, alternatively the provisions in sections 46a-c, 46d(1) and sections 46e and 46f of the Supervision of Company Pensions Act. A director or manager shall be the board of management reported to the Danish Business Authority. Audit 9.-(1) The elected auditors shall ensure the availability of the guidelines mentioned in section 5, the procedure mentioned in section 6, and that guidelines and procedure comply with the requirements of sections 2-6, as well as that the board of directors has made a reasoned estimate pursuant to section 5. (2) In addition to providing the opinion mentioned in section 8(3), the elected auditors shall, at least twice a year, make unannounced audits and in this connection ensure the existence of the registered assets and that they have a value calculated in accordance with section 2(4) which, as a minimum, corresponds to the insurance or pension provisions. If such an unannounced audit gives rise to specific observations, the elected auditors shall immediately notify the Danish FSA hereof. The elected auditors shall, in the audit protocol relating to the annual financial statements, account for the audit carried out. Penalties 10.-(1) Violation of section 1(1)-(4), sections 3-6, section 8(1) and section 9 shall be liable to a fine. (2) Companies etc. (legal persons) may incur criminal liability according to the regulations in chapter 5 of the Criminal Code.

5 Entry into force 11.-(1) This Executive Order shall enter into force on 1 October (2) At the same time Executive Order no. 835 of 21 July 2006 on registration of assets in insurance companies, etc. shall be repealed. 12. This Executive Order shall not extend to the Faeroe Islands and Greenland. The Danish Financial Supervisory Authority, 28 September 2009 Ulrik Nødgaard / Per Plougmand Bærtelsen

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