Loss Portfolio Transfer Agreement

Loss Portfolio Transfer Agreement Template for Denmark

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Document background

The Loss Portfolio Transfer Agreement is a crucial document used in the Danish insurance market when an insurer wishes to transfer its existing insurance liabilities to another insurer, typically for portfolio optimization, capital management, or strategic restructuring purposes. This agreement type is particularly relevant in scenarios involving business exits, portfolio consolidation, or risk management strategies. The document must comply with Danish regulatory requirements, including obtaining approval from the Danish Financial Supervisory Authority (Finanstilsynet). It includes detailed provisions for the transfer premium calculation, claims handling procedures, regulatory compliance, and ongoing reporting requirements. The agreement's structure reflects both Danish legal requirements and international reinsurance market practices, making it suitable for both domestic and cross-border transactions involving Danish entities.

Suggested Sections

1. Parties: Identification of the transferring insurer (cedent) and the assuming reinsurer

2. Background: Context of the transaction, including description of the portfolio being transferred

3. Definitions: Definitions of key terms used throughout the agreement

4. Scope of Transfer: Detailed description of the insurance portfolio being transferred, including covered policies and time periods

5. Transfer Premium: Financial terms including initial premium, payment terms, and any adjustments

6. Claims Handling and Administration: Procedures for handling claims, including authority levels and reporting requirements

7. Representations and Warranties: Standard and specific warranties regarding the portfolio and parties' capacity

8. Regulatory Compliance: Obligations regarding regulatory approvals and ongoing compliance requirements

9. Security and Collateral: Requirements for financial security or collateral arrangements

10. Reporting Requirements: Periodic reporting obligations and information sharing requirements

11. Term and Termination: Duration of the agreement and circumstances allowing early termination

12. Dispute Resolution: Procedures for resolving disputes, including jurisdiction and governing law

13. Confidentiality: Provisions regarding confidential information and its protection

14. General Provisions: Standard boilerplate clauses including notices, amendments, and assignment

Optional Sections

1. Transition Services: Required when the cedent will provide ongoing administrative services during a transition period

2. Risk Sharing Arrangements: Used when parties agree to share certain risks or profits

3. Broker Involvement: Required when reinsurance brokers are involved in the transaction

4. Data Protection: Detailed section required when significant personal data is involved in the transfer

5. Adverse Development Cover: Optional protection against deterioration of the transferred portfolio

6. Currency Conversion: Required for international transfers involving multiple currencies

7. Tax Provisions: Detailed tax considerations when transfer has significant tax implications

Suggested Schedules

1. Schedule A - Transferred Policies: Detailed list of insurance policies included in the transfer

2. Schedule B - Excluded Policies: List of specifically excluded policies or risks

3. Schedule C - Transfer Premium Calculation: Detailed methodology for calculating the transfer premium

4. Schedule D - Claims Handling Procedures: Detailed procedures and guidelines for claims handling

5. Schedule E - Reporting Templates: Standard formats for required periodic reports

6. Schedule F - Security Arrangements: Details of any collateral or security arrangements

7. Appendix 1 - Actuarial Report: Independent actuarial assessment of the portfolio

8. Appendix 2 - Due Diligence Findings: Summary of key due diligence findings

9. Appendix 3 - Regulatory Approvals: Copies of required regulatory approvals and conditions

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Loss Portfolio Transfer Agreement Template for Denmark

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