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Insurance Pooling Agreement

Insurance Pooling Agreement Template for Denmark

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Insurance Pooling Agreement

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An Insurance Pooling Agreement is a crucial document used when multiple insurance companies wish to share risks and combine their capacity to provide coverage for specific types of insurance risks under Danish jurisdiction. This agreement becomes necessary when individual insurers cannot or do not wish to bear certain risks alone, particularly for large or complex insurance exposures. The document establishes the legal and operational framework for the pool, incorporating requirements from Danish insurance legislation, including the Insurance Contracts Act and Financial Business Act. It details the rights and obligations of pool members, governance structure, risk-sharing mechanisms, premium and claims handling procedures, and compliance requirements. The agreement is particularly relevant for specialized insurance sectors such as marine, aviation, or catastrophe risks, where risk-sharing through pooling arrangements is common practice.
Suggested Sections

1. Parties: Identification of all participating insurers in the pool

2. Background: Context of the pool formation, objectives, and general purpose

3. Definitions: Detailed definitions of technical terms, roles, and key concepts used in the agreement

4. Pool Structure and Governance: Legal structure of the pool and its governance framework, including voting rights and decision-making processes

5. Risk Sharing Mechanism: Methodology for allocation of risks, limits, and exposures among pool members

6. Premium and Claims Handling: Procedures for premium collection, claims processing, and distribution of proceeds

7. Financial Arrangements: Financial obligations, capital requirements, and settlement procedures

8. Reporting Requirements: Obligations for financial and operational reporting among pool members

9. Compliance and Regulatory Matters: Regulatory compliance requirements and procedures

10. Entry and Exit Provisions: Terms for admitting new members and procedures for member withdrawal

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

12. Dispute Resolution: Procedures for resolving disputes between pool members

13. Confidentiality: Protection of confidential information and trade secrets

14. General Provisions: Standard legal provisions including notices, amendments, and governing law

Optional Sections

1. Reinsurance Arrangements: Used when the pool collectively purchases reinsurance coverage

2. Investment Policy: Include when the pool maintains collective investment of premiums or reserves

3. Catastrophe Event Procedures: Required for pools covering catastrophic risks

4. Run-off Procedures: Detailed procedures for handling historical claims after member exit or pool termination

5. Data Protection: Detailed GDPR compliance procedures when handling significant personal data

6. Pool Manager Provisions: Include when a third-party manager is appointed to administer the pool

7. Broker Arrangements: Used when specific broker relationships are established for the pool

8. Cross-Border Provisions: Required when pool members are from multiple jurisdictions

Suggested Schedules

1. Schedule 1 - Pool Members and Participation Shares: List of all pool members and their respective participation percentages

2. Schedule 2 - Risk Acceptance Criteria: Detailed underwriting guidelines and risk acceptance criteria

3. Schedule 3 - Claims Handling Procedures: Detailed procedures for claims processing and settlement

4. Schedule 4 - Financial Reporting Templates: Standardized formats for financial reporting

5. Schedule 5 - Governance Procedures: Detailed procedures for meetings, voting, and decision-making

6. Schedule 6 - Premium Calculation Methodology: Detailed methodology for calculating and allocating premiums

7. Schedule 7 - Service Providers: List of approved service providers and their roles

8. Appendix A - Pool Manager Agreement: Agreement with the pool manager if applicable

9. Appendix B - Technical Systems and Procedures: Documentation of technical systems and operational procedures

10. Appendix C - Compliance Protocols: Detailed compliance procedures and checklists

Authors

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Relevant legal definitions
Agreement
Applicable Law
Board
Business Day
Claims
Claims Handler
Confidential Information
Covered Risks
Effective Date
Excluded Risks
Financial Year
Following Insurers
Governance Committee
Insurance Pool
Lead Insurer
Member
Membership Interest
Net Premium
Participation Percentage
Pool Administration Agreement
Pool Administrator
Pool Assets
Pool Liabilities
Pool Manager
Pool Policies
Premium
Regulatory Authority
Reinsurance
Reserve Fund
Risk Acceptance Criteria
Risk Period
Service Providers
Settlement Period
Technical Provisions
Technical Reserves
Termination Date
Underwriting Committee
Underwriting Guidelines
Underwriting Year
Working Capital
Relevant Industries
Relevant Teams
Relevant Roles
Industries
Danish Insurance Contracts Act (Forsikringsaftaleloven): Primary legislation governing insurance contracts in Denmark, establishing fundamental rules for insurance agreements, rights and obligations of parties
Danish Financial Business Act (Lov om finansiel virksomhed): Regulates financial institutions including insurance companies, setting requirements for operation, solvency, and risk management
Danish Competition Act (Konkurrenceloven): Relevant for ensuring the insurance pool arrangement doesn't violate competition laws or create unfair market conditions
General Data Protection Regulation (GDPR): EU regulation applicable in Denmark governing the processing of personal data, crucial for handling insured parties' information
Danish Contracts Act (Aftaleloven): Provides general framework for contract formation and validity in Danish law
Danish Companies Act (Selskabsloven): Relevant for corporate governance aspects and when pool participants are Danish companies
Danish Money Laundering Act (Hvidvaskloven): Applicable for compliance with anti-money laundering requirements in financial transactions
Danish Insurance Mediation Act (Lov om forsikringsformidling): Relevant if the pool involves insurance intermediaries or brokers
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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