Danish Watchdog Orders Insurer To Add $5.8M To Buffer
Law360, London (July 12, 2019, 12:58 PM BST) -- Denmark's financial regulator has ordered Gefion to shore up its capital reserves by 39.2 million Danish krone ($5.9 million) and stop taking on new business after it found the insurer had “deviated so significantly” from Europe’s solvency rules.
The Danish Financial Supervisory Authority said that Copenhagen-based Gefion Insurance A/S has miscalculated its so-called solvency ratio, wrongly calculating it to be 105% at the end of May when it should have been 86%. Insurers arrive at the ratio by comparing their income to total risk exposure, in line with the European Union’s capital rulebook. A lower ratio means an insurer is more likely to default...
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