The CEO of the Danish pension industry group is backing proposals to relax financial regulations as part of a government-wide overhaul.
“Since the financial crisis, we have seen a massive amount of regulation in the insurance and pension industry,” said Per Bremer Rasmussen, CEO of Insurance & Pension Denmark, who added that said regulations have been an “extensive and costly” process which has allowed his group to make some suggestions on how to simplify them..
Rasmussen’s team is recommending the implementation of 56 “concrete” initiatives. Key areas the proposals center on are direct European regulation and the Danish implementation of European regulation. Other concerns are proposals regarding national special rules and the supervision of the Danish Financial Supervisory Authority, the financial regulatory power of Denmark’s financial markets.
Under these proposals, the group determined that businesses could save up to DKK300 million ($48.6 million) per year, even though there are still some proposals with unmeasured savings.
The committee said it has also looked at more digital approaches toward regulation and how society and financial companies can benefit.
“I am particularly pleased that it is possible to use digital solutions in greater detail and focus more on providing insurance products that meet consumer expectations for digital insurance products,” Rasmussen said in a statement.
Insurance & Pension Denmark’s findings will be included in an upcoming revision and modernization of the country’s Financial Business Act, the group said.