At the end of each quarter and no later than on the 15th of the month following the end of each quarter, the insurance company is to notify the Danish Storm Council of the size of the due fee, divided among each insurance category. The notification is to be signed by the company's management.
The amount due for one quarter includes fees that fall due for payment in that particular quarter. Fees that can be written off as uncollectible are deducted from the fee of the quarter during which the write-off of the earned premiums takes place. If the premium for an insurance is divided into multiple payments (eg monthly), the fee must be paid in full at first payment.
An insurer's due quarterly fees are to be paid to the Storm Council before the end of the month following the end of each quarter. If the fee is not paid on a timely basis, monthly interest of 1.3% will accrue for each commenced month from the last timely pay date; however, the amount of interest can be no less than DKK 20.
The due fee of the Danish storm damage tax is DKK 60,00 as of the 3rd quarter of 2014. The amount covers DKK 10,00 regarding windfall, and DKK 50,00 regarding flooding and storm-surge. Of these DKK 20,00 is a temporary raise that will be removed when the storm-surge and flooding scheme has reached an deposit of DKK 500 mio.
Due amounts are to be paid to:
Danske Bank, Holmens Kanal 2-12, København K
IBAN NR.: DK0330003100220717
ACCOUNT NR.: 3100 3100220717
The notifications are to be sent to:
Carl Jacobsens Vej 35