12 December 2013

Yesterday the Danish Parliament passed a bill to increase the rate of tax on pleasure craft insurance from the current annual rate of 1% to 1.34% of insured sums, with effect from 1 January 2013.

This amendment, to Section 4 of the Act on taxation of pleasure boat insurance, will come into effect on 1 January 2013.

Such a last minute announcement will undoubtedly present challenges to insurers and brokers in updating their underwriting systems before 1 January 2013.