Update - Qudos Insurance A/S

20 December 2018 Press Release

Update - 20 December 2018

Qudos Insurance - FAQ

Qudos Insurance A/S (Qudos) is an insurance firm authorised and prudentially regulated by the Danish Financial Services Authority (DFSA). Qudos was selling insurance in a number of European countries including Ireland on a freedom of services basis. Its financial position is not supervised by the Central Bank of Ireland and the Central Bank has no role in that regard.

The DFSA has notified the Central Bank today that, following a petition from the DFSA, the Maritime and Commercial High Court in Denmark has declared Qudos bankrupt.

Existing policies continue to remain in force but they will automatically cancel 3 months from the date of the bankruptcy. The Central Bank is strongly recommending that the small number of remaining Irish policyholders arrange alternative cover with immediate effect.

Policyholders must now report any claims to the Danish Guarantee Fund for non-life insurance undertakings provided that the claims are covered by the Guarantee Fund. Otherwise, policyholders must report any claims to the bankruptcy estate of Qudos Insurance A/S.

The Central Bank is working closely with the DFSA to ensure all Irish policyholders are identified and communicated with directly.

In Ireland, Qudos primarily provides commercial and private motor insurance, and household insurance distributed through a Managing General Agent and insurance brokers. Policyholders in Ireland, who bought insurance through the broker network, may be affected. Any policyholder who has concerns about their policy should contact their broker in the first instance.

Further information is available at http://www.qudosinsurance.dk/.


Information on the Danish Guarantee Fund is available on their website.

The liquidator for Qudos is Boris K. Frederiksen and he can be contacted at [email protected].

The European Insurance and Occupational Pensions Authority’s (EIOPA) Cross-border Platform of Collaboration has been set up based on the Decision on the Collaboration of the Insurance Supervisory Authorities of 30 January 2017. The Central Bank continues to work with other European Regulators and EIOPA on this matter and the Central Bank will publish further updates on its website as they become available.

Insurers from EU/EEA state can conduct insurance business in another EU/EEA state either on a freedom of establishment / branch basis, or on a freedom of services (FOS) basis. Insurers accessing the Irish market on an FOS basis typically use Irish-authorised insurance intermediaries known as Managing General Agents (MGAs). The MGA administers the FOS Insurer’s business, which can range from a full service model (e.g. product development, pricing, underwriting, and claim handling) to a wholesale distribution only model operating within set criteria.

Update - 4 December 2018

Qudos Insurance A/S has published a Q&A to the effect that it is currently not paying insurance claims. The Central Bank strongly recommends, based on the uncertainty around the payment of claims, that affected customers (i.e. customers with policies in place with Qudos) contact their insurance broker to arrange alternative insurance cover.

The co-liquidators have been confirmed as:

  • Anders M. Hansen
  • Boris Frederiksen

For inquiries about the liquidation: [email protected]

Summary of the DFSAs statement containing the conclusions of the inspection conducted in Qudos | pdf 264kb

Statement - 28 November 2018

Qudos Insurance A/S (Qudos) operates in Ireland on a freedom of services basis. Qudos is authorised by the Danish Financial Supervisory Authority (DFSA).

The DFSA has announced that Qudos has entered into liquidation.

If any policyholder has any questions about their policy they should contact Qudos or the broker from whom they bought their policy.

Further information is available at https://www.finanstilsynet.dk/.