Our obligations

Efforts for correct payments

Velliv wants to be a credible and reliable business partner for our customers while they are saving and when they receive payments from us. This way, we can help provide financial security for the individual when working life ends because of age, illness or death.

Our payments must be correct

It is a common interest for our customers and us that we pay the correct amount since incorrect payments to some customers might affect the other customers in the form of e.g. higher prices of their insurance.

We obviously do everything we can in order for our customers to be satisfied with Velliv's service, terms and conditions. We exercise a high degree of care in our claims handling to ensure that the payments we make are correct.

If you still do not agree to our assessment of a case, it is important for us that we correct any mistakes and learn from them. For that reason, we have appointed a special claims manager and given high priority to claims handling in Velliv. Read more about how we work with claims .

In some cases, there may be doubt as to whether the basis of a payment is correct. This could be the case if, for instance, we receive information indicating that a customer might not be as ill as the customer has told us. Fortunately, this does not happen very often, but we obviously need to clarify the matter.

To clarify the matter, we review the case again. Sometimes, we will ask for further medical information or similar. In rare cases, we may have to collect information from publicly available online sources or make observations of the customer to get an impression of whether e.g. the customer's physical capacity corresponds to the information provided. Observations are only made to ensure a factually correct and objective consideration of the case – and of course always within the framework of legislation and the code of conduct of the pension and insurance industry. This might be the requirements of law for the use of photo and video equipment.

We always notify the customer of any investigations we have made.

Audit Committee

The Board of Directors of Velliv has established an Audit Committee in accordance with section 31 of the Danish Act on Registered and State-Authorised Public Accountants.

In Velliv, the Audit Committee consists of some members of the Board of Directors. The Audit Committee meets the requirements for qualifications within the fields of accounting or auditing.

The Audit Committee consists of Bent Tjørnemark (Chairman) and Peter Thomsen. The Board of Directors has appointed Bent Tjørnemark as the independent member with qualifications within the fields of accounting and auditing.

Bent Tjørnemark is a state-authorised public accountant and has been Chief Auditor of Privatbanken, Group Chief Auditor of Unibank and Vice President, Treasury & External Accounting, of Danisco. In Danisco, Bent Tjørnemark had responsibility for group financing, liquidity, cash management and risks in connection with interest rates, exchange rates, financial instruments and money market placements. Within the field of financial statements, Bent Tjørnemark has been engaged in international financial reporting standards (IFRS). Moreover, he has worked with pensions, valuation of options in connection with share-based remuneration, business acquisitions and disposals and value testing of complex negotiable assets.