Regulations for the Life Insurance Fund

Articles of the Life Insurance Fund of Samverk

§ 1 Name and Domicile
The name of the fund is the Life Insurance Fund of Samverk. The domicile of the fund is Tórshavn.

§ 2 Purpose
The purpose of the fund is to provide life insurance and other insurances for the members of Samverk.

§ 3 Members

Section 1. Members of Samverk who meet the following requirements are covered by the life insurance of Samverk:

1. Members who pay 1.75%, but no more than DKK 400, of their monthly salary in membership fees and transfer their pension to the account of Føroya Lívstrygging.
2. Members who are apprentices and pay DKK 60 in monthly membership fees and transfer their pension to the account of Føroya Lívstrygging.
3. Members who are on maternity leave and pay DKK 60 in monthly membership fees and transfer their pension to the account of Føroya Lívstrygging, for up to one year. After one year, §3, section 1, points d or e will apply.
4. Members who are part of the ALS scheme, where ALS pays the membership fee of 1.75% per month and transfers the pension to the account of Føroya Lívstrygging.
5. Members who are unemployed and not entitled to payments from ALS, or are in employment not eligible for benefits from Samverk's life insurance scheme, can pay DKK 250 per month in membership fees and remain eligible for the life insurance scheme, except for disability insurance.
6. Insurance becomes effective when the first pension payment is transferred to Føroya Lívstrygging and ceases when a member reaches retirement age.

§ 4 The Board
Section 1. The board and chairperson are the same as the board of Samverk.

Section 2. The board is quorate when at least the chairperson and two board members, or four board members, are present. Decisions are made by a simple majority. In the case of a tie, the chairperson’s vote is decisive, and if the chairperson is not present, the proposal falls in case of a tie.

§ 5 Annual General Meeting and Extraordinary General Meeting
The general and extraordinary general meetings follow the rules of Samverk and are held together with Samverk's general meeting.

§ 6 The Work of the Board
Section 1. The board has the overall management of the fund, in accordance with these laws and the laws of Samverk. The board decides how the fund's administration should be conducted.

Section 2. The board must ensure that the fund's bookkeeping and asset management are properly conducted and that there is adequate oversight of these activities.

Section 3. The chairperson must ensure that the board meets when necessary. The board must meet at least once a year.

Section 4. Minutes of board meetings for the life insurance fund must be kept.

Section 5. The board receives remuneration according to Samverk's regulations on attendance fees.

§ 7 Annual Accounts and Audit
Section 1. The financial year of the fund is the calendar year. The accounts, balance sheet, income statement, and report must be prepared in accordance with the provisions of applicable legislation.

Section 2. The annual accounts must be signed by the board, as well as by the auditors. The annual accounts are presented at Samverk's general meeting, which is also the highest authority of the life insurance fund.

Section 3. The accounts of the fund are audited by Samverk's auditor.

Section 4. The accounts are presented for approval at Samverk's general meeting, which is also the highest authority of the Life Insurance Fund of Samverk.

§ 8 Life Insurance Fund's Assets and Management of Assets

Section 1. The fund's income includes life insurance premiums from the employers of Samverk's members, interest, dividends, etc. from contributions.

Section 2. The fund’s assets may not be used for any purpose other than group insurance and other insurances for the members of Samverk.

Section 3. The assets must be managed with the aim of achieving the highest possible return, ensuring adequate security, and increasing the real value of the fund. Decisions regarding the management of the fund's assets must be based solely on objective, practical considerations.

Section 4. The purpose of increasing the fund's assets is to ensure that the benefits from the fund can be maintained and, if possible, increased each year.

§ 9 Benefits from the Life Insurance Fund

Section 1. Death Insurance: See brochure for amounts.

Section 2. Critical Illness: See brochure for amounts.

Section 3. Child Insurance: See brochure for amounts.

Section 4. Final Payment: See brochure for amounts.

Section 5. Disability Payment: See brochure for amounts.

Section 6. Compensation for hearing aids.

Section 7. These amounts are updated annually by the board.

Section 8. The amounts are paid out according to a cooperation agreement between Føroya Lívstrygging and Samverk.

§ 10 Amendments to the Articles

Section 1. Decisions to amend §§ 3 and 9 are made at regular board meetings. The decision is only valid if the chairperson and at least three board members are present at the meeting and at least four board members are in favour of the change.

Section 2. Decisions to amend all other articles are made at the association's general meeting and are only valid if 2/3 of the votes cast are in favour.

§ 11 Dissolution of the Life Insurance Fund

A decision to dissolve the life insurance fund, without liquidation, by transferring the fund's total assets and liabilities to another life insurance fund or insurance company for the benefit of employees in professions represented by Samverk, can be made at a general meeting if 9/10 of the votes cast are in favour of the proposal.

§ 12 Entry into Force

These articles were approved at the founding board meeting on 28 November 2006 and came into force on 1st of January 2007.

Last amended at the board meeting on 15 November 2007.
This regulation was confirmed at the general meeting on 16 February 2008.

Amounts last amended at the board meeting on 30 October 2008.
Amounts last amended at the board meeting in November 2009.
Amounts last amended at the board meeting in November 2010.
Amounts last amended at the board meeting in November 2011.
Amounts last amended at the board meeting in November 2012.
Amounts last amended at the board meeting in November 2013.
Amounts last amended at the board meeting in November 2023.

The Board:

Pætur Niclasen – Heildi Gullaksen – Palma Petersen – Eyðgerð Jónhardsdóttir – Sylvia Thomassen