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Insurance brokerage
Insurance brokerage is a service that strives to make contact between policyholders and insurance companies in order for policyholders to negotiate with insurance companies on the conclusion of an insurance contract. In addition to the aforementioned, insurance brokerage also includes activities related to the preparation for the conclusion of an insurance contract, and assistance with the exercise of the rights arising from the contract, especially with the solving of claims addressed to an insurance company. Insurance brokerage may be provided by Insurance agencies with a status of a company or a sole trader pursuant to the Companies Act that have acquired a licence to pursue the activity of insurance brokerage. Insurance brokerage may also be carried out by banks that have acquired a licence from the Bank of Slovenia. The Bank of Slovenia issues a licence on the basis of a preliminary opinion of the Insurance Supervision Agency. When performing insurance brokerage, insurance brokers must protect the interests of policyholders. Insurance brokerage companies may only provide insurance brokerage, and
1. services of credit intermediation and brokerage services of investment coupons of mutual funds and other similar financial products if they meet the conditions to provided these services stipulated by law and other regulations which regulate the provision of these services;
2. brokerage services in sale and sale in contingencies of damaged items which belong to the insurance company when solving loss events;
3. implementation of measures to prevent and eliminate threats which pose a risk to insured property and persons;
4. assessment of the exposure level of insurance facility and assessment of damage;
5. provision of other intellectual and technical services related to insurance business;
6. brokerage in concluding insurance business for insurance companies from the same insurance group.
Applies for SKD:
- Activities of insurance agents and brokers K66.220
Conditions
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Prior to commencing the activity of insurance brokerage, insurance brokerage companies must register. The registration must show that the legal entity has been registered to pursue the activity of insurance brokerage.
Insurance brokerage may be pursued by insurance brokerage companies registered as companies or sole traders.
Legal basis
Administrator of Legislation
Ministry of Finance
Župančičeva 3
1000 Ljubljana -
Prior to entering the establishment or a change in activity in the court register, an insurance brokerage company must acquire a licence to pursue the activity of insurance brokerage from the Insurance Supervision Agency.
The following must be attached to a request for the issue of a licence:
1. the statute in the form of a certified copy of a notarial record;
2. a list of shareholders with their names and surnames, and address, and company and head office, the total nominal amount of shares and per cent of participation in the share capital;
3. for shareholders – legal entities that are owners of qualifying holdings
- an extract from the court register or another suitable public register;
- if a shareholder is a public limited liability company, also an extract of shareholders from the shareholders' register or if bearer shares were issued, a certified copy of a notarial record of persons present at the last General Meeting; shareholders that are foreign legal entities must submit documents in a certified translation,
- financial statements for the last two financial years;
4. a list of persons who are related to the holders of qualifying holdings, including a description of the relation;
5. a copy of the contract of professional liability insurance;
6. a certificate of payment of the fee.
If an insurance brokerage company had its licence to purse the activity of insurance brokerage withdrawn, the Insurance Supervision Agency must not issue a licence to pursue the activity for five years after the decision on the withdrawal of the licence became final.
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An insurance broker provides brokerage services in the conclusion of insurance contract for one or more insurance companies.
They strive to make contact between policyholders and insurance companies in order for policyholders to negotiate with insurance companies on the conclusion of an insurance contract.
In addition to the aforementioned, insurance brokerage also includes activities related to the preparation for the conclusion of an insurance contract, and assistance with the exercise of the rights arising from the contract, especially with the solving of claims addressed to an insurance company.
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Insurance brokerage companies and insurance brokers must have professional liability insurance for an insurance sum that must not be lower than EUR 1,250,618 per one claim for damages or EUR 1,875,927 for all claims for damages in one year.
Evidence
Copy of the insurance policy on professional liability insurance concluded
Legal basis
- Insurance Act (ZZavar-1)
- Decision on the publication of amended amounts for brokers and insurance brokerage companies liability insurance
Administrator of Legislation
Ministry of Finance
Župančičeva 3
1000 Ljubljana