Informative Notice
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Life insurance activity
Insurance activity includes concluding and implementing contracts on non-life and life insurance or reinsurance, with the exception of mandatory social insurance.
In relation to the main hazards covered by insurance, insurance is classified into insurance types. Insurance which combines insurance of several types are classified into insurance sub-groups and insurance groups.
Life insurance is insurance which comprises especially insurance for the case of survival, insurance for the case of death, endowment life insurance, life annuity, return of premium life insurance.
Insurance activity may be pursued by insurance companies with suitable status that have acquired a licence to carry out insurance translations and for members of the Management Board, and have appointed a certified actuary.
The activities of insurance brokerage and insurance agency are related to insurance activity.
Applies for SKD:
- Life insurance K65.110
Conditions
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Insurance companies may carry out only insurance transactions.
Insurance transactions may be carried out:
1. an insurance company with its head office in the Republic of Slovenia that has acquired a licence from the Insurance Supervision Agency;
2. a branch office of an insurance company that has acquired a licence to carry out these transactions from the Insurance Supervision Agency;
3. an insurance company in an EU Member State that, pursuant to thus act, has established a branch office in the Republic of Slovenia or is, pursuant to thus act, authorised to directly carry out insurance transactions in the Republic of Slovenia.
The entities referred to in the previous paragraph may carry out insurance transactions only for insurance types for which they have acquired a licence from the competent authority.
An insurance company may be organised only as public limited liability company, a European public limited liability company (SE) or a mutual insurance company.
The entity that intends to directly or indirectly acquire shares of an insurance company on the basis of which it would achieve or exceed the qualifying holding must acquire a licence for the acquisition of a qualifying holding from the Insurance Supervision Agency prior to acquiring such a holding.
Upon the establishment, an insurance company must provide the lowest amount of the share capital which equals the guarantee fund pursuant to the Insurance Act (ZZavar).
Throughout its operations, an insurance company must ensure capital adequacy by providing the minimum capital pursuant to the Insurance Act.
Evidence
Prior to entering the establishment in the court register, an insurance company must acquire a licence to carry out insurance transactions from the Insurance Supervision Agency.
The entity that intends to directly or indirectly acquire shares of an insurance company on the basis of which it would achieve or exceed the qualifying holding must acquire a licence for the acquisition of a qualifying holding from the Insurance Supervision Agency prior to acquiring such a holding.
Upon the establishment, an insurance company must provide the lowest amount of the share capital which equals the guarantee fund pursuant to the Insurance Act (ZZavar).
Legal basis
- Insurance Act (ZZavar-1)
- Decision about holders of qualifying holdings in insurance undertakings
- Decision on the detailed methodology for determining capital and on compliance with capital requirements and capital adequacy of insurance companies
Competent Authority
Insurance Supervision Agency
Trg republike 3
1000 Ljubljana -
Prior to entering the establishment in the court register, an insurance company must acquire a licence to carry out insurance transactions from the Insurance Supervision Agency.
By acquiring a licence to carry out insurance transactions, an insurance company may carry out insurance transactions for insurance types for which they have acquired a licence.
A request for the issue of a licence to carry out insurance transactions is filed with the Insurance Supervision Agency.
The following must be attached to a request for the issue of a licence to carry out insurance transactions:
1. business plan;
2. the statute of the insurance company in the form of a certified copy of a notarial record;
3. 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 in the insurance company;
4. 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;
5. a list of persons who are related to the holders of qualifying holdings, including a description of the relation;
6. contracts on the provision of outsourcing when the insurance company authorises other persons to carry out individual transaction;
7. a description of the method of distribution of income and expense in both insurance groups;
8. a certificate from a certified actuary that the insurance company will be able to ensure capital adequacy in respect of types of insurance and the volume of transactions it will carry out.
A fee for the application for the issue of a licence to carry out insurance transactions for an individual insurance type amounts to 100 points according to tariff 1 which amounts to EUR 417.00, but at least 200 points or EUR 834.00.
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The Management Board of an insurance public limited liability company must have at least two members who represent the company in legal transactions. None of the members of the Management Board of an insurance public limited liability company or a procurator must not be authorised to independently represent insurance public limited liability company for the all transactions included in the activity of insurance companies.
A member of the Management Board of an insurance public limited liability company may be a person who meets the prescribed conditions and has acquired a licence from the Insurance Supervision Agency to carry out the function of a member of the Management Board of an insurance public limited liability company.
To acquire the licence, a request for the issue of a licence to carry out the function of a member of the Management Board of an insurance public limited liability company must be filed with the Insurance Supervision Agency.
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An insurance company that has acquired a licence to carry out insurance transactions must appoint a certified actuary.
A person who is a member of the Management Board or a procurator at an insurance company, or who is directly or indirectly involved in the insurance company with over 0.1 per cent share of the voting rights or of the capital cannot be appointed a certified actuary.
An insurance company must notify the Insurance Supervision Agency of the appointment of a certified actuary.
If an insurance company does not appoint a certified actuary within three months or it appoints a person who does not meet the conditions for he appointment to carry out the tasks of a certified actuary, a certified actuary is appointed by the Insurance Supervision Agency.
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The entity that intends to directly or indirectly acquire shares of an insurance company on the basis of which it would achieve or exceed the qualifying holding must acquire a permit for the acquisition of a qualifying holding from the Insurance Supervision Agency prior to acquiring such a holding.
A qualifying holding is an direct or indirect holding of a business share, shares or other rights in a certain legal entity, based on which the owner acquires:
1. at least ten per cent of the voting rights or at least ten per cent % of the capital of this legal entity;
2. a share of voting rights or a share of the capital of this legal entity while is lower than ten per cent, but it enables them to exercise a significant influence over the management of this legal entity.
A request for the issue of a permit for the acquisition of a qualifying holding must include:
1. the share of the voting rights or of the capital of an insurance company the future holder of a qualifying holding intends to acquire;
2. other information referred to in the first paragraph of Article 327 of this Act, which must be included in each request.
A request for the issue of a permit for the acquisition of a qualifying holding must include evidence and information that the future holder of a qualifying holding corresponds to statutory criteria for the acquisition of a qualifying holding.