Licence to carry out insurance transactions

Insurance companies must 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.