Licence to carry out insurance transactions

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.