Decree on Manner of Evidencing of Fulfilment of Conditions for Granting License for Performance of Insurance Activities and License for Performance of Re-insurance Activities

Decree of the Ministry of Finance of the Slovak Republic No. 155/2002 Coll., stipulating Manner of Evidencing of Fulfilment of Conditions for Granting License for Performance of Insurance Activities and License for Performance of Re-insurance Activities

This Decree executes the provisions of Sec. 5 (2) of the Act No. 95/2002 Coll. on Insurance by stipulating the manner of evidencing of fulfilment of conditions for granting a license for performance of insurance activities.

In this connection, the Decree states the manner of evidencing of fulfilment of the following conditions:

(a)

payment of the registered capital of an insurance company,

(b)

transparent and trustworthy origin of the registered capital and other financial sources of the insurance company,

(c)

convenience of persons with qualified participation in the insurance company and transparency of relationships of these persons with other persons, particularly transparency of shares in the registered capital and voting rights,

(d)

professional capacity and trustworthiness of persons nominated for members of the Board of Directors, procurists, head employees, responsible actuary and persons responsible for performance of internal audit,

(e)

fulfilment of condition of transparency of group with close relationships, to which the shareholder with a qualified participation in the insurance company belongs,

(f)

that the close relationships within the group under lett. (e) mentioned above does not interfere to the supervision performance,

(g)

that the legal system and the manner of its application in the territory of the state in which the group under lett. (e) mentioned above has the close relationships do not interfere to the supervision performance,

(h)

that the insurance company has its seat and performs its insurance activities in the territory of the Slovak Republic, as well as

(i)

technical and organisational preparedness for performance of insurance activities.

Furthermore, this Decree also stipulates the manner of evidencing of fulfilment of conditions for granting the license for performance of insurance activities by a foreign insurance company through its branch office.

In this Decree, also provisions related to the manner of evidencing of fulfilment of conditions for granting the license for performance of re-insurance activities are contained.

This Decree came into force on 1 April 2002.

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