/ Insurance. Regional Highlights * Bosnia and Herzegovina. karanovic/nikolic. /March 2015/

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "/ Insurance. Regional Highlights * Bosnia and Herzegovina. karanovic/nikolic. /March 2015/"

Transcription

1 / Insurance Regional Highlights * /March 2015/ The insurance sector in South Eastern Europe has undergone considerable change in recent years, marked by Croatia s accession to the EU, amendments to legislation including harmonization efforts in Bosnia & Herzegovina, Macedonia, Montenegro, Serbia and Slovenia, and major acquisitions on the market. While harmonization efforts in some jurisdictions have been slow, overall there has been a gradual liberalization of the insurance sector, easing restrictions for new markets entrants and ultimately providing more choice to individual and corporate consumers seeking insurance. Bosnia and Herzegovina Republic of Srpska adopts new regulations The Insurance Agency of the Republic of Srpska (the Agency ) adopted an instruction addressing the balance of assets and liabilities associated with warranties of insurance companies which came into force in January, The Agency also adopted the new Articles of Association and simultaneously the Decision on amendments of the Decision on Method of Determinating and Calculating of Contributions for the Protection Fund of the Republic of Srpska, Terms of Payment and Manner of Maintaining Contributions. The Articles of Association have been harmonized with regulations on voluntary pension insurance and more clearly defines the supervisory and regulatory functions of the Agency, as well as the competencies of the Board of Directors. The definition of business secret has also been expanded to provide more detail. Recently, the Agency adopted a Decision on Payment of Fees for Supervision of Operations for 2015 and the new Rulebook on Procedures of Insurance Companies in connection with Complaints ( Rulebook ) which will be applied as of 1 April The decision requires insurance companies to harmonize their operations with the Rulebook and to adopt internal acts which will regulate procedures for making decisions on complaints. Insurance companies must submit their internal rulebook to the Agency within 90 days of the date when the Rulebook enters into force. The new Rulebook will also address the method of determining and monitoring the liquidity of insurance and reinsurance companies. Information from the market suggest that the relevant parliamentary working group in the Republic of Srpska has completed a draft of the new Law on Liability Insurance for Motor Vehicles and that the draft will soon enter the legislative procedure.

2 Potential changes in the Federation of Bosnia and Herzegovina ( FBiH ) A new insurance law in FBiH (the Draft Law ) is being considered by Parliament which, if passed, should bring FBiH s insurance legislation in line with European Union directives and standards. The Draft Law is more extensive than the existing Law on Insurance Companies in the Private Insurance Sector and regulates, among other things, procedures on the establishment, operation, inspection and termination of insurance companies. The Draft Law provides for minimum standards of solvency and risk management regulations. In addition, it liberalises insurance business operations for the purpose of enhancing market competitiveness. One of the novelties introduced by the Draft Law is the rules on inspections and audits of group insurance companies. Unfortunately, the Draft Law has been under consideration by the legislature for almost two years. It is not currently possible to anticipate when the Draft Law will be adopted, taking into account the political restructuring process being undertaken in Bosnia and Herzegovina following the October 2014 elections. PAGE 2 OF 6 Croatia Insurers in Croatia have experienced a significant fall of premium profits in recent years. In the three-year period prior to EU accession ( ), around EUR 70 million in premium value was lost, mostly in the car insurance sector. At the same time, the number of companies providing insurance services increased, boosting competition in a shrinking market. Currently, there are 26 insurers operating in Croatia, the top five of which maintain 65% of the insurance market share. Amendments to legislation in light of EU Accession On 1 July 2013 Croatia became a full EU Member State and entered an insurance market of approximately 500 million people. Earlier in 2013, in order to prepare for accession, the Croatian parliament passed amendments to the Insurance Act and the Act on Compulsory Insurance within the Transport Sector in order to implement relevant EU directives. Under the amended Insurance Act, insurance companies from the EU can freely operate in Croatia either by establishing a local branch or providing services and covering risks directly in Croatia (e.g. regarding real estate or vehicles registered in the country). In cases of life insurance, the new Croatian Insurance Act applies if the insured party is a Croatian resident. Furthermore, inspired by a decision brought by the ECJ, gender can no longer affect the price of insurance premiums. Prior to the ECJ decision, prices of certain insurance policies (e.g. life insurance, vehicle insurance) were calculated in part, on the basis of the gender of the insured. The amended Insurance Act allows for insurance companies to take the form of a joint stock company, a European Joint Stock Company or a mutual insurance company. Companies providing general or life insurance are now required to have a share capital of HRK 28,860,000 (around EUR 3.5 million), which cannot originate from loans and must be free of any burden. The mandatory insurance assets of general and life insurance companies were increased to HRK 28,860,000 (around EUR 3.5 million).

3 The Croatian Financial Services Supervisory Agency (HANFA) no longer controls car insurance premiums, which has resulted in a reduction of prices. In the period of only one year after Croatia s EU accession, the average price of car insurance has gone down by around 20%. This rapid reduction in prices (compared to a reduction to 20% over a six year period in Austria) has caused considerable losses (nearly half a billion HRK or EUR 70 million) in the Croatian car insurance market. The amended Insurance Law extends the deadline for insurance companies to offer damages to 60 days. The minimum death and injury liability limit was raised from HRK 6.5 to million (around EUR 0.9 to 5.7 million) per event, while the minimum property damage liability limit was raised to from HRK 1.5 to 8.55 million (around EUR 0.2 to 1.1 million). It should also be noted that the amended Insurance Law no longer applies to air transporters as those issues are now covered by EU regulations. PAGE 3 OF 6 Upcoming changes As of 1 January 2016, the Solvency II Directive should be fully implemented. This is a new regulatory framework providing rules on the business activities of insurance companies in the EU. It establishes more stringent rules on solvency, risk management, transparency and supervisory powers aimed at consumer protection and prevention of serious distortions in the market. The European Insurance and Occupational Pensions Authority (EIOPA) has already issued guidelines for the implementation of new rules. Macedonia Recent amendments to the Law on Supervision of Insurance The Law on Supervision of Insurance (the Law ), which was adopted in 2002, has been harmonized with the legislation of the European Union and is generally compliant with the principles of the International Association of Insurance Supervisors. The Law was amended last year to include two additional classes of insurance. These classes refer to insurance annuities for pension users from: (i) mandatory capital financial pension insurance; and (ii) voluntary capital financial pension insurance. Moreover, the already existing provisions regarding health insurance have been further specified, harmonizing such provisions with other applicable legislation (the Law on Payment of Pensions and Pension Benefits from the Capital Financial Pension Insurance and the Law on Mandatory Health Insurance). Recent amendments now provide for the possibility of transferring insurance agreements on insurance annuities by pension users to other insurance companies in case of liquidation or bankruptcy proceedings. Amendments from 2014 also provide for certain changes in the procedure for appointing new members of the management board of an insurance company. According to such provisions, the appointment must be completed within six months from the date in which the number of members of the management board was decreased below the legally prescribed minimum. The Amendments also decrease the period in which an insurance company must start work after the issuance of an insurance license (six months as opposed to the

4 previous 12), and impose monthly reporting on insurance companies in regards to the number of concluded insurance agreements and the amount of collected and transmitted premiums. Anti-money laundering law enacted PAGE 4 OF 6 In September of 2014, the Macedonian Assembly passed the Law on Prevention of Money Laundering and Financing of Terrorism (the Money Laundering Law ), which inter alia regulates the supervision of financial activities as they relate to insurance activities. The Money Laundering Law applies to all financial institutions, including insurance companies, insurance brokerages, companies performing representation in insurance activities, and natural persons performing life insurance activities. The Money Laundering Law has introduced a daily notification obligation regarding all life insurance policies with a minimal amount of EUR The Insurance Agency of Macedonia is responsible for enforcement of the Money Laundering Law. Montenegro The market in Montenegro No significant changes have taken place in the insurance sector in Montenegro in recent years, where the Insurance Law includes most of the elements defined by the Solvency I Directive. Full harmonization with the Solvency I Directive is expected to be achieved by the end of 2015, with delayed application of some of the provisions until the date of EU accession. The legal and institutional framework in Montenegro is almost fully aligned with EU Directive 2002/92/EC on insurance mediation by means of the Insurance Law and associated bylaws, with the exception of professional indemnity cover against negligence for insurance brokerage activity. Insurance intermediaries are important players in the process of selling insurance products in Montenegro. Another directive that is almost completely implemented into Montenegrin legislation is EU Directive 2009/103/EC on motor insurance. This was achieved through the Law on Compulsory Insurance and the associated implementing bylaws. Furthermore, EU Directive 2001/17/EC on the reorganization and winding-up of insurance undertakings was largely implemented through the Law on Bankruptcy and Liquidation of Insurance Companies. The new Act of the Law on Bankruptcy and Liquidation of Insurance Companies is in the parliamentary procedure and it is expected to be adopted shortly. At the beginning of 2015, bylaws were enacted regarding insurance premiums for owners or users of motor vehicles and trailers. These bylaws increase the number of premium classes and adopt the bonus-malus system in order to differentiate between the treatment of the insured that has caused one or more damages and the insured that has caused no harm.

5 Future plans The second stage of harmonization will take place at the end of 2015 with the introduction of the Solvency II Directive into Montenegrin legislation. Finally, the Law sets out an obligation for banks to include foreign law governed contracts for creditor consent to write-off/ conversion of claims in cases where the NBS takes measures under the Law. PAGE 5 OF 6 Serbia Insurance developments in Serbia Over the last few years the insurance sector went through a significant transformation in Serbia. The level of market discipline has increased and investors with foreign capital have entered the market. Moreover, new insurance services have been introduced and the level of protection of users has been increased. The new Insurance Law (the New Insurance Law ) was adopted at the end of 2014 and will come into effect at the end of June 2015, with the exception of certain provisions which will come into effect only after Serbia joins World Trade Organization ( WTO ) /EU. According to the New Insurance Law, insurance companies may be established by a single legal or natural person as opposed to the two persons required under the old law. The New Insurance Law introduces new types of life and non-life insurance and now permits companies that provided together life and non-life insurance so far to prolong with offering of these products together in Serbia if they comply with certain regulatory requirements. Newly established insurance companies in Serbia will not be able to engage together with life and non-life insurance business. The position of brokerage insurance companies and insurance agents has now been slightly liberalized. In accordance with the New Insurance Law, insurance agents can perform their duties for more than one insurance company, while brokerage insurance companies and insurance agents can now in limited number of cases perform business even without the consent of National Bank of Serbia ( NBS ), but based on an agreement with the insurance company, provided that certain conditions are met. Furthermore, apart from the banks licensed in Serbia, financial leasing companies and the public postal operator can now engage in insurance agency activities with the consent of the NBS. The New Insurance Law incorporates minimum capital requirements from the EU Solvency II Directive by imposing absolute capital floors for insurance and reinsurance companies. However the capital and solvency requirements are not risk-based and are therefore not compliant with the standards imposed within the Directive. The New Insurance Law also imposes detailed data protection measures and strengthens the supervisory function of the NBS. Foreign insurance companies, brokerages and agencies will be permitted to carry out business in Serbia through a branch office subject to a license issued by the NBS, but only upon expiry of the four-year period after Serbia joins the WTO. However, Serbian branches of foreign reinsurance companies will be able to apply for a business license from the moment Serbia joins the WTO.

6 Additional changes At the end of 2014, the NBS passed two bylaws on the content and layout of financial statement forms for insurance undertakings and statistical reports for insurance undertakings. The purpose of these bylaws is harmonization with the accounting and audit laws as well as harmonization with applicable EU standards. During the same period the Government of Serbia introduced new minimum sum insured in motor third party liability insurance. PAGE 6 OF 6 Slovenia Changes to pension insurance Slovenia recently adopted the Decree on the uniform methodology and forms for the calculation and payment of salaries in the public sector (the Decree ), which addresses the calculation of premiums of collective supplementary pension insurance. The Decree was issued as a reaction to errors in the calculation of salaries of public servants, whereby compulsory contributions were based on base salary minus insurance premiums. This calculation was deemed by the Ministry of Internal Affairs to be in violation of the law and all public service employers were required to adapt to the new Decree as of 1 January Taking into account the System of Salaries in Public Sector Act (Official Gazette of the RS no. 108/09 with all subsequent changes), regulations and other legislation as well as collective agreements in the public sector, salaries cannot be established in any rate other than the one established by the previously enumerated legislation and collective contracts. According to this, gross salaries cannot be lowered on the basis of an agreement between the employer and the public employee with the aim of paying the premiums of the collective voluntary supplementary pension insurance. The Ministry of Internal Affairs required all employers to contact insurers providing supplementary pension insurance policies and public sector employee pension plans by 1 January 2015 and to bring the relevant contracts in line with the Pension and Disability Insurance Act and the Decree. If you have any questions or concerns, please contact us at the following addresses: Darko Jovanović, Partner Nihad Sijerčić, Partner *The information in this document is not intended to provide and does not constitute legal or any other advice on any particular matter and is provided for general information purposes only.

Securities markets regulators in transition

Securities markets regulators in transition Securities markets regulators in transition Below is a list of the securities regulators, in the EBRD region with summaries of their objectives and competencies (plus links to the website): [Note: If you

More information

THE CROATIAN PARLIAMENT DECISION PROMULGATING THE ACT ON INVESTMENT FUNDS WITH A PUBLIC OFFERING

THE CROATIAN PARLIAMENT DECISION PROMULGATING THE ACT ON INVESTMENT FUNDS WITH A PUBLIC OFFERING THE CROATIAN PARLIAMENT Pursuant to Article 89 of the Constitution of the Republic of Croatia, I hereby pass the DECISION PROMULGATING THE ACT ON INVESTMENT FUNDS WITH A PUBLIC OFFERING I hereby promulgate

More information

Insurance/Reinsurance - Sweden

Insurance/Reinsurance - Sweden Page 1 of 7 Newsletters Law Directory Deals News Conferences Appointments My ILO Home Insurance/Reinsurance - Sweden Overview (March 2006) Contributed by Advokatfirman Vinge March 14 2006 Introduction

More information

General Protocol relating to the collaboration of the insurance supervisory authorities of the Member States of the European Union March 2008

General Protocol relating to the collaboration of the insurance supervisory authorities of the Member States of the European Union March 2008 CEIOPS-DOC-07/08 General Protocol relating to the collaboration of the insurance supervisory authorities of the Member States of the European Union March 2008 CEIOPS e.v. - Westhafenplatz 1 60327 Frankfurt

More information

Definition of Public Interest Entities (PIEs) in Europe

Definition of Public Interest Entities (PIEs) in Europe Definition of Public Interest Entities (PIEs) in Europe FEE Survey October 2014 This document has been prepared by FEE to the best of its knowledge and ability to ensure that it is accurate and complete.

More information

Pursuant to Article 95, item 3 of the Constitution of Montenegro I hereby pass the ENACTMENT PROCLAIMING THE LAW ON BANKS

Pursuant to Article 95, item 3 of the Constitution of Montenegro I hereby pass the ENACTMENT PROCLAIMING THE LAW ON BANKS Pursuant to Article 95, item 3 of the Constitution of Montenegro I hereby pass the ENACTMENT PROCLAIMING THE LAW ON BANKS I hereby proclaim the Law on Banks, adopted by the Parliament of Montenegro at

More information

COMPULSORY INSURANCE IN SERBIA

COMPULSORY INSURANCE IN SERBIA NATIONAL BANK OF SERBIA Insurance Supervision Department Belgrade, August 2015 COMPULSORY INSURANCE IN SERBIA 1. LAW ON COMPULSORY TRAFFIC INSURANCE (RS Official Gazette, Nos 51/2009, 78/2011, 101/2011,

More information

GUIDELINES ON PERSONAL DATA PROTECTION IN INSURANCE SECTOR

GUIDELINES ON PERSONAL DATA PROTECTION IN INSURANCE SECTOR Document 2.1.4-8 GUIDELINES ON PERSONAL DATA PROTECTION IN INSURANCE SECTOR Component 2 Activity 2.1.4 8 The content of this report is the sole responsibility of Human Dynamics and can in no way be taken

More information

LAW ON BANKRUPTCY AND LIQUIDATION OF BANKS AND INSURANCE COMPANIES ( Official Gazette of the RoS, nos. 61/2005, 116/2008 and 91/2010)

LAW ON BANKRUPTCY AND LIQUIDATION OF BANKS AND INSURANCE COMPANIES ( Official Gazette of the RoS, nos. 61/2005, 116/2008 and 91/2010) LAW ON BANKRUPTCY AND LIQUIDATION OF BANKS AND INSURANCE COMPANIES ( Official Gazette of the RoS, nos. 61/2005, 116/2008 and 91/2010) I. GENERAL PROVISIONS Article 1 This Law defines the terms and proceedings

More information

PAYMENT SERVICES AND SYSTEMS ACT (ZPlaSS) CHAPTER 1 GENERAL PROVISIONS SUBCHAPTER 1 CONTENT OF THE ACT. Article 1. (scope)

PAYMENT SERVICES AND SYSTEMS ACT (ZPlaSS) CHAPTER 1 GENERAL PROVISIONS SUBCHAPTER 1 CONTENT OF THE ACT. Article 1. (scope) Legal notice All effort has been made to ensure the accuracy of this translation, which is based on the original Slovenian text. All translations of this kind may, nevertheless, be subject to a certain

More information

LAW OF INSURANCE AGENCY OF BOSNIA AND HERZEGOVINA. Article 1 General Provisions. Article 2 Purpose. Article 3 Creation, Status, Location and Structure

LAW OF INSURANCE AGENCY OF BOSNIA AND HERZEGOVINA. Article 1 General Provisions. Article 2 Purpose. Article 3 Creation, Status, Location and Structure LAW OF INSURANCE AGENCY OF BOSNIA AND HERZEGOVINA Article 1 General Provisions The Law regulates the insurance industry in Bosnia and Herzegovina by ensuring the necessary coordination of the insurance

More information

LAW ON INSURANCE I BASIC PROVISIONS

LAW ON INSURANCE I BASIC PROVISIONS On the basis of Article 88, item 2 of the Constitution of the Republic of Montenegro I hereby pass the ENACTMENT PROCLAIMING THE LAW ON INSURANCE (Official Gazette of the Republic of Montenegro, No 78/06

More information

Policy Statement: Licensing Policy in respect of those activities that require a permit under the Insurance Business (Jersey) Law 1996

Policy Statement: Licensing Policy in respect of those activities that require a permit under the Insurance Business (Jersey) Law 1996 Policy Statement: Licensing Policy in respect of those activities that require a permit under the Insurance Business (Jersey) Law 1996 Issued: 11 February 2011 Glossary of terms: The following table provides

More information

I. Supervision of Insurance and Reinsurance Mediation

I. Supervision of Insurance and Reinsurance Mediation Conditions Attached to Operations of Insurance and Reinsurance Intermediaries by Way of the Freedom of Establishment and Freedom to Provide Services in Latvia European Union Member State insurance and

More information

Introduction to the legal framework. COM(2011) 656 final (hereinafter MiFID II).

Introduction to the legal framework. COM(2011) 656 final (hereinafter MiFID II). Baker & McKenzie Belgium Client Alert 10 March 2014 For more information, please contact Pierre Berger Partner pierre.berger@bakermckenzie.com Laura Anckaert Associate laura.anckaert@bakermckenzie.com

More information

SCOPE OF APPLICATION AND DEFINITIONS

SCOPE OF APPLICATION AND DEFINITIONS Unofficial translation No. 398/1995 Act on Foreign Insurance Companies Issued in Helsinki on 17 March 1995 PART I SCOPE OF APPLICATION AND DEFINITIONS Chapter 1. General Provisions Section 1. Scope of

More information

TMF Group Croatia Amendments of the General Tax Act are now in force

TMF Group Croatia Amendments of the General Tax Act are now in force TMF Group Croatia Amendments of the General Tax Act are now in force The General Tax Act amendments came into effect on 17 March 2015. Please find below the most important changes: The definition of a

More information

THE CAPITAL MARKETS INSURANCE AND SAVINGS DIVISION Annual Report JERUSALEM, DECEMBER 2013

THE CAPITAL MARKETS INSURANCE AND SAVINGS DIVISION Annual Report JERUSALEM, DECEMBER 2013 THE CAPITAL MARKETS INSURANCE AND SAVINGS DIVISION Annual Report 2012 JERUSALEM, DECEMBER 2013 Annual Report 2 2012 Ministry Of Finance The Capital Markets Insurance And Savings Division PREFACE Table

More information

Act amending Banking Act (ZBan-1L) Article 1

Act amending Banking Act (ZBan-1L) Article 1 Legal notice All effort has been made to ensure the accuracy of this translation, which is based on the original Slovenian text. All translations of this kind may, nevertheless, be subject to a certain

More information

REGULATION ON MEASUREMENT AND ASSESSMENT OF CAPITAL REQUIREMENTS OF INSURANCE AND REINSURANCE COMPANIES AND PENSION COMPANIES

REGULATION ON MEASUREMENT AND ASSESSMENT OF CAPITAL REQUIREMENTS OF INSURANCE AND REINSURANCE COMPANIES AND PENSION COMPANIES REGULATION ON MEASUREMENT AND ASSESSMENT OF CAPITAL REQUIREMENTS OF INSURANCE AND REINSURANCE COMPANIES AND PENSION COMPANIES Official Gazette of Publication: 19.01.2008 26761 Issued By: Prime Ministry

More information

L A W ОN FOREIGN EXCHANGE OPERATIONS

L A W ОN FOREIGN EXCHANGE OPERATIONS L A W ОN FOREIGN EXCHANGE OPERATIONS This Law shall govern: I GENERAL PROVISIONS Article 1 1) payments, collections and transfers between residents and nonresidents in foreign means of payment and dinars;

More information

INSURANCE SUPERVISION DEPARTMENT INSURANCE SECTOR IN SERBIA

INSURANCE SUPERVISION DEPARTMENT INSURANCE SECTOR IN SERBIA INSURANCE SUPERVISION DEPARTMENT INSURANCE SECTOR IN SERBIA Report for First Quarter 2015 National Bank of Serbia Contents: 1. Insurance market... 4 1.1. Market participants... 4 Insurance undertakings...

More information

Law on the Deposit Insurance Agency (Official Gazette of the Republic of Serbia, No. 14/2015) (Unofficial Translation)

Law on the Deposit Insurance Agency (Official Gazette of the Republic of Serbia, No. 14/2015) (Unofficial Translation) Law on the Deposit Insurance Agency (Official Gazette of the Republic of Serbia, No. 14/2015) (Unofficial Translation) I. GENERAL PROVISIONS Article 1 This Law governs the status, organization, powers

More information

Act No. 9267 date 29.07.2004. On the Activity of Insurance, Reinsurance and Intermediation in Insurance and Reinsurance

Act No. 9267 date 29.07.2004. On the Activity of Insurance, Reinsurance and Intermediation in Insurance and Reinsurance Act No. 9267 date 29.07.2004 On the Activity of Insurance, Reinsurance and Intermediation in Insurance and Reinsurance In reliance to articles 78, and 83 part 1 of the Constitution, upon the proposal of

More information

INSURANCE VIETNAM 22 DECEMBER 2014

INSURANCE VIETNAM 22 DECEMBER 2014 client alert INSURANCE VIETNAM 22 DECEMBER 2014 OVERVIEW OF INSURANCE REGULATIONS The Vietnamese insurance market is one of the most dynamic in South East Asia and by many different measures is seen to

More information

List of the general good provisions applicable to insurance and reinsurance intermediaries FEBRUARY 2011

List of the general good provisions applicable to insurance and reinsurance intermediaries FEBRUARY 2011 List of the general good provisions applicable to insurance and reinsurance intermediaries FEBRUARY 2011 The general good provisions have been listed in compliance with the conditions envisaged by the

More information

LAW ON FOREIGN EXCHANGE OPERATIONS

LAW ON FOREIGN EXCHANGE OPERATIONS LAW ON FOREIGN EXCHANGE OPERATIONS This Law shall govern: (Consolidated) 1 I. BASIC PROVISIONS Article 1 1) payments, collections and transfers between residents and non-residents in foreign means of payment

More information

HOW TO ESTABLISH A BUSINESS IN BOSNIA AND HERZEGOVINA

HOW TO ESTABLISH A BUSINESS IN BOSNIA AND HERZEGOVINA HOW TO ESTABLISH A BUSINESS IN BOSNIA AND HERZEGOVINA TABLE OF CONTENTS STARTING BUSINESS IN BOSNIA AND HERZEGOVINA...5 ESTABLISHEMENT OF BUSINES ENTITIES...5 Registration of business entity...5 Establishment

More information

LAW ON FOREIGN EXCHANGE OPERATIONS OF FEDERATION OF BOSNIA AND HERZEGOVINA

LAW ON FOREIGN EXCHANGE OPERATIONS OF FEDERATION OF BOSNIA AND HERZEGOVINA The translation of BiH legislation has no legal force and should be used solely for informational purposes. Only legislation published in the Official Gazettes in BiH is legally binding. LAW ON FOREIGN

More information

Regulatory Impact Assessment (RIA) in Montenegro

Regulatory Impact Assessment (RIA) in Montenegro - Towards Better Regulation Regulatory Impact Assessment (RIA) in Montenegro SUMMARY: As a candidate country for joining the European Union, Montenegro has the obligation to harmonize its overall legislation

More information

Insurance Europe key messages on the European Commission's proposed General Data Protection Regulation

Insurance Europe key messages on the European Commission's proposed General Data Protection Regulation Position Paper Insurance Europe key messages on the European Commission's proposed General Data Protection Regulation Our reference: SMC-DAT-12-064 Date: 3 September 2012 Related documents: Proposal for

More information

Ministry of Labour and Social Policy LAW ON VOLUNTARY FULLY FUNDED PENSION INSURANCE (189347.11)

Ministry of Labour and Social Policy LAW ON VOLUNTARY FULLY FUNDED PENSION INSURANCE (189347.11) Ministry of Labour and Social Policy LAW ON VOLUNTARY FULLY FUNDED PENSION INSURANCE 1 Table of Contents CHAPTER 1 GENERAL PROVISIONS... 3 CHAPTER 2 VOLUNTARY PENSION FUNDS... 7 CHAPTER 3 PENSION COMPANIES

More information

and the President has proclaimed the following Law:

and the President has proclaimed the following Law: Unofficial translation The Saeima 1 has adopted and the President has proclaimed the following Law: THE INSURANCE CONTRACT LAW Chapter I GENERAL PROVISIONS Article 1. Definitions 1) sum insured - the amount

More information

LAW ON FOREIGN CURRENCY TRANSACTIONS. ( Official Herald of the Republic of Serbia, Nos. 62/2006 and 31/2011) I GENERAL PROVISIONS

LAW ON FOREIGN CURRENCY TRANSACTIONS. ( Official Herald of the Republic of Serbia, Nos. 62/2006 and 31/2011) I GENERAL PROVISIONS LAW ON FOREIGN CURRENCY TRANSACTIONS ( Official Herald of the Republic of Serbia, Nos. 62/2006 and 31/2011) The present Law shall govern: I GENERAL PROVISIONS Article 1 1) payments, collections and transfers

More information

MINISTRY OF FOREIGN AFFAIRS AND EUROPEAN INTEGRATION CROATIAN PARLIAMENT

MINISTRY OF FOREIGN AFFAIRS AND EUROPEAN INTEGRATION CROATIAN PARLIAMENT CROATIAN PARLIAMENT 3136 Pursuant to Article 88 of the Constitution of the Republic of Croatia, I hereby issue the DECISION PROMULGATING THE ACT ON AMENDMENTS TO THE COMPANIES ACT I hereby promulgate the

More information

Part 1. Scope and definitions of this Act

Part 1. Scope and definitions of this Act Consolidated Insurance Mediation Act 1 Act no. 401 of 25 April 2007 Consolidated Act no. 401 of 25 April 2007 This is an Act to consolidate the Insurance Meditation Act, cf. Consolidated Act no. 817 of

More information

RS Official Gazette, No 51/2015

RS Official Gazette, No 51/2015 RS Official Gazette, No 51/2015 Pursuant to Article 147, paragraph 3, Article 150, paragraph 3 and Article 151, paragraph 4 of the Insurance Law (RS Official Gazette, No 139/2014) and Article 15, paragraph

More information

Act no 41 on Insurance Mediation (2005-06-10)

Act no 41 on Insurance Mediation (2005-06-10) Translation Translated January 2006 This translation is for information purposes only. Legal authenticity remains with the official Norwegian version as published in Norsk Lovtidend. Act no 41 on Insurance

More information

Debt Restructuring and NPL Resolution The private banks restructuring initiative

Debt Restructuring and NPL Resolution The private banks restructuring initiative Debt Restructuring and NPL Resolution The private banks restructuring initiative Workshop convened under the Vienna Initiative 2.0 Vienna, 23 September 2014 Perspectives from Erste Group in Croatia Macroeconomic

More information

Act on the Supervision of Financial Institutions etc. (Financial Supervision Act)

Act on the Supervision of Financial Institutions etc. (Financial Supervision Act) FINANSTILSYNET Norway Translation update January 2013 This translation is for information purposes only. Legal authenticity remains with the official Norwegian version as published in Norsk Lovtidend.

More information

Consolidated Insurance Mediation Act 1

Consolidated Insurance Mediation Act 1 Consolidated Insurance Mediation Act 1 Act no. 930 of 18 September 2008 This is an Act to consolidate the Insurance Meditation Act, cf. Consolidated Act no. 401 of 25 April 2007, as amended by section

More information

Law on Bankruptcy and Liquidation of Banks and Insurance Companies (Official Gazette of the Republic of Serbia, No. 14/2015)

Law on Bankruptcy and Liquidation of Banks and Insurance Companies (Official Gazette of the Republic of Serbia, No. 14/2015) Law on Bankruptcy and Liquidation of Banks and Insurance Companies (Official Gazette of the Republic of Serbia, No. 14/2015) (Unofficial Translation) I. BASIC PROVISIONS Article 1 This Law governs the

More information

Pursuant to Article 88 item 2 of the Constitution of the Republic of Montenegro I hereby issue the

Pursuant to Article 88 item 2 of the Constitution of the Republic of Montenegro I hereby issue the Pursuant to Article 88 item 2 of the Constitution of the Republic of Montenegro I hereby issue the DECREE PROMULGATING THE LAW ON FOREIGN CURRENT AND CAPITAL TRANSACTIONS (Official Gazette of Montenegro

More information

services system Reports Act 1988 (Cth) Australia has a sophisticated and stable banking and financial services system.

services system Reports Act 1988 (Cth) Australia has a sophisticated and stable banking and financial services system. FINANCIAL SERVICES Australia has a sophisticated and stable banking and financial services system Australia has a sophisticated and stable banking and financial services system. The banking system is prudentially

More information

Act on Investment Firms 26.7.1996/579

Act on Investment Firms 26.7.1996/579 Please note: This is an unofficial translation. Amendments up to 135/2007 included, May 2007. Act on Investment Firms 26.7.1996/579 CHAPTER 1 General provisions Section 1 Scope of application This Act

More information

THE INVESTMENT FUNDS AND MANAGEMENT COMPANIES ACT - 1. Ljubljana, 2003

THE INVESTMENT FUNDS AND MANAGEMENT COMPANIES ACT - 1. Ljubljana, 2003 THE INVESTMENT FUNDS AND MANAGEMENT COMPANIES ACT - 1 (published in the Official Gazette of the Republic of Slovenia - no. 110 on December 2002) Ljubljana, 2003 The original text of this act is written

More information

Supplementary Appendix Table A DESCRIPTION OF THE DIRECTIVES OF THE FINACIAL SERVICES ACTION PLAN (FSAP)

Supplementary Appendix Table A DESCRIPTION OF THE DIRECTIVES OF THE FINACIAL SERVICES ACTION PLAN (FSAP) Supplementary Appendix Table A DESCRIPTION OF THE DIRECTIVES OF THE FINACIAL SERVICES ACTION PLAN (FSAP) Directive Name Directive No. Deadline Implementation of the Settlement Finality Directive 1998/26/EC

More information

Life Insurance Charter of Quality

Life Insurance Charter of Quality Life Insurance Charter of Quality PREAMBLE This Life Insurance Charter of Quality is largely inspired by the ICMA Private Wealth Management Charter of Quality, which lists the guiding principles of best

More information

Supervisory Practice in Insurance Market Republic of Srpska

Supervisory Practice in Insurance Market Republic of Srpska Challenges and Practice in Supervision of Insurance Companies in Southeast Europe Supervisory Practice in Insurance Market Republic of Srpska Insurance Agency of Republic of Srpska Božana Šljivar, Director

More information

Act on Insurance. The National Council of the Slovak Republic has adopted the following Act: SECTION I PART ONE GENERAL PROVISIONS

Act on Insurance. The National Council of the Slovak Republic has adopted the following Act: SECTION I PART ONE GENERAL PROVISIONS Act on Insurance Full wording of Act No 8/2008 Coll. of 28 November 2007 on Insurance and on amendments and supplements to certain laws, as amended by Act No 270/2008 Coll., Act No 552/2008 Coll., Act

More information

ACCOUNTING AND AUDITING LAW OF REPUBLIKA SRPSKA. Article 1

ACCOUNTING AND AUDITING LAW OF REPUBLIKA SRPSKA. Article 1 ACCOUNTING AND AUDITING LAW OF REPUBLIKA SRPSKA I BASIC PROVISIONS Article 1 This Law regulates the field of accounting and auditing including issues of importance for organisation and functioning of the

More information

The social security system is organized and implemented at national level by state bodies/ public institutions.

The social security system is organized and implemented at national level by state bodies/ public institutions. 1 March 2009 PRESENTATION OF THE CROATIAN PENSION SYSTEM Croatian social security system is mostly the insurance based, with exception of family benefits (children allowance- doplatak za djecu) and the

More information

Luxembourg Life Assurance for International Investors

Luxembourg Life Assurance for International Investors Luxembourg Life Assurance for International Investors 2 3 CONTENTS 4 Luxembourg Life Assurance for International Investors 4 A truly international focus 6 Maximum protection 8 Solutions designed for sophisticated

More information

Life and Non-life Insurance Directives

Life and Non-life Insurance Directives 1 Life and Non-life Insurance Directives Michaela SUCHARDOVÁ Insurance and Pensions Unit Screening process Explanatory meeting with Croatia and Turkey 29 March 2006 2 Overview of the presentation 1. Internal

More information

Law On Supervision of Cooperative Insurance Companies

Law On Supervision of Cooperative Insurance Companies Law On Supervision of Cooperative Insurance Companies Article 1 Insurance in the Kingdom shall be undertaken through registered insurance companies operating in a cooperative manner as it is provided within

More information

1 LAW ON BANKS AND OTHER FINANCIAL ORGANIZATIONS

1 LAW ON BANKS AND OTHER FINANCIAL ORGANIZATIONS 1 LAW ON BANKS AND OTHER FINANCIAL ORGANIZATIONS (Published in the "Official Gazette of the FRY", No. 32/93, 61/95, 44/99, 36/2002 and "Official Gazette of the RS", No. 72/2003) BASIC PROVISIONS Article

More information

CROATIAN PARLIAMENT 1364

CROATIAN PARLIAMENT 1364 CROATIAN PARLIAMENT 1364 Pursuant to Article 88 of the Constitution of the Republic of Croatia, I hereby pass the DECISION PROMULGATING THE ACT ON PERSONAL DATA PROTECTION I hereby promulgate the Act on

More information

LEGISLATION COMMITTEE OF THE CROATIAN PARLIAMENT

LEGISLATION COMMITTEE OF THE CROATIAN PARLIAMENT LEGISLATION COMMITTEE OF THE CROATIAN PARLIAMENT 2300 Pursuant to its authority from Article 59 of the Rules of Procedure of the Croatian Parliament, the Legislation Committee determined the revised text

More information

REPORT COMPLIANCE EVALUATION

REPORT COMPLIANCE EVALUATION REPORT COMPLIANCE EVALUATION The European Council Directive 73/239 EEC on Coordination of Non Life Insurance Laws, Regulations and Administrative Provisions December 2007 This report is designed to evaluate

More information

CONTENT OF THE AUDIT LAW

CONTENT OF THE AUDIT LAW CONTENT OF THE AUDIT LAW I. GENERAL PROVISIONS Article 1 This Law shall regulate the conditions for conducting an audit of legal entities which perform activities, seated in the Republic of Macedonia.

More information

CROATIAN PARLIAMENT. Based on Article 88 of the Constitution of the Republic of Croatia, I hereby make the

CROATIAN PARLIAMENT. Based on Article 88 of the Constitution of the Republic of Croatia, I hereby make the CROATIAN PARLIAMENT 2792 Official Gazette 87/08 Based on Article 88 of the Constitution of the Republic of Croatia, I hereby make the DECISION ON THE PROMULGATION OF THE ANTI MONEY LAUNDERING AND TERRORIST

More information

[Investment Company Act Release No. 29332; 812-13752] Korea Finance Corporation; Notice of Application

[Investment Company Act Release No. 29332; 812-13752] Korea Finance Corporation; Notice of Application SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 29332; 812-13752] Korea Finance Corporation; Notice of Application June 25, 2010 Agency: Securities and Exchange Commission (the Commission

More information

The regulation applies to direct insurance only.

The regulation applies to direct insurance only. KREDITTILSYNET Norway Translation revised June 2006 This translation is for information purposes only. Legal authenticity remains with the original Norwegian version as published in Norsk Lovtidend. 22

More information

Report on Insurance Market in Montenegro 2012

Report on Insurance Market in Montenegro 2012 Report on Insurance Market in Montenegro 2012 Report on insurance market in Montenegro for 2012 June, 2013 Report on Insurance Market Situation in Montenegro 2012 Published: Annualy Publisher: Montenegro

More information

THE CROATIAN PARLIAMENT. Pursuant to Article 89 of the Constitution of the Republic of Croatia, I hereby issue the DECISION

THE CROATIAN PARLIAMENT. Pursuant to Article 89 of the Constitution of the Republic of Croatia, I hereby issue the DECISION THE CROATIAN PARLIAMENT 1456 Pursuant to Article 89 of the Constitution of the Republic of Croatia, I hereby issue the DECISION PROMULGATING THE ACT ON SETTLEMENT FINALITY IN PAYMENT AND FINANCIAL INSTRUMENTS

More information

IMPLICATIONS OF INSURANCE DISTRIBUTION DIRECTIVE ON THE COSTS OF TRAINING IN ROMANIA

IMPLICATIONS OF INSURANCE DISTRIBUTION DIRECTIVE ON THE COSTS OF TRAINING IN ROMANIA IMPLICATIONS OF INSURANCE DISTRIBUTION DIRECTIVE ON THE COSTS OF TRAINING IN ROMANIA 117 Laura Elly NAGHI, PhD Abstract Taking into consideration the latest developments in the area of consumer protection

More information

Life Insurance Charter of Quality

Life Insurance Charter of Quality Life Insurance Charter of Quality PREAMBLE This Life Insurance Charter of Quality is largely inspired by the ICMA Private Wealth Management Charter of Quality, which lists the guiding principles of best

More information

The Crown Corporations Act, 1993

The Crown Corporations Act, 1993 1 The Crown Corporations Act, 1993 being Chapter C-50.101* of the Statutes of Saskatchewan, 1993 (effective January 1, 1994) as amended by the Statutes of Saskatchewan, 1994, c.37; 1996, c.e-6.01 and 42;

More information

ACTION PLAN FOR THE IMPLEMENTATION OF THE NPL RESOLUTION STRATEGY

ACTION PLAN FOR THE IMPLEMENTATION OF THE NPL RESOLUTION STRATEGY ACTION PLAN FOR THE IMPLEMENTATION OF THE NPL RESOLUTION STRATEGY AREAS Issues Actions Responsible body Deadline Outcome/Indicator 1. Collateral valuation 1.1. Improve regulation of real estate appraisers,

More information

Table 2-1: Company definition thresholds in Macedonia

Table 2-1: Company definition thresholds in Macedonia 3 GAP ANALYSIS The purpose of this chapter is to undertake a gap analysis to identify the actions that are required to achieve the benchmarks identified in Chapter 2. The NSC carries out a review of the

More information

THE CROATIAN PARLIAMENT DECISION PROMULGATING THE ALTERNATIVE INVESTMENT FUNDS ACT

THE CROATIAN PARLIAMENT DECISION PROMULGATING THE ALTERNATIVE INVESTMENT FUNDS ACT THE CROATIAN PARLIAMENT Pursuant to Article 89 of the Constitution of the Republic of Croatia, I hereby pass the DECISION PROMULGATING THE ALTERNATIVE INVESTMENT FUNDS ACT I hereby promulgate the Alternative

More information

INSURANCE SUPERVISION DEPARTMENT INSURANCE SECTOR IN SERBIA

INSURANCE SUPERVISION DEPARTMENT INSURANCE SECTOR IN SERBIA INSURANCE SUPERVISION DEPARTMENT INSURANCE SECTOR IN SERBIA Third Quarter Report 2014 National Bank of Serbia Contents: 1. Insurance market... 4 1.1. Market participants... 4 Insurance companies... 4 Other

More information

INFORMATION ON THE RULES OF THE GENERAL GOOD

INFORMATION ON THE RULES OF THE GENERAL GOOD INFORMATION ON THE RULES OF THE GENERAL GOOD Introduction: This information is aimed at insurance companies from the UE Member States, as well as from the EFTA Member States the party to the European Economic

More information

LAW ON TAX PROCEDURE OF REPUBLIC OF SRPSKA

LAW ON TAX PROCEDURE OF REPUBLIC OF SRPSKA LAW ON TAX PROCEDURE OF REPUBLIC OF SRPSKA Published in the Official Gazette of Republic of Srpska, no. 102/11 of 17 October 2011; corrections published in the Official Gazette of Republic of Srpska, no.

More information

LAW ON PROVIDING FAST MONEY TRANSFER SERVICES (unofficial fair copy) 1 I. GENERAL PROVISIONS

LAW ON PROVIDING FAST MONEY TRANSFER SERVICES (unofficial fair copy) 1 I. GENERAL PROVISIONS LAW ON PROVIDING FAST MONEY TRANSFER SERVICES (unofficial fair copy) 1 I. GENERAL PROVISIONS Article 1 This Law shall regulate the manner and the terms and conditions for providing fast money transfer

More information

17. BANKING. 17.1 Legal Framework. 17.2 Regulatory Bodies

17. BANKING. 17.1 Legal Framework. 17.2 Regulatory Bodies Baker & McKenzie Since 2003 subsoil plot development under the PSA Law has been available only if such subsoil plot was put out to auction and the auction failed. That is, only those plots that are not

More information

LAW ON BANKRUPTCY AND LIQUIDATION OF INSURANCE COMPANIES

LAW ON BANKRUPTCY AND LIQUIDATION OF INSURANCE COMPANIES Pursuant to Article 95, item 3 of the Constitution of Montenegro I hereby pass the DECREE PROMULGATING THE LAW ON BANKRUPTCY AND LIQUIDATION OF INSURANCE COMPANIES (Official Gazette of Montenegro, number

More information

June 2009 THE DANISH ACT ON PUBLIC AND PRIVATE LIMITED LIABILITY COMPANIES AMENDMENTS

June 2009 THE DANISH ACT ON PUBLIC AND PRIVATE LIMITED LIABILITY COMPANIES AMENDMENTS June 2009 THE DANISH ACT ON PUBLIC AND PRIVATE LIMITED LIABILITY COMPANIES AMENDMENTS Gorrissen Federspiel Kierkegaard H.C. Andersens Boulevard DK-1553 Copenhagen V, Denmark New act on limited liability

More information

FACTORING LAW I. BASIC PROVISIONS II. DEFINITIONS

FACTORING LAW I. BASIC PROVISIONS II. DEFINITIONS FACTORING LAW I. BASIC PROVISIONS Article 1 This Law governs the concept and subjects of factoring; parties to factoring; conditions and manner of providing factoring services; types of factoring; rights

More information

Law No. 82/1991 on the accounting system, republished, as further amended and completed ( Law No. 82/1991 );

Law No. 82/1991 on the accounting system, republished, as further amended and completed ( Law No. 82/1991 ); 96 Chapter 7 Accounting System 1. General The Romanian accounting system underwent continuous reform in the past years with the aim to improve, simplify and at the same time increase the accuracy and comprehensibility

More information

ECB-PUBLIC OPINION OF THE EUROPEAN CENTRAL BANK. of 25 March on the reform of popolari banks (CON/2015/13)

ECB-PUBLIC OPINION OF THE EUROPEAN CENTRAL BANK. of 25 March on the reform of popolari banks (CON/2015/13) EN ECB-PUBLIC OPINION OF THE EUROPEAN CENTRAL BANK of 25 March 2015 on the reform of popolari banks (CON/2015/13) Introduction and legal basis On 20 February 2015, the European Central Bank (ECB) received

More information

Preparing for Solvency II Time for asset managers and asset servicers to act. Thierry Flamand Partner Advisory & Consulting Deloitte

Preparing for Solvency II Time for asset managers and asset servicers to act. Thierry Flamand Partner Advisory & Consulting Deloitte Preparing for Solvency II Time for asset managers and asset servicers to act Thierry Flamand Partner Advisory & Consulting Deloitte Michael Cravatte Director Advisory & Consulting Deloitte The insurance

More information

In practice, foreigners usually establish LLCs. Partnerships and joint stock companies are only established in exceptional cases.

In practice, foreigners usually establish LLCs. Partnerships and joint stock companies are only established in exceptional cases. Company Laws The Companies Law is the principal body of legislation governing companies. Saudi company law recognizes eight forms of companies. The most common forms are limited liability companies (LLC),

More information

1. The Law on Solidarity Fund for the Republic of Srpska s Recovery

1. The Law on Solidarity Fund for the Republic of Srpska s Recovery The Government has introduced a set of ten laws which provide solutions for dealing with this difficult situation caused by the floods. The Laws define the forms of assistance for the recovery from all

More information

The basic regulations concerning insurance contract are formulated in the following acts:

The basic regulations concerning insurance contract are formulated in the following acts: Warsaw, 15 th May 2016 INFORMATION ON THE RULES OF THE GENERAL GOOD Introduction: This information intended for insurance companies from the EU Member States, as well as from the EFTA Member States the

More information

LAW ON FOREIGN EXCHANGE OPERATIONS

LAW ON FOREIGN EXCHANGE OPERATIONS LAW ON FOREIGN EXCHANGE OPERATIONS This Law shall govern: (CONSOLIDATED) 1 I. BASIC PROVISIONS Article 1 1) payments, collections and transfers between residents and non-residents in foreign means of payment

More information

EIOPA Opinion on Payment Protection Insurance

EIOPA Opinion on Payment Protection Insurance EIOPA Opinion on Payment Protection Insurance EIOPA-BoS-13/115 28 th June, 2013 Legal Basis 1. This opinion is issued under the provisions of Article 29(1)(a) of Regulation (EU) No 1094/2010 of the European

More information

Article 1. Article 2. The legislation shall mean this Law and the by-laws relating to the compliance with this Law.

Article 1. Article 2. The legislation shall mean this Law and the by-laws relating to the compliance with this Law. ACCOUNTING AND AUDITING LAW I BASIC PROVISIONS Article 1 This Law shall govern the requirements for and manner of keeping books of account, preparing, presenting, submitting and disclosing financial statements,

More information

Regulatory Administration of Life Insurers

Regulatory Administration of Life Insurers Regulatory Administration of Life Insurers 1. Introduction Mark-to-market accounting has been introduced from fiscal 2000. At the same time, the Financial Services Agency (FSA) has begun to enforce stricter

More information

STATUTORY INSTRUMENTS. S.I. No. 485 of 2015 EUROPEAN UNION (INSURANCE AND REINSURANCE) REGULATIONS 2015

STATUTORY INSTRUMENTS. S.I. No. 485 of 2015 EUROPEAN UNION (INSURANCE AND REINSURANCE) REGULATIONS 2015 STATUTORY INSTRUMENTS. S.I. No. 485 of 2015 EUROPEAN UNION (INSURANCE AND REINSURANCE) REGULATIONS 2015 2 [485] S.I. No. 485 of 2015 EUROPEAN UNION (INSURANCE AND REINSURANCE) REGULATIONS 2015 1. Citation

More information

INSURANCE SUPERVISION AGENCY ANNUAL REPORT ON THE OPERATIONS OF THE INSURANCE SUPERVISION AGENCY IN 2013

INSURANCE SUPERVISION AGENCY ANNUAL REPORT ON THE OPERATIONS OF THE INSURANCE SUPERVISION AGENCY IN 2013 INSURANCE SUPERVISION AGENCY ANNUAL REPORT ON THE OPERATIONS OF THE INSURANCE SUPERVISION AGENCY IN 2013 Skopje, 2014 CONTENTS 1. ESTABLISHMENT AND MISSION 3 2. FINANCING OF THE INSURANCE SUPERVISION AGENCY

More information

1. Summary of Regulatory Impact Analysis (RIA)

1. Summary of Regulatory Impact Analysis (RIA) 1. Summary of Regulatory Impact Analysis (RIA) Department/Office: Title of Legislation: Justice & Equality Amendment of Equal Status Act 2000 to prohibit gender differentiation in insurance with effect

More information

ECB-PUBLIC OPINION OF THE EUROPEAN CENTRAL BANK. of 18 September 2015. on the conversion of Swiss franc loans (CON/2015/32)

ECB-PUBLIC OPINION OF THE EUROPEAN CENTRAL BANK. of 18 September 2015. on the conversion of Swiss franc loans (CON/2015/32) EN ECB-PUBLIC OPINION OF THE EUROPEAN CENTRAL BANK of 18 September 2015 on the conversion of Swiss franc loans (CON/2015/32) Introduction and legal basis On 10 September 2015 the Croatian Government formally

More information

Report on the Role of Insurance Guarantee Schemes in the WindingUp Procedures of Insolvent Insurance Undertakings in the EU/EEA

Report on the Role of Insurance Guarantee Schemes in the WindingUp Procedures of Insolvent Insurance Undertakings in the EU/EEA EIOPATFIGS12/007 25 May 2012 Report on the Role of Insurance Guarantee Schemes in the WindingUp Procedures of Insolvent Insurance Undertakings in the EU/EEA 1. Introduction This report is prepared as part

More information

Republic of Macedonia LAW ON MANDATORY FULLY FUNDED PENSION INSURANCE

Republic of Macedonia LAW ON MANDATORY FULLY FUNDED PENSION INSURANCE Republic of Macedonia LAW ON MANDATORY FULLY FUNDED PENSION INSURANCE Table of Contents CHAPTER 1 GENERAL PROVISIONS... 1 CHAPTER 2 PENSION COMPANIES FOR MANAGING PENSION FUNDS... 5 CHAPTER 3 ESTABLISHMENT

More information

INSURANCE ACT ZAKON O OSIGURANJU

INSURANCE ACT ZAKON O OSIGURANJU EU-projekt: Podrška Pravosudnoj akademiji: Razvoj sustava obuke za buduće suce i državne odvjetnike EU-project: Support to the Judicial Academy: Developing a training system for future judges and prosecutors

More information

Delegations will find below the final compromise text on the abovementioned Commission proposal, as a result of the Trilogue of 30 June 2015

Delegations will find below the final compromise text on the abovementioned Commission proposal, as a result of the Trilogue of 30 June 2015 Council of the European Union Brussels, 16 July 2015 (OR. en) Interinstitutional File: 2012/0175 (COD) 10747/15 NOTE From: ECOFIN 598 CODEC 1034 SURE 21 EF 142 Presidency/General Secretariat of the Council

More information

DISTRICT OF COLUMBIA OFFICIAL CODE

DISTRICT OF COLUMBIA OFFICIAL CODE DISTRICT OF COLUMBIA OFFICIAL CODE TITLE 31. INSURANCE AND SECURITIES. CHAPTER 50B. TITLE INSURANCE PRODUCERS. 2001 Edition DISTRICT OF COLUMBIA OFFICIAL CODE CHAPTER 50B. TITLE INSURANCE PRODUCERS. TABLE

More information

SUPERVISION PROFILE CENTRAL BANK OF TRINIDAD AND TOBAGO CATEGORIES OF FINANCIAL INSTITUTIONS FOR WHICH IT HAS REGULATORY OVERSIGHT: -

SUPERVISION PROFILE CENTRAL BANK OF TRINIDAD AND TOBAGO CATEGORIES OF FINANCIAL INSTITUTIONS FOR WHICH IT HAS REGULATORY OVERSIGHT: - SUPERVISION PROFILE CENTRAL BANK OF TRINIDAD AND TOBAGO 1. 1(a) NAME OF SUPERVISORY AGENCY Central Bank of Trinidad & Tobago (CBTT) CATEGORIES OF FINANCIAL INSTITUTIONS FOR WHICH IT HAS REGULATORY OVERSIGHT:

More information

(Legislative acts) DIRECTIVES

(Legislative acts) DIRECTIVES 1.7.2011 Official Journal of the European Union L 174/1 I (Legislative acts) DIRECTIVES DIRECTIVE 2011/61/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 8 June 2011 on Alternative Investment Fund

More information