Application for activity licence
Upon application for an activity licence of an insurance undertaking, a written application of the members of the management board of a company and the following information and documents specified in the Insurance Activities Act shall be submitted:
1. A copy of the articles of association and, in the case of an operating company, also the resolution of the general meeting on amendment of the articles of association and the amended text of the articles of association
2. Upon foundation of a company, a notarised copy of the foundation agreement or foundation resolution and a notice issued by a credit institution regarding the payment of share capital
3. In the case of an operating company, documents certifying the amount of available solvency margin together with the auditor's report
4. The opening balance of the applicant and a review of income and expenditure, and the latest balance, income statement and the three last annual reports of the applicant, if such documents exist
5. A scheme of operations in conformity to the requirements provided for in the Insurance Activities Act
6. The standard terms of insurance contracts if the activity licence is applied for engaging in compulsory insurance
7. Information on the members of the management board and supervisory board of the applicant which includes each person's given name and surname, personal identification code or date of birth in the absence of a personal identification code, residence, educational background, a complete list of places of employment and positions and, in the case of members of the management board, a description of the area of responsibility of the specified persons, and documents in proof of their trustworthiness and conformity to the requirements of the Insurance Activities Act which the applicant deems necessary to submit
8. Information on the applicant's auditor, responsible actuary and person carrying out internal audit, including each person's name, personal identification code or, in the absence of the identification code, the date of birth or registry code
9. A list of the shareholders of the applicant which sets out the name, the registry code or personal identification code of each shareholder, or the date of birth in the absence of a personal identification code, and information on the amount of contribution, number of shares and votes acquired or owned by each shareholder
10. The data specified in the Insurance Activities Act concerning persons having a qualifying holding in the applicant
11. Information on companies in which the share of the applicant or any member of its or supervisory board or management board exceeds 20 per cent, which also sets out the amount of share capital of the company, a list of the areas of activity and the size of the holding of the applicant and the members of its or supervisory board or management board
12. The planned organisational structure of the applicant
13. The internal rules of the insurance undertaking pursuant to the Insurance Activities Act or a draft of such document
14. The name and address of the person handling claims who is designated to each Contracting State by the applicant pursuant to the Motor Third Party Liability Insurance Act, if the application is submitted for motor third party liability insurance.
The Financial Supervision Authority may demand the submission of additional information and documents if it is not convinced on the basis of the submitted information and documents as to whether the applicant for an activity licence has adequate facilities for engaging in insurance activities, or whether it meets the requirements for insurance undertakings prescribed by an Act or legislation issued on the basis thereof or if other circumstances relating to the applicant need to be verified.
An activity licence shall be issued if the submitted information and documents comply with the requirements, and if it is possible to verify on the basis of the submitted information and documents that the applicant for the activity licence has the sufficient facilities and organisational capacity to carry on insurance activities, and that the interests of policyholders, insured persons and beneficiaries are sufficiently protected. The Financial Supervision Authority shall make a decision to issue or refuse to issue an activity licence within three months after the receipt of all the necessary conforming information and documents and after the requirements are complied with, but not later than within six months after submission of the application for an activity licence.