Summary
GlobalData’s "Governance, Risk and Compliance - The Slovenian Insurance Industry", report is the result of extensive research into the insurance regulatory framework in Slovenia.
It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.
The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.
The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Slovenia, including -
- An overview of the insurance regulatory framework in Slovenia.
- The latest key changes, and changes expected in the country’s insurance regulatory framework.
- Key regulations and market practices related to different types of insurance product in the country.
- Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Slovenia.
- Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
- Details of the tax and legal systems in the country.
Key Highlights
- The Insurance Supervision Agency (AZN) regulates the Slovenian insurance industry.
- Composite insurance is not permitted in Slovenia. However, insurance companies carrying on life insurance business are permitted to operate in personal accident and health insurance.
- The Slovenian FDI regime permits up to 100% foreign participation in domestic insurance companies.
- Non-admitted insurance is not permitted. However, insurers from EU member states can operate either directly or through a branch, based on the freedom to provide services.
- Solvency II standards were implemented effective from January 1, 2016.
Scope
- The report covers details of the insurance regulatory framework in Slovenia.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
- The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.
Reasons to buy
- Gain insights into the insurance regulatory framework in Slovenia.
- Track the latest regulatory changes, and expected changes impacting the Serbian insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance product.
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Table of Contents
1 INTRODUCTION 6
1.1 What is this Report About? 6
1.2. Definitions 6
2. GOVERNANCE, RISK AND COMPLIANCE 8
2.1. Legislation Overview and Historical Evolution 9
2.2. Latest Changes in Regulation 10
2.3. Legislation and Market Practice by Type of Insurance 21
2.3.1. Life insurance 26
2.3.2. Property insurance 28
2.3.3. Motor insurance 30
2.3.4. Liability insurance 32
2.3.5. Marine, aviation and transit insurance 33
2.3.6. Personal accident and health insurance 34
2.4. Compulsory Insurance 36
2.4.1. Health insurance 37
2.4.2. Motor third-party liability insurance 39
2.4.3. Marine third-party liability insurance 41
2.4.4. Professional indemnity insurance for alternative investment fund managers 42
2.4.5. Professional indemnity insurance for insurance brokers and banks 42
2.4.6. Air carriers and aircraft operators insurance 42
2.4.7. Liability for ships with respect to oil pollution 44
2.4.8. Nuclear liability insurance for damage 44
2.5. Supervision and Control 46
2.5.1. International Association of Insurance Supervisors 46
2.5.2. European Insurance and Occupational Pensions Authority 47
2.5.3. Federation of European Risk Management Associations 47
2.5.4. Insurance Supervision Agency 47
2.5.5. Slovenian Insurance Association 48
2.6. Non-Admitted Insurance Regulations 49
2.6.1. Overview 49
2.6.2. Intermediaries 50
2.6.3. Market practices 50
2.6.4. Fines and Penalties 51
2.7. Company Registration and Operations 52
2.7.1. Type of insurance organization 53
2.7.2. Establishing a local company 53
2.7.3. Foreign ownership 55
2.7.4. Types of license 57
2.7.5. Capital requirements 58
2.7.6. Solvency margin 59
2.7.7. Reserve requirements 62
2.7.8. Investment regulations 63
2.7.9. Statutory return requirements 63
2.7.10. Fee structure 66
2.8. Taxation 67
2.8.1. Insurance premium or policy taxation 67
2.8.2. Withholding taxes on premium paid overseas 67
2.8.3. Corporate tax 67
2.8.4. VAT 68
2.8.5. Captives 68
2.9. Legal System 69
2.9.1. Introduction 69
2.9.2. Access to court 70
2.9.3. Alternative dispute resolution 70
3 APPENDIX 73
3.1 Methodology 73
3.2 Contact GlobalData 73
3.3 About GlobalData 74
3.4 GlobalData’s Services 75
3.5 Disclaimer 76
List of Tables
Table 1: Insurance Industry Definitions 6
Table 2: Slovenia - Insurance Regulatory Framework Key Features 8
Table 3: Slovenia - Life Insurance Regulatory Framework 26
Table 4: Slovenia - Property Insurance Regulatory Framework 28
Table 5: Slovenia - Motor Insurance Regulatory Framework 30
Table 6: Slovenia - Liability Insurance Regulatory Framework 32
Table 7:Slovenia - Liability Limits for Third-Party Death and Physical Injury 41
Table 8: Slovenia - Liability Limits for Other Claims 41
Table 9: Slovenia - Minimum Coverage for Aircraft Third-Party Liability Per Accident and Aircraft 43
Table 10: Slovenia - Corporate Tax Rates for the Financial Year 2018 68
List of Figures
Figure 1: Slovenia - Insurance Supervision and Control at Various Levels 46
Figure 2: Slovenia - Insurance Regulatory Frameworks for Company Registration and Operation 52
