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LR-Nr.: 961.01, art. 9-12


Law on Supervision

Art. 9

Accident Insurance

1) Insurance undertakings wishing to conduct accident insurance (for accidents at work, non-occupational accidents, industrial diseases) are also subject to the legislation on compulsory accident insurance.

2) If the legislation on compulsory accident insurance contains provisions which deviate from this law and do not merely concern voluntary accident insurance, these shall take precedence.

 

Art. 10

Company Pension Schemes

1) Company pension schemes for old-age, invalidity and dependents do not fall under this law; these are covered by the relevant special legislation.

2) The administration of international provident organisations does not fall under this law either.

 

Art. 11

Definitions

1) The head office, an agency or a branch office of the insurance undertaking is defined as a business establishment. An office is equated with an agency or branch establishment when the said office

  • a) is managed by the insurance undertaking's own staff or

    b) is managed as an agency on a permanent basis by an independent person on behalf of the insurance undertaking.

  • 2) A state for which the Agreement on the European Economic Area has come into force is deemed to be a signatory state to the EEA Agreement.

    3) The following is considered as the state in which the risk is situated:

  • a) In the case of the insurance either of buildings or of buildings and the objects therein if these are covered by the same insurance contract, the state in which the objects are situated;

    b) in the case of the insurance of vehicles of all kinds, the state in which the vehicle is registered (state of registration);

    c) in the case of a contract for the insurance of travel and holiday risks lasting not more than four months, the state in which the policy holder has concluded the contract (irrespective of the insurance branch in question);

    d) in all other cases, the state in which the policy holder has his usual place of residence or, when the policy holder is a legal entity, the state in which the business establishment of this
    legal entity is situated, to which the contract refers.

  • 4) The state in which the insurance undertaking covering the risk is located shall be deemed to be the state of the business establishment.

    5) The state in which the risk is situated, which is covered by an insurance undertaking established in another state, shall be deemed to be the state in which the service is performed.

    6) The state in which the policy holder has his usual place of residence or, when the policy holder is a legal entity, the state in which the business establishment of this legal entity is situated, to which the contract refers, shall be deemed to be the state of the liability.

    7) The state in which the head office of the insurance undertaking covering a risk is located shall be deemed to be the home state.

    8) The risks named in Appendix 3 shall be deemed to be major risks.

    9) The direct or indirect holding of at least ten per cent of the capital or of the voting rights of an undertaking or any other possibility of exercising a determining influence on the management of an undertaking in which the holding exists shall be deemed to be a qualified participation.

     

     

    II. Assumption and Conditions of Business Activities

    Art. 12

    Obligation to obtain Authorisation

    1) Insurance undertakings subject to supervision require from the Government an authorisation for every individual insurance branch for the assumption of their business activities .

    2) Insurance undertakings with a head office in a signatory state to the European Economic Area Agreement do not require an authorisation if they meet the special conditions as specified in Art. 28 to 30; the special legislation concerning individual branches of compulsory insurance is reserved

     

     

    © 2001 Kurt

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