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Granting of Authorisation 1) The authorisation shall be granted when the insurance undertaking satisfies the requirements of law and the business plan can be approved. 2) The authorisation shall be granted separately for each insurance branch or collectively for several insurance branches. For insurance undertakings with domicile in the Principality of Liechtenstein, it shall cover the area of the signatory states to the EEA Agreement. The authorisation may be granted subject to conditions.
Refusal of Authorisation The authorisation to assume insurance activities may be refused if b) facts are known from which it follows that the officers of an insurance undertaking do not offer the guarantee of reliability and professional suitability; or c) according to the business plan and the other documentation the interests of the policy holders are not adequately met or the obligations arising from the insurances are not shown to be capable of fulfilment in the long term.
Non-Insurance Business 1) Apart from insurance business, insurance undertakings may only pursue business which is directly connected with insurance. Non-insurance activities are not permissible. 2) Major holdings by insurance undertakings in non-insurance undertakings require an authorisation. The Government shall determine the details in the Executive Order. Separation of Insurance Branches 1) Insurance undertakings engaged in direct life insurance may not be active in any other branches of insurance apart from supplementary insurance for accidental death, sickness and invalidity, also health and invalidity insurance. 2) An insurance undertaking which provides insurance for legal costs together with other insurance branches must transfer benefit adjustment in legal costs insurance to another undertaking (claims adjustment undertaking). The transfer is considered as a functional separation. The claims adjustment undertaking may not conduct any other insurance business apart from insurance for legal costs and may not adjust benefits in other insurance branches. 3) Art. 19 shall apply analogously to the officers of the claims adjustment undertaking as specified in Para. 2. Such officers may not work at the same time for an insurance undertaking which carries on other insurance business apart from legal costs insurance.
Brokerage Brokerage in favour of insurance undertakings which are subject to insurance supervision and which have no authorisation to operate in the Principality of Liechtenstein is prohibited.
Board of Directors and Management 1) At least one member of both the board of directors and the management must be resident in the Principality of Liechtenstein and have sufficient authority to represent the insurance undertaking vis-a-vis the administrative authorities or the courts. 2) In the case of a branch office or an agency of a non-EEA undertaking within the intendment of Art. 31 Para. 1, it shall be sufficient if the general representative resides in Liechtenstein and is authorised as described in Para. 1. |
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© 2001 Kurt
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