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LR-Nr.: 961.01, Art. 24 - 27


Law on Supervision

III. Activities in Other Countries of Liechtenstein
Insurance Undertakings

Art. 24

Assumption of Business Activities

1) Insurance undertakings domiciled in the Principality of Liechtenstein may conduct direct insurance business in another signatory state to the EEA Agreement through a branch office or by providing services as specified in the following provisions.

2) The insurance undertaking must notify the Supervisory Authority of its intention to establish a branch office, stating the name of the state concerned, which has signed the EEA Agreement.

3) The notification required in Para. 2 must contain:

  • a) Details of which insurance branches are to be operated and which risks of an insurance branch are to be covered, and the insurance coverage must be stated;

    b) estimates for the first three years of business with regard to commission expenditure and other administrative costs, probable premium and/or contribution yield, probable expenditure for insurance cases and the probable liquidity situation;

    c) statements relating to the first three years of business concerning the financial resources available for covering obligations and the solvency margin;

    d) probable costs for establishing the administration and the agency network and the resources available for this (organisation fund);

    e) details of the organisation structure of the branch office;

    f) name of the proposed general representative who must have sufficient authority;

    g) name and address of the branch office;

    h) the draft of a declaration stating that the undertaking has become a member in the other state of the national insurance office and of the national guarantee fund insofar as it intends to be active in the insurance branch dealing with third-party liability for self-propelled land vehicles.

  • Art. 25

    Procedure for Setting Up a Business Establishment

    1) Within a period of three months following the receipt of the details contained in Art. 24, the Supervisory Authority shall verify not only the sufficiency in law of the project, but also the adequacy of the administrative structure and the financial situation of the undertaking, also the executive managerís and the business establishmentís competent managementís compliance with the conditions specified in Art. 13 Para. 1 Sub-Para. g.

    2) If it is quite safe, it shall forward to the Supervisory Authority of the other state,

  • a) these documents;

    b) a certificate which states that the insurance undertaking has at its disposal own funds equivalent to the solvency margin; and at the same time informs the insurance undertaking of this.

  • 3) Amendments to the details specified in Art. 24 Para. 3 must be communicated to the Supervisory Authority at least one month before the intended implementation.

     

    Art. 26

    International Service Operations
    by Domestic Insurance Undertakings

    1) If an insurance undertaking wishes to be active in international service operations, it must give notice of this, stating the signatory state to the EEA Agreement concerned. At the same time, it must be stated what insurance branches are to be operated abroad and what risks are to be covered.

    2) If health insurance is to be conducted, the details as specified in Art. 28 Para. 3 must be stated additionally.

    3) It is a question of international service operations within the intendment of this law when an insurance undertaking with its domicile in the Principality of Liechtenstein or in another signatory state to the EEA Agreement covers risks by direct insurance from its domicile or its business establishment in a signatory state to the EEA Agreement which are situated in another signatory state to the EEA Agreement, without the undertaking making use of a business establishment there.

     

    Art. 27

    Procedure when assuming Service Operations

    1) The Supervisory Authority shall verify the sufficiency in law of the project within one month of receipt of the details designated in Art. 26.

    2) If it is quite safe, it forwards to the Supervisory Authority of the other state, informing the insurance undertaking of this at the same time,

  • a) the necessary documents;

    b) a certificate stating that the insurance undertaking disposes of the necessary solvency margin for all its activities and may conduct business in the state in question;

    c) a certificate stating the insurance branches in which the undertaking conducts business and which risks it may cover

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