THE RULEBOOK ON RULES OF OPENING AND BUSINESS ACTIVITIES OF BRANCH OFFICES OF INSURANCE COMPANIES IN INTER ENTITY BUSINESS ACTIVITIES
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1 Official Gazette of the Republic of Srpska Number 12/13 UNOFFICIAL TRANSLATION Pursuant to Article 7 paragraph 2 point 9, Article 9 paragraph 1 point 2 of the Law on Insurance Companies (Official Gazette of the Republic of Srpska, 17/05, 1/06, 64/06, and 74/10) and Article 16 paragraph 1 point 2 of the Statute of the Insurance Agency of the Republic of Srpska (Official Gazette of the Republic of Srpska, 30/06), Administrative Board of the Insurance Agency of the Republic of Srpska at its session held on 31 st January 2013 issued the following: THE RULEBOOK ON RULES OF OPENING AND BUSINESS ACTIVITIES OF BRANCH OFFICES OF INSURANCE COMPANIES IN INTER ENTITY BUSINESS ACTIVITIES I - BASIC PROVISIONS Article 1 (1) This Rulebook regulates: a) the procedure of opening a branch office of companies from the Republic of Srpska in the Federation of Bosnia and Herzegovina, b) the procedure of registration of companies from the Federation of Bosnia and Herzegovina in register of the Insurance Agency of the Republic of Srpska, c) carrying out business activities and reporting of branch office of companies from the Federation of Bosnia and Herzegovina in the Republic of Srpska and d) monitoring of business activities of the branch office of company from the Federation of Bosnia and Herzegovina conducted by the Insurance Agency of the Republic of Srpska. (2) Contractions used in this Rulebook shall have the following meanings: Rulebook - the Rulebook on rules of opening and business activities of branch offices of companies in inter entity business activities, Law - the Law on Insurance Companies, RS Agency - Insurance Agency of the Republic of Srpska, FBiH Agency - Agency for monitoring of the Federation of Bosnia and Herzegovina, RS - the Republic of Srpska, FBiH - the Federation of Bosnia and Herzegovina, Company from RS - an company whose headquarters are in the Republic of Srpska, Company from FBiH - an company whose headquarters are in the Federation of Bosnia and Herzegovina, branch office in FBiH - branch office of the company from RS in FBiH, branch office in RS - branch office of the company from FBiH in RS, underwriter - people employed as legal representatives of the company or through agents - legal persons, i.e. entrepreneurs for representation that are registered in registers of mediators that are kept by the RS Agency. II - OPENING OF BRANCH OFFICE OF INSURANCE COMPANY FROM THE REPUBIC OF SRPSKA IN THE FEDERATION OF BOSNIA AND HERZEGOVINA Article 2 1
2 Company from RS registered in the registers of the Insurance companies of RS Agency may open an organisational unit, a branch office in FBiH, after it obtains a permission of RS Agency, Article 3 (1) Insurance company from RS intending to open a branch office in FBiH must submit a request for issuing a license for opening a branch office in FBiH to the Agency and to that it must enclose the following: a) a decision on opening a branch office in FBiH, b) a document regulating job classification in branch office in FBiH, c) evidence of provided business premises for the headquarters of the branch office in FBiH and organisational units of the branch office, d) decision appointing an authorised official for representing the branch office in FBiH along with stating the scope and limits of authorisation for representation in legal transactions, e) evidence that private person referred to in paragraph 1 point d) of this Article is a temporary or permanent resident of the territory of BiH, f) business plan and financial plan of the branch office in FBiH, g) signed and verified valid policy conditions and tariff rates for types of s that branch office in BiH shall provide, including conditions and tariffs referred to in paragraph 2 of this Article, h) one verified copy of all types of policies ( contracts) that shall be used by the branch office in FBiH in legal transactions in FBiH, i) statement on chosen manner of carrying out business activities within the type of : "Court costs" according to Article 65 of the Law if they shall do business in that kind of. j) signed and verified policy conditions and technical and actuary bases for the type: "Health Insurance" and in cases prescribed by Article 39 paragraph 4 of the Law in case of non-life company that shall do business in "Health Insurance" in FBiH, k) evidence that it is a member of Green Card Bureau in BiH in case it is an company that has a license for carrying out activities of against civil liability in respect of use of motor vehicles. (2) Insurance company from RS shall adopt and apply joint policy conditions and tariffs for type of against civil liability in respect of use of motor vehicles in the branch office in BiH that are harmonized with valid and binding conditions and tariffs in FBiH. Article 4 Decision on opening a branch office in FBiH referred to in Article 3 paragraph 1 point a) shall contain: a) preamble, name, number and date of issuing, name of the competent authority for issuing decision and signature of responsible person, b) company and headquarters of the branch office in FBiH, c) business that shall be done in the branch office in FBiH stated in the valid classification of types of s, d) business from activities of companies that shall be done in the branch office in the FBiH, e) data on legal capacity and responsibility of the branch office in FBiH in legal transactions in FBiH, 2
3 f) data on legal representative of branch office in BiH and limits of their authorisations for representation. Article 5 The document regulating job classification for branch office in FBiH referred to in Article 3 paragraph 1 point b) must contain: internal organisation containing all organisational units within the branch office, job classification, job descriptions and conditions that must be fulfilled by employees and number of employees. Article 6 (1) Business plan and financial plan referred to in Article 3 paragraph 1 point f) of this Rulebook shall be submitted for the year in which branch office in BiH is opened and for the following business year and it must contain, among other things, the following elements: a) starting points: 1) basic data on the company from RS, 2) analysis of market in FBiH containing analytical data that are used as a basis for planning, 3) basics and goals of business policy of company from RS, 4) staff plan for carrying out business activities of branch office in FBiH, 5) description of manner of selling (through staff or authorised agents), 6) types of from activities of companies from RS that shall be carried out in the branch office in FBiH; b) assessment of planned amount of costs and investments that refer to opening a branch office in FBiH, c) planned total income of the branch office with explanation of all positions of income: 1) premium income (expected number of contracts according to the types of and amount of expected premium), 2) other incomes (according to the types); d) planned total expenses of branch office with explanation of all positions of expenses: 1) expected indemnity expenses and payments of contract prices, 2) other expenses related to business activities (according to types), e) planned result of business activities of the branch office - the difference between planned total income and total expenses, f) assessment of economic justification of opening and business activities of branch office in FBiH. (2) Business plan and financial plan referred to in Article 3 paragraph 1 point f) of this Rulebook must be signed by the authorised officer in the company and shall be delivered together with the decision of competent authority on its adoption. Article 7 (1) In procedure upon the request of an company from RS, RS Agency referred to in the Article 3 of this Rulebook shall check if the conditions for opening and carrying out business activities of the branch office in FBiH are fulfilled. (2) in the procedure referred to in paragraph 1 of this Article, RS Agency shall assess financial ability and position of company from RS and if conditions are fulfilled it shall issue a solvency certificate. (3) If they assess that conditions are fulfilled, RS Agency shall issue a decision on issuing licence for opening a branch office in FBiH to company in RS. 3
4 (4) Decision referred to in paragraph 3 of this Article is a condition for registration of opening a branch office in FBiH in registers at competent courts. (5) An company from RS must deliver decisions of competent courts (according to the headquarters of the company and headquarters of the branch office) on registration of branch office in FBiH in court registers within 10 days from the day of reception of last decision. (6) Upon issuing a license referred to in paragraph 3 of this Article, an company from RS shall join the FBiH Protective Fund and deliver the decision of competent authority of Protective Fund to RS Agency within 10 days form the day the decision was received if it does against civil liability in respect of use of motor vehicles. Article 8 (1) Within 15 days from deadline day referred to in the Article 7 paragraph 5 of this Rulebook, RS Agency shall submit a request together with documentation referred to in Article 3 of this Rulebook to FBiH Agency and in addition to that it shall enclose the following: a) decision on issuing licence for opening a branch office in FBiH to company from RS, b) competent courts decisions referred to in Article 7 paragraph 5 of this Rulebook, c) solvency certificate of company from RS that is opening a branch office in FBiH, d) evidence of membership of company from RS in Protective Fund of BiH. (2) RS Agency informs company from RS that request and documents referred to in paragraph 1 of this Article shall be forwarded to FBiH Agency. Article 9 (1)RS Agency shall issue a decision on declining request of company from RS for issuing a licence for opening a branch office in FBiH if they assess that: a) organisational and staff structure of the branch office in FBiH is not capable of doing planned activities, b) that financial abilities and position of company in RS are such that there are no conditions for issuing solvency certificate. (2) RS Agency shall reach a conclusion on declining request of a company from RS for issuing licence for opening a branch office in FBiH if the company from RS does not deliver all prescribed and required documents after issuing a conclusion on supplement to the request within determined deadline. Article 10 (1)Company from RS which opened a branch office in FBiH and which was registered in the register of the companies kept by the FBiH Agency and which has intention to amend any document or data referred to in Article 3 paragraph 1 of this Rulebook shall file a request for registration of amendments to data for branch office in FBiH and in addition to that it encloses amendment to documents that are being changed or other necessary evidence to RS Agency. (2)If a company from RS changes its name, headquarters, person authorised for representation of the branch office or scope of its authorisations in legal transactions, business from activities of companies that are being conducted in the branch office in FBiH, RS Agency shall issue a licence for conducting changes. 4
5 (3)Insurance company from RS shall submit decisions of competent courts (according to the headquarters of the company and according to the headquarters of the branch office) on registration of changes referred to paragraph 2 of this Article in court registries to RS Agency within 10 days from the day of the reception of the last request. Article 11 (1)Within 15 days from the day of expiry of the deadline referred to in Article 10 paragraph 3 of this Rulebook RS Agency shall deliver to FBiH Agency a request for changes of data that are entered into court register together with enclosed documentation that corresponds to the change that was conducted and in addition to that it shall also enclose the following: a) decision on issuing a licence to company from RS if it is about changes referred to in Article 10 paragraph 2 of this Rulebook, b) decisions of competent courts referred to in Article 10 paragraph 3 of this Rulebook. (2)Within 30 days from the day from the day of the reception and after it checks and assesses data that were subject of the changes, RS Agency shall submit a request for changing data for branch office in FBiH to FBiH Agency. III-REGISTRATION OF COMPANIES FROM FEDERATION OF BOSNIA AND HERZEGOVINA IN THE REGISTER OF INSURANCE AGENCY OF THE REPUBLIC OF SPSKA Article 12 (1)Within 15 days from the day of reception of the document of the FBiH Agency including annexes referred in Article 8 paragraph 1 of this Rulebook that refers to branch office in RS, RS Agency is issuing a decision on registration of company from FBiH that carries out business activities through branch office in the register of companies they keep. (2)On the day of issuing the Decision referred to in paragraph 1 of this Article, an company from FBiH obtains a right to carry out activities of direct in RS through branch office in RS, from when liabilities of companies from FBiH towards Protective Fund of RS begin and to pay fees to RS Agency for monitoring. (3)In register of companies it keeps, RS Agency registers changes of the data for the branch office in RS within 15 days after FBiH Agency submits a request for changes of the company from FBiH with submitted documentation that corresponds to the change that was implemented. IV-BUSINESS ACTIVITIES AND REPORTING OF BRANCH OFFICE OF COMPANY FROM FEDERATION OF BOSNIA AND HERZEGOVINA IN THE REPUBLIC OF SRPSKA Article 13 (1)On the territory of RS the branch office in RS performs direct in types of activities for which company from FBiH obtained a license to operate from FBiH Agency and within limits of authorisation for participating in legal transactions in RS, in accordance with the decision on opening branch office in RS. 5
6 (2)Branch office in RS concludes contracts for covering risks in RS through employees legal persons, i.e. entrepreneurs for representation who are registered in registers of the mediator kept by the RS Agency. Article 14 (1)Within annual plans and reports on business activities issued for the company as a whole, company from FBiH separately plans and reports at the level of branch office in RS for scope of business activities carried out at the level of that branch office. (2)Branch office in the RS shall own and when monitored by RS Agency submit for review annual business plan and financial plan of the branch office or excerpt from annual and financial plan of company from FBiH referring to branch office in RS. (3)Branch office in the RS shall own and when monitored by RS Agency submit for review all internal documents issued at the level of the company from FBiH as a whole and that are in force in the branch office in RS. Article 15 (1)Branch office in the RS must own and while being monitored by RS Agency submit for review: a) all contracts (originals or verified copies) concluded in RS, b) all request for damages or payments of insured amounts that appeared based on the contract concluded in RS together with all documentation belonging to it (original or verified copy) and c) all other business and material or financial documentation that emerges in the business activities of the branch office in RS or is related to it. (2) Applicable date of receiving a request by a branch office in RS shall be the date of submitting claim or date of submitting request for payment sum insured regardless if the request was submitted in the headquarters of the branch office in RS or in any other office that is part of organisational structure of branch office in RS. (3) Branch office in RS shall appoint a person who will cooperate with ombudsman in RS and send a written notification on that to RS Agency. Article 16 (1)Branch office in RS shall own and while being monitored by the RS Agency submit for review singled out up-to-date records from branch office's business activities containing minimum the following data: a) on persons who are concluding contracts in RS on behalf of and for the account of branch office in RS regardless whether they are employees of the branch office in RS or legal persons i.e. entrepreneurs registered in registers of agent at RS Agency containing: 1) name, surname and address of the underwriter, 2) code of underwriter appointed to them in information system of the company from FBiH, b) on contracts on representation containing: 1) number, date and time during which agreement on representation is valid, 2) types of in which company, i.e. entrepreneur for representation represents a company from FBiH i.e. a branch office in RS: c) on life contacts containing the following data: ordinal number, policy number, date of conclusion, contracting parties, subject matter of the contract 6
7 (type of ), period during which in valid, premium, amount of sum insured, payment method, payment, mathematical provision, policy status (pledged, capitalised), note; d) on claims and requests for payment of insured sums that refer to consummation of contracts concluded in RS according to the types of and containing all data that company keeps in their registers, in accordance to the regulations. (2) Branch office in RS that on behalf of company from FBiH performs the activities in type 10 " against civil liability in respect of use of motor vehicles" must within prescribed time period and in prescribed form exchange data necessary for application of provisions on bonus-malus with all companies registered in registers of companies kept by the RS Agency and at the same time deliver that data to the RS Agency in order to monitoring to be conducted. Article 17 (1) Branch office in RS must own and when monitored by the RS Agency submit for review records on policies in all types of that branch office in RS borrows from the company in FBiH in order to conclude a contract on in RS. (2) If the branch office in RS carries out the activities in type 10 " against civil liability in respect of use of motor vehicles" the company from FBiH shall harmonize the content in the policy with Decision on mandatory content of policy against civil liability in respect of use of motor vehicles and method of keeping records of the issued policies (Official Gazette of the Republic of Srpska, 110/10). Article 18 (1) Records referred to in Article 17 paragraph 1 of this Rulebook must provide minimum the following data: a) on underwriters referred to in Article 16 paragraph 1 point a) of this Rulebook, b) code and name of the company, as kept in the information system by the company in FBiH, c) states, i.e. statuses of individual forms of policies, as follows: 1) policy kept in the records of policies of branch office in RS - received by the company from FBiH and it is not issued to underwriters, containing the date of reception or date of recovery into records of unused policies discharged from underwriter, 2) unused policy borrowed in the branch office in RS by underwriter (there is no concluded contract) containing the date of borrowing by underwriter, 3) policy is physically still at underwriter, it is used (contract concluded) and it not physically discharged containing the date of conclusion of the policy, 4) the policy is used (contract concluded) and physically returned in the archive of branch office in RS, i.e. discharged containing the date of the discharge of the policy, 5) the policy was annulled by the underwriter containing the cancelation date and discharge date, 6) the policy was cancelled by the underwriter containing the cancellation date and discharge date, d) cumulative balances of the policies in the record according to the types of policies determined based on the status of individual policies referred to in point c) paragraph 1 of this Article. 7
8 (2) While being monitored by the RS Agency, in every moment branch office in RS shall submit for review balances of individual policy referred to in point c) paragraph 1 and cumulative states referred to in point d) paragraph 1 of this Article. (3) While being monitored by the RS Agency, the branch office in the RS must own and submit for review documents based on which: a) the branch office in RS borrows policies from the companies from FBiH, b) appoints underwriter in the branch office in RS, c) discharges underwriter in the branch office in RS (document for discharging used, annulled and cancelled policies, document for discharging based on recovery of unused policies in records by underwriter), d) determines state of debt/discharges of underwriter with policies based on which schedule and chronology of selling policies is determined. Article 19 (1)All payments and withdrawals related to the business activities of the branch office in RS must be conducted through special transaction account opened for the branch office in RS. (2)All business events and changes that occur in business activities in the branch office in RS must be posted based on the appropriate material and financial documents that occurs in the business activities of the branch office in RS. Article 20 (1)Branch office in the RS must deliver to RS Agency verified and signed statistical reports on: a) accounted premium for the branch office, on the form P, b) damages that were reported in the branch office on the form Š and, c) structure of professional qualifications of the employees in the branch office on the form KS. (2) Branch office in the RS must deliver verified and signed trial balance of the branch office with cumulative calculated data for accounting period from 1 st January until the end of the accounting period, (3) reports on accounted premium and damages are compiled cumulatively for the accounting period from 1 st January until the end of accounting period and delivered on a monthly basis within 15 days from the day of the expiry of the period for which they were compiled. (4) report on structure of professional qualifications and trial balance shall be delivered on a semi-annual basis within time periods prescribed in RS for compiling and submitting financial reports. (5)exempt from provisions of paragraph 4 of this Article, RS Agency may request a branch office in RS to deliver trial balance on the last day of the previous month compared to the month in which the request was filed to the branch office. (6)Forms referred to in paragraphs 1 and 2 of this Article must be delivered to the branch office in the RS in electronic form and in the manner prescribed in the bylaw of the RS Agency. (7)Forms prescribed by this Rulebook shall be signed by the person filling them in and by the branch office manager. (8)Forms referred to in the paragraph 1 of this Article are integral part of this Rulebook. Article 21 8
9 Branch office in RS shall deliver a copy of income tax return form to RS Agency together with tax balance sheet for the previous business year within 10 days from the day of the submitting the request. V - MONITORING OF BUSINESS ACTIVITIES OF BRANCH OFFICE FROM FEDERATION OF BOSNIA AND HERZEGOVINA IN THE REPUBLIC OF SRPSKA Article 22 (1)In the branch office in RS, RS Agency monitors the application of regulations on and regulations on mediation in that are applied in the RS especially including: a) conclusion and consummation of contracts, b) planning, keeping business books and reporting of the branch offices in RS, c) keeping prescribed records. (2) RS Agency delivers records on control of branch offices in RS that was conducted to FBiH Agency, (3)RS Agency and FBiH Agency cooperate among each other which includes: a) exchange of information on monitoring that shall be conducted in branch offices in RS and branch offices in FBiH and b) forming of mutual monitoring teams in individual monitoring of branch offices in inter entity business activities in there is a need for that and upon the request of one of the Agencies. VI - TRANSITIONAL AND FINAL PROVISIONS Article 23 Insurance company from FBiH that performs business activities through branch office and which was registered in the register of the RS Agency until the day of entry into force of this Rulebook shall harmonize business activities and documentation with provisions of chapter III and IV of this Rulebook, except for reports that shall be delivered within time period prescribed by Article 20 of this Rulebook within 6 months from the day of entry into force of this Rulebook. Article 24 Provisions of this Rulebook shall apply to the branch office of the company from RS in Distict Brčko. Article 25 Director of RS Agency shall be authorised to sign content of the certificate of solvency referred to in Article 7 paragraph 2 of this Rulebook and if needed to issue further instructions for application of this Rulebook. Article 26 This Rulebook enters into force on the eight day from the day of publishing in the Official Gazette of the Republic of Srpska. Number: UO-05/13 31 st January 2013 Banja Luka President of the Administrative Board Branka Bodroža 9
10 Insurance code Name of the company/branch offices: Report on transferable premium reserves period from 1 st January until year Type of Number of (policy) Accrued premium BAM Form: P expense loading =(5+6) Accident 02 Health 03 Vehicle excluding railroad vehicles 04 Railroad 05 Aviation 06 Watercraft 07 Transport 08 Fire and natural disasters 09 Insurance against other damages of the property 10 Insurance against civil liability in respect of use of motor vehicles 11 Insurance against civil liability in respect of use of aviation 12 Insurance against civil liability in respect of use of watercraft 13 General liability 14 Credit 15 Guaranty 16 Insurance against different financial losses 17 Legal expenses 18 Insurance of assistance TOTAL NON-LIFE INSURANCES 19* Life 19** Annuities 19*** Additional along with life 19**** Other types of life TOTAL LIFE INSURANCES TOTAL Place and date: Data processed by Name and surname-signature Branch office manager Name and surname-signature 10
11 Name of the company/branch offices: Form: Š Report on damages Period from until of year in BAM Insurance code Type of Provisions for reported damages (balance as of 1 January of the previous year) Reported damages in the current accounting period Reported for the first time Total (reserved +reported) PROCESSED DAMAGES Declined damages Reactively Total Processed damages in regular procedure Processed damages in a dispute Total processed damages Unpaid processed damages from the previous period Paid out of total processed damages Unpaid processed damages in the end of the period of submitting request Reserved damages in the end of submitting report Number Amount Number Number Number Number Amount Number Amount Number Amount Number Amount Number Number Amount Number Amount Number Amount Number Amount =(5+6) 8=(3+7) =(10+12) 15=(11+13) =( ) 22=( ) 23=( ) 24=(9-15) 01 Accident 02 Health 03 Vehicle excluding railroad vehicles 04 Railroad 05 Aviation 06 Watercraft 07 Transport 08 Fire and natural disasters 11
12 Insurance code Type of Provisions for reported damages (balance as of 1 January of the previous year) Reported damages in the current accounting period Reported for the first time Total (reserved +reported) PROCESSED DAMAGES Declined damages Reactively Total Processed damages in regular procedure Processed damages in a dispute Total processed damages Unpaid processed damages from the previous period Paid out of total processed damages Unpaid processed damages in the end of the period of submitting request Reserved damages in the end of submitting report Number Amount Number Number Number Number Amount Number Amount Number Amount Number Amount Number Number Amount Number Amount Number Amount Number Amount =(5+6) 8=(3+7) =(10+12) 15=(11+13) =( ) 22=( ) 23=( ) 24=(9-15) 09 Insurance against other damages of the property 10 Insurance against civil liability in respect of use of motor vehicles 11 Insurance against civil liability in respect of use of aviation 12 Insurance against civil liability in respect of use of watercraft 13 General liability 14 Credit 15 Guaranty 16 Insurance against different financial losses 17 Legal expenses 12
13 Insurance code Type of Provisions for reported damages (balance as of 1 January of the previous year) Reported damages in the current accounting period Total (reserved +reported) PROCESSED DAMAGES Declined damages Unpaid processed damages from the previous period Paid out of total processed damages Unpaid processed damages in the end of the period of submitting request Reserved damages in the end of submitting report Reported for the first time Reactively Total Processed damages in regular procedure Processed damages in a dispute Total processed damages Number Amount Number Number Number Number Amount Number Amount Number Amount Number Amount Number Number Amount Number Amount Number Amount Number Amount =(5+6) 8=(3+7) =(10+12) 15=(11+13) =( ) 22=( ) 23=( ) 24=(9-15) 18 Insurance of assistance TOTAL NON- LIFE INSURANCES 19* Life 19** Annuities 19*** Additional along with life 19**** Other types of life TOTAL LIFE INSURANCES TOTAL Place and date: Data processed by: Name and surname-signature Branch office manager Name and surname-signature 13
14 Name of the company/branch office: Form: KS Structure of professional qualifications of the employees as of year Ordinal number Qualifications Number of employees Unqualified 2. Semi-skilled 3. Low-skilled 4. Skilled 5. Secondary school education 6. Highly-skilled worker 7. Non-university college degree 8. University degree 9. Ma 10. PhD TOTAL Place and date: Data processed by: Name and surname-signature Branch office manager Name and surname-signature 14
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