• I. Background
  • II. Definitions
  • III. General licensing principles
  • The term licence in this paper - scope of application
  • Types of company which must be licensed
  • Domestic insurers
  • Subsidiaries of foreign companies
  • Types of business which must be licensed
  • Insurance business
  • Distinction between insurance and social security
  • Insurance business which may not be licensed
  • Scope of licence
  • IV. Licensing requirements
  • Legal form and head office of the company
  • Objective of the company
  • Specialisation
  • Minimum capital
  • Business plan
  • Suitability of directors and/or senior management
  • Suitability of owners (Control of shareholders)
  • Affiliation contracts and outsourcing
  • Product control
  • Articles of incorporation
  • Actuaries and auditors
  • V. Licensing procedure
  • Application
  • Examination procedure
  • Licence and registration in the register of commerce
  • Licensing body and supervisor
  • Duration of the licensing procedure
  • Cooperation
  • VI. Withdrawal of licence
  • ANNEX Extract from Insurance Supervisory Principles