Insurance Company License - Insurer License

Central Bank of the Republic of Kosovo, Department of Licensing and Standardization

Cilj: The purpose of this procedure is to establish the minimum conditions that must be met by the interested parties for licensing as insurer. Through this procedure, the process of application evaluation is regulated which makes it possible for only those legal entities that meet the criteria set out in the applicable legislation to be allowed to enter the market.

Opis: To apply for an insurance company license, the applicant must first contact The Department of Licensing and Standardization within the Central Bank of Kosovo to make an appointment prior to application. Those interested in licensing as insurer - insurance company must meet all requirements under Law no. 05/L-045 On Insurances, necessary for the application process. The application must be in writing, signed by the founder and submitted to CBK, with physical presence of the representatives of the founding shareholders. The application shall be submitted together with the full documentation required by Law No. 05/L-045 on Insurances, the Rule on the Licensing Insurers and Foreign Insurer Branches and as per internal acts of CBK. The documentation provided must be in one of the two official languages of the Republic of Kosovo, either in original or in a legalized copy.

Pranvi osnov

Punovaznost dozvola: The license is issued for an indefinite period of time.

Antihemiski organ: Central Bank of Kosovo

Rok zalbe: 15 days

Potrebne informacije

  • Details on the parent insurer;
  • Details on the applying company;
  • Details on Representatives of the applicant company / potential insurer;
  • Ownership of the applicant company;
  • Organization and control of the insurer;
  • Business objectives;
  • Risks;
  • Equity adequacy;
  • Potential added value for the Kosovo insurance industry;
  • Name, nationality, residence, qualifications and experience of the directors and senior managers of the proposed insurer, including business and professional history for the past ten (10) years;

Predvidjeni rok u okviru kog se treba dati odgovor na postupak ( u danima) 90

Potrebna dokumentacija

  • Application Form; (Original)
  • A document certifying the possession of the authorized and committed capital of the proposed insurer or the foreign insurer''s branch as well as the additional fund for initial costs as defined in Article 19 paragraphs 1 and 2 of the Insurance Law and Rule on Licensing of Insurers and Branches of Foreign Insurers, including details on the source of capital and additional funds; (Original)
  • The shareholder list, type of shares, the nominal value of the shares, the percentage of the share capital and the potential affiliated persons or parties; (Original)
  • Individual reports on proposed insurance directors and senior managers; (Original)
  • A business plan that includes, inter alia, the organizational structure of the proposed insurer or foreign insurer; (Original)
  • The foreseen nature of the insurance activities and the financial statements for three (3) years; (Original)
  • Personal details, business and professional history for the last ten years and audited financial statements for the past three (3) years (if any) of each major shareholder holding ten percent (10%) or more of the insurer''s shares proposed; (Original)
  • For each director or senior manager or principal shareholder of the proposed insurer or foreign insurer''''s branch, the official evidence from the Court is required, disclosing any conviction for criminal offenses, personal bankruptcy files, disqualification from the exercise of the profession or past or already in the management function of any corporation or other entrepreneurial body (such as TAK and Pension Trust) that has been subject to insolvency proceedings, if any; (Original)
  • Draft contracts, including the general and specific conditions of the insurance contract in accordance with the insurance class for which it has requested to be licensed; (Original)
  • A plan for the implementation of measures for prevention of money laundering and terrorist financing; (Original)
  • In any case where the applicant is a foreign insurer proposing the establishment of a subsidiary insurance company or a branch in Kosovo, a statement from the supervisory authority of the home country should be provided that there is no objection to the initiation of the proposed activities in Kosovo and it exercises consolidated supervision of the activity vis-à-vis the foreign insurer, including the subsidiary insurance company or the foreign insurer''s branch, seeking to be licensed in Kosovo; (Original)
  • Evidence of fee payment for licensing; (Original)
  • Documents required in the application form and other additional information that may be considered appropriate by the CBK. (Original)
Tip plataIznos ( u Eurima)Nacin plataBroj racuna
Payment10,000 EURBanking transfer 1000700010000130

Forma nije pronadjena