Insurance is an essential part of the financial system as written insurance premiums raise funds which are then channelled into investments, thus fostering economic development. In macroeconomic terms, insurance is of major importance to every country.
For policyholders, on the one hand, insurance represents security if they are exposed to unforeseen risks and consequently suffer damage, and on the other hand, is a way of saving and investing resources for the future. The Ministry of Finance is responsible for the adoption of insurance regulatory legislation.
Groups and classes of insurance
There are two insurance groups combining insurance that includes multiple classes of insurance:
- accident and health insurance (insurance in the event of disease, injury, specific medical condition, death or deterioration of health resulting from an accident);
- vehicle insurance (covering damage to land vehicles, damage arising from the carriage of goods, and land vehicle liability insurance);
- marine and transport insurance (railway rolling stock and vessel insurance);
- insurance of aircraft;
- insurance against fire and other damage to property:
- liability insurance (liability in the use of land vehicles, vessels, aircraft);
- credit and suretyship insurance (covering the risk of non-payment or delayed payment, export credits, mortgage loans, mortgage and lombard credits, and some similar credits);
- damage and accident insurance.
- life insurance in the strict sense (including insurance against death, endowment insurance, annuity insurance);
- marriage or birth insurance;
- unit-linked life insurance;
- tontine (a group of policyholders agrees to jointly capitalise their contributions and subsequently distribute the accumulated assets among the insured persons that survive to a stipulated age or among their heirs);
- capital redemption insurance;
- insurance of loss of income resulting from an accident or illness.
Slovenian Insurance Association
The Slovenian Insurance Association (SIA) is a commercial interest association which is primarily concerned with the interests of insurance undertakings, but also performs certain other tasks, including the out-of-court settlement of consumer disputes.
The settlement of disputes between service providers and policyholders is regulated by the Insurance Act imposing on each insurance undertaking to have an internal procedure for resolving complaints. If the complaint is not granted by the insurance undertaking or if a decision on the complaint has not been taken within 30 days of its receipt, the parties may contact the Slovenian Insurance Association. The Ombudsman of Good Business Practices in Insurance, which operates within the SIA, decides on disputes between parties and insurance undertakings arising from non-compliance with the Insurance Code and other good commercial practices. The Ombudsman does not deal with disputes which, in terms of their legal nature and substance, would fall within the jurisdiction of the courts.
Insurance Supervision Agency
The Insurance Supervision Agency was established to protect policyholders, insured persons and other insurance beneficiaries. The Agency’s main tasks include the supervision of insurance undertakings and other supervised entities, the granting of authorisations to conduct insurance business, to perform the function of member of a management board and to establish a branch abroad. The Agency also grants authorisations to conduct insurance agency or brokerage business.
European Insurance and Occupational Pensions Authority
The European Insurance and Occupational Pensions Authority (EIOPA) was established in 2011 with its core task to integrate national supervisory authorities in the insurance sector with the aim of standardising supervisory practices.
Its aim is to ensure better protection for consumers or policyholders and insured persons as well as to safeguard the financial stability of the EU as a whole through the long-term solvency of the EU insurance sector.