Supporting terms

Events preceding supporting payments

  • In the event the activity license of an insurer is annulled, a special regime is established for the insurer or an insurer is declared bankrupt, the Financial Supervision Authority shall immediately inform the Fund of said events and the insurers or branches associated therewith.
  • The Financial Supervision Authority ascertains whether or not it is necessary to support the assignment of the insurance portfolio of pension contracts of an insurer or a branch on the account of the sectoral fund is necessary and makes the corresponding proposal to the supervisory board of the Fund.
  • The Financial Supervision Authority organises a competition for transfer of insurance portfolios.
  • The Financial Supervision Authority informs the Fund of the appointment of the insurer that accepts the insurance portfolio immediately after the corresponding decision is made.
  • The transferor and transferee of the insurance portfolio and the Fund enter into the insurance portfolio transfer contract provided in § 89 of the Insurance Activities Act.

Deadline for supporting payments

The Fund pays out the amount of support not later than within one month of receipt of the Financial Supervision Authority’s notice about determination of the insurer who accepts the insurance portfolio.

The Financial Supervision Authority may extend said deadlines at the Fund’s request with good reason.