CROATIAN FINANCIAL SERVICES SUPERVISORY
AGENCY
Pursuant to the provisions of Article 3 paragraph 5 of the Insurance Act (Official Gazette 151/05, Official Gazette 87/08 and Official Gazette 82/09), the Croatian Financial Services Supervisory Agency issued at its session on 30 July 2009
ORDINANCE
ON THE CLASSIFICATION OF RISK TYPES ACCORDING TO GROUPS AND CLASSES OF INSURANCE BUSINESS
INTRODUCTORY PROVISIONS Article 1
(1) The Ordinance on the classification of risk types by groups and classes of insurance business shall regulate:
- groups of insurance business, - subgroups of insurance business,
- insurance classes within groups of insurance business, - risk types within insurance classes.
(2) Provisions of this Ordinance shall apply appropriately on the reinsurance companies.
GROUPS OF INSURANCE BUSINESS Article 2
Groups of insurance business shall be divided into: I Non-life insurance business,
II Life assurance business.
SUBGROUPS OF INSURANCE BUSINESS Article 3
Subgroups of insurance business shall be divided as follows:
a) accident and health insurance comprises insurance classes referred to in Article 6 of this Ordinance under 01 and 02,
b) motor insurance comprises insurance classes referred to in Article 6 of this Ordinance under 01.02, 03, 07 and 10,
c) marine and transport insurance comprises insurance classes referred to in Article 6 under 01.07, 04, 06, 07, and 12,
d) aircraft insurance comprises insurance classes referred to in Article 6 of this Ordinance under 01.07, 05, 07 and 11,
e) insurance against fire and other damage to property comprises insurance classes referred to in Article 6 of this Ordinance under 08 and 09,
f) liability insurance comprises insurance classes referred to in Article 6 of this Ordinance under 10, 11, 12 and 13
g) credit and suretyship insurance comprises insurance classes referred to in Article 6 of this Ordinance under 14 and 15.
INSURANCE CLASSES Article 4
Non-life insurance business shall comprise the following insurance classes:
01. personal accident insurance 02. health insurance
03. insurance of land motor vehicles 04. insurance of railway rolling stock 05. insurance of aircraft
06. insurance of vessels
07. insurance of goods in transit
08. insurance against fire and natural disasters 09. other property insurance lines
10. motor vehicle liability insurance 11. aircraft liability insurance
12. insurance against liability arising out of the use of vessels 13. other liability insurance lines
14. credit insurance 15. suretyship insurance
16. insurance against miscellaneous financial losses 17. legal expenses insurance
18. travel insurance.
Article 5
Life assurance business shall comprise the following insurance classes:
19. life assurance 20. annuity insurance
21. supplementary insurance linked with life assurance policy 22. marriage and birth assurance
23. life assurance or annuity insurance in which the investment risk is held by the policyholder
24. tontines
25. assurance with paid-up sum assured.
RISK TYPES Article 6
Risk types within non-life insurance classes shall be divided into:
01 PERSONAL ACCIDENT INSURANCE includes accident insurance in a case of injury
at work and occupational diseases; in a case of death and loss of health due to the injury covers:
- payment of financial compensation of an agreement, indemnification of damage or expenses return in a lump sum,
- instalment payment of financial compensation of an agreement, - combination of the above mentioned payments,
- payment for injury, health damage or passenger death; and comprises the following:
01.01 Insurance of persons against consequences of accidents which took place at or outside of work,
01.02 Insurance of persons against consequences of motor vehicle accidents and accidents in special occupations,
01.03 Insurance of children and students from consequences of accidents and special insurance of youth against consequences of accidents,
01.04 Insurance of guests, performance and show visitors, excursion attendees and tourists against consequences of accidents,
01.05 Insurance of consumers, subscribers, beneficiaries of other public services, etc. against consequences of accidents,
01.06 Other special insurances against consequences of accidents,
01.07 Compulsory insurance of passengers in public transport against consequences of accidents,
01.99 Other insurances against consequences of accidents.
02 HEALTH INSURANCE is insurance that in case of diseases, injuries and other accidents
covers:
- medical expenses, pharmaceutical expenses and medical-technical facilities, - payments of agreed compensation and
- combination of the above mentioned payments; and comprises the following:
02.01 Compulsory insurance for compensation of costs in case of injury at work and occupational disease,
02.02 Supplementary insurance for the difference above the value of health services covered by compulsory health insurance,
02.04 Supplementary health insurance for larger scope of rights and higher standards of health services than those covered by compulsory health insurance,
02.06 Private health insurance,
02.99 Other types of voluntary health insurance.
03 INSURANCE OF LAND MOTOR VEHICLES is insurance that covers all damage to
or loss of:
- self-operated land motor vehicles except railway rolling stock,
- land motor vehicles other than self-operated; and comprises the following:
03.01 Casco insurance of self-operated land motor vehicles,
03.02 Casco insurance of land motor vehicles, other than self-operated, 03.99 Other types of Casco insurance of land motor vehicles.
04 INSURANCE OF RAILWAY ROLLING STOCK is insurance that covers all damage
04.01 Casco insurance of railway rolling stock.
05 INSURANCE OF AIRCRAFT is insurance that covers all damage to and loss of aircraft
and other air transport crafts; and comprises the following:
05.01 Insurance of airplanes and other air transport crafts, 05.02 Casco insurance of aircraft other than airplane.
06 INSURANCE OF VESSELS – is insurance that covers all damage to and loss of sea, lake
and river vessels, and comprises the following:
06.01 Casco insurance of ships and yachts in sea transport (shipping), 06.02 Casco insurance of ships and boats in river transport,
06.03 Casco insurance of ships and boats in lake transport, 06.04 Casco insurance of ships in construction,
06.05 Casco insurance of platforms,
06.99 Other types of Casco insurance of vessels.
07 INSURANCE OF GOODS IN TRANSIT is insurance that covers every damage to and
loss of goods in transit or baggage, irrespective of the form of transport; and comprises the following:
07.01 Insurance of goods in sea transport, 07.02 Insurance of goods in air transport, 07.03 Insurance of goods in land transport, 07.04 Insurance of goods in storage,
07.99 Other types of insurance of goods in transport.
08 INSURANCE AGAINST FIRE AND NATURAL DISASTERS is insurance that covers
damage to property (other than damage included in: 03, 04, 05, 06 and 07) due to: fire, storm, natural disasters other than storm, explosion, nuclear energy, land subsidence); and comprises the following:
08.01 Insurance against fire and natural disasters outside industry and crafts, 08.02 Insurance against fire and natural disasters in industry and crafts, 08.99 Other types of insurance against fire and natural disasters.
09 OTHER PROPERTY INSURANCE LINES are insurances that cover all damage to
property (other than damage included in: 03, 04, 05, 06 and 07) due to hail or frost, theft or robbery, as well as other events other than those mentioned under 08; and comprise the following:
09.01 Machinery breakdown insurance, 09.02 Burglary and robbery insurance, 09.03 Glass breakage insurance, 09.04 Household insurance,
09.05 Insurance of buildings under construction, 09.06 Erection insurance,
09.07 Film industry insurance,
09.08 Insurance of goods in mining pits, 09.09 Computer insurance,
09.10 Insurance of stocks in refrigerated trailer trucks, 09.11 Crop and plantation insurance,
09.12 Live stock insurance, 09.99 Other damage to property.
10 MOTOR VEHICLE LIABILITY INSURANCE is insurance that covers all liability
arising out of the use of self-operated land motor vehicles including carrier’s liability; and comprises the following:
10.01 Motor vehicle owner/user compulsory insurance against third party liability, 10.02 Motor vehicle owner/user voluntary insurance against third party liability, 10.03 Driver liability insurance for goods transported in road transport,
10.99 Other types of motor vehicle liability insurance.
11 AIRCRAFT LIABILITY INSURANCE is insurance that covers all liability arising out
of the use of aircraft and other air transport crafts including carrier’s liability; and comprises the following:
11.01 Aircraft owner/user compulsory insurance against third party liability,
11.02 Aircraft owner/user liability insurance against all types of liabilities (including liability of carrier for goods transported in air transport).
12 INSURANCE AGAINST LIABILITY ARISING OUT OF THE USE OF VESSELS
is insurance that covers all liability arising out of the use of sea, lake and river vessels, including carrier’s liability; and comprises the following:
12.01 Sea ship owner/user liability insurance (including liability of carrier for goods transported),
12.02 Lake and river vessel owner/user liability insurance (including liability of carrier for goods transported),
12.03 Motor yacht owner/user compulsory insurance against third party liability, 12.99 Other types of liability insurance for ship operators.
13 OTHER LIABILITY INSURANCE LINES are insurances that cover all liability, other
than liability mentioned under: 10, 11 and 12; and comprise the following:
13.01 Insurance against contractual liability for building contractors, 13.02 Insurance against contractual liability for assembling contractors, 13.03 Filmmaker liability insurance,
13.04 Producer liability insurance for products, 13.05 Rail transport liability insurance,
13.06 Insurance of guarantee for producers, sellers and suppliers, 13.07 General liability insurance,
13.08 Liability insurance for project engineering companies and other companies for damages incurred due to incorrect technical documentation,
13.09 Liability insurance for project engineering companies and other companies, 13.10 Professional indemnity insurance for lawyers,
13.11 Professional indemnity insurance for public notaries, 13.12 Professional indemnity insurance for audit companies, 13.13 Professional indemnity insurance for freight-forwarders,
13.14 Marina owner or user liability insurance, 13.15 Shiprepairer liability insurance,
13.16 Liability insurance for security agents and detectives, 13.17 Real estate management liability insurance,
13.18 Liability insurance for doctors, dentists and pharmacists, 13.19 Bankruptcy trustee liability insurance,
13.99 Other types of liability insurance.
14 CREDIT INSURANCE is insurance that covers the following:
- default risk (or delayed payment) due to insolvency or other events (procedures or facts),
- export credits or other risks in connection with export, trade and investments on foreign or domestic markets,
- instalment credits,
- mortgage and Lombard credits, - agricultural credits, and
- other credits and loans ; and comprises the following:
14.01 Export credit insurance, 14.02 Other credit insurance, 14.03 Housing credits insurance.
15 SURETYSHIP INSURANCE is insurance that covers and directly or indirectly
guarantees the fulfilment of debtors’ liabilities; and comprises the following:
15.01 Suretyship insurance, 15.02 Guarantee insurance.
16 INSURANCE AGAINST MISCELLANEOUS FINANCIAL LOSSES is insurance that
covers the following: - professional risks,
- insufficiency of income (general), - bad weather,
- loss of benefits,
- unforeseen general expenses, - unforeseen trading expenses, - loss of market value,
- loss of rent or revenue,
- indirect trading losses other than those mentioned above, - other financial loss (non-trading),
- other forms of financial loss; and comprises the following:
16.01 Insurance against financial losses from work stoppage due to fire and other dangers, 16.02 Insurance against financial losses from work stoppage due to machinery breakages, 16.03 Insurance of different events in case of precipitation,
16.04 Insurance against damages from purchases of false foreign currencies, 16.05 Insurance against the risk of cancellation of tourist travel arrangements, 16.99 Other types of insurance against financial losses.
17 LEGAL EXPENSES INSURANCE is insurance that covers lawyer’s expenses and other
17.01 Legal expenses and costs of litigation.
18 TRAVEL INSURANCE is insurance that covers risks resulting from travelling outside
the place of permanent residence; and comprises the following:
18.01 Tourist insurance, 18.03 Travel health insurance,
18.04 Insurance of assistance during travels outside the place of permanent or temporary residence,
18.99 Insurance of other tourist risks.
Article 7
Risk types within life assurance classes shall be divided into:
19 LIFE ASSURANCE is insurance that covers the following risks:
19.01 Endowment assurance, 19.02 Term assurance,
19.03 Pure endowment assurance, 19.04 Whole life assurance, 19.05 Critical illness insurance, 19.99 Other life assurances.
20 ANNUITY INSURANCE is insurance of periodic income benefits during a specific
period of time or over the course of the annuitant’s lifetime:
20.01 Life annuity,
20.02 Life annuity with limited duration, 20.99 Other annuities.
21 SUPPLEMENTARY INSURANCE LINKED WITH LIFE ASSURANCE POLICY
covers the following risks: death, partial or complete work disability, hospital stay following an accident or disease; and comprises the following:
21.01 Supplementary accident insurance (underwritten in addition to life assurance), 21.02 Supplementary health insurance (underwritten in addition to life assurance),
21.99 Other supplementary insurance of persons (underwritten in addition to life assurance).
22 MARRIAGE AND BIRTH ASSURANCE is insurance that covers the risk of marriage
or survival to a stipulated age; and comprises:
22.01 Marriage and birth assurance.
23 LIFE ASSURANCE OR ANNUITY INSURANCE WHERE THE POLICYHOLDER BEARS THE INVESTMENT RISK is insurance in connection with the change in the
value of investment coupons or other investment fund securities, i.e. insurance in connection with the change in the value of unit of investment fund covering assets; and comprises the following:
23.01 Endowment assurance where the investment risk is borne by the policyholder, 23.02 Term assurance where the investment risk is borne by the policyholder,
23.03 Pure endowment assurance where the investment risk is borne by the policyholder, 23.04 Life assurance where the investment risk is borne by the policyholder with guaranteed
payment,
23.99 Other life assurances where the investment risk is borne by the policyholder.
24 TONTINES are insurance in which there is an agreement between insured persons to
capitalise their contributions and distribute the assets thus accumulated among the survivors or among the beneficiaries of the deceased; and comprise:
24.01 Tontines
25 ASSURANCE WITH PAID-UP SUM ASSURED is based on actuarial calculation and
presents insurance whereby, in return for single or periodic payments, policyholders receive payments of specified duration and amount; and comprises:
25.01 Assurance with paid-up sum assured.
Article 8
The ordinance on the classification of risk types according to groups and classes of insurance business (OG 139/06) shall cease to have effect by virtue of the entry into force of this ordinance.
Article 9
This Ordinance shall enter into force on the eight day after the day of its publication in the Official Gazette.
Class: 011-02/9-04/58 Reg. No: 326-01-09-1 Zagreb, 30 July 2009
Member of the Management Board
