PRAVILNIK O UVJETIMA ZA NUĐENJE MIROVINSKIH PROGRAMA

DOBROVOLJNOG MIROVINSKOG OSIGURANJA

NA TEMELJU INDIVIDUALNE KAPITALIZIRANE ŠTEDNJE

(NN 101/14, 41/17, 2/20, 98/20– neslužbeni pročišćeni tekst)

REGULATION ON THE CONDITIONS FOR OFFERING VOLUNTARY PENSION PROGRAMS BASED ON INDIVIDUAL CAPITALIZED SAVINGS

(NN 101/14, 41/17, 2/20, 98/20 – Unofficial Consolidated Text)

INTRODUCTORY PROVISIONS

Article 1. This Regulation prescribes the conditions for carrying out the business of offering pension programs based on cooperation agreements, as well as the method and deadlines for submitting notices to Hanfa regarding concluded cooperation agreements.

Article 2. (NN 2/20) (1) For the purposes of this Regulation, certain terms have the following meanings:

1. Hanfa is the Croatian Financial Services Supervisory Agency.
2. Act refers to the Voluntary Pension Funds Act ("Official Gazette", No. 19/2014, 29/18, 115/18).
3. Pension company refers to a company that, based on Hanfa's approval, carries out the business of managing voluntary pension funds.
4. Fund refers to a voluntary pension fund.
5. Pension program represents the entirety of rules, regulations, agreements, contracts, or statements regulating the mutual rights and obligations for acquiring pension rights within voluntary pension insurance based on individual capitalization savings. (2) For the purposes of Article 149 of the Act and this Regulation, pension offering activities when related to pension payout include exclusively the following actions:
6. delivery or offer of brochures or similar informational or marketing materials by the pension company, as well as other relevant documents and data, which includes documents from paragraph 6a of this Regulation, made available by the pension company to persons offering pension programs without providing additional information regarding the content of that material or subsequent advice on pension programs to beneficiaries and potential beneficiaries;
7. collection of requests for concluding agreements on pension payout conditions via the fund;
8. forwarding of requests for concluding agreements on pension payout conditions via the fund to the pension company.

REGULATION ON THE CONDITIONS FOR OFFERING VOLUNTARY PENSION PROGRAMS BASED ON INDIVIDUAL CAPITALIZED SAVINGS

(NN 101/14, 41/17, 2/20, 98/20 – Unofficial Consolidated Text)

COOPERATION AGREEMENT FOR OFFERING PENSION PROGRAMS

Article 3. (NN 41/17) (2/20) (1) With a person from Article 149 of the Act, the pension company concludes a cooperation agreement whose subject matter is the offering of pension programs. (2) Before signing the agreement from paragraph 1 of this Article, the pension company is obliged to determine that the other contracting party meets the conditions prescribed by the Act, as well as that its employees or other physical persons who will carry out pension offering activities on its behalf meet the conditions prescribed by Article 4 of this Regulation. (3) The pension company is obliged to submit written notice to Hanfa every 6 months with a list of concluded and/or terminated agreements from paragraph 1 of this Article, in the manner prescribed by the provisions of Article 6a of this Regulation. (4) The written notice regarding the conclusion of agreements from paragraph 1 of this Article must contain data on the name/surname, OIB (Croatian Personal Identification Number), and seat/domicile of the person from paragraph 1 of this Article. (5) The person from paragraph 1 of this Article who has concluded a cooperation agreement with the pension company regarding the offering of pension programs must not delegate the aforementioned activities to a third party. (6) If a person carrying out pension offering activities for voluntary pension insurance simultaneously carries out pension offering activities for a pension insurance company in accordance with the law governing pension insurance companies, or for multiple pension companies simultaneously,

REGULATION ON THE CONDITIONS FOR OFFERING VOLUNTARY PENSION PROGRAMS BASED ON INDIVIDUAL CAPITALIZED SAVINGS

(NN 101/14, 41/17, 2/20, 98/20 – Unofficial Consolidated Text)

such person is obliged to effectively manage conflicts of interest arising from carrying out these activities and to inform the potential pension beneficiary in advance.

CONDITIONS TO BE MET BY PERSONS OFFERING PENSION PROGRAMS

Article 4. (NN 41/17), (NN 2/20), (NN 98/20) (1) A legal entity may carry out pension offering activities for voluntary pension insurance provided that it and its responsible persons:

1. have not been finally convicted, nor is an investigation or criminal proceedings pending for crimes against property, crimes against the economy, and crimes against forgery, or rehabilitation has occurred; and for the responsible person in the legal entity, no consumer bankruptcy proceedings have been opened in accordance with the law governing consumer bankruptcy.
2. there are no legal reasons preventing them from carrying out pension offering for voluntary pension insurance;
3. have concluded a written agreement with the pension company regarding carrying out pension offering activities for voluntary pension insurance;
4. physical persons working under employment contracts for that legal entity meet the conditions from paragraph 2 of this Article. (2) A physical person may carry out pension offering activities for voluntary pension insurance provided that:
5. they know the Croatian language;
6. they have at least secondary education (proven by a certified copy of the secondary school graduation certificate, or matura/final exam certificate, or other appropriate documents; foreign nationals prove this with an appropriate document translated and signed by a sworn court interpreter for Croatian, along with a document recognizing foreign secondary education qualification issued by the competent authority in the Republic of Croatia for employment or further education);
7. they have not been finally convicted for crimes against property, crimes against the economy, and crimes against forgery, or rehabilitation has occurred; consumer bankruptcy proceedings have not been opened against them in accordance with the law governing consumer bankruptcy; and no other legal reasons prevent them from carrying out pension offering;
8. they have concluded an agreement with the pension company regarding carrying out pension offering activities for voluntary pension insurance. (3) Compliance with the conditions from paragraph 1 item 1 and paragraph 2 item 3 of this Article is proven by a certificate from the competent authority of the Republic of Croatia or the state of seat/domicile, not older than three months; if inapplicable, by a written declaration of the responsible person in the legal entity or physical person confirming compliance. (4) Persons from Article 3 paragraphs 1 and 2 of this Regulation who carry out pension offering activities must possess the necessary knowledge regarding the key characteristics of the pension program they offer and the significance of all risks associated with the pension program.

LIST OF PERSONS OFFERING PENSION PROGRAMS

Article 5. (NN 41/17) (1) The pension company is obliged to submit annually to Hanfa by the end of January of the current year a list of persons with whom it has concluded valid agreements from Article 3 paragraph 1 of this Regulation, as of December 31 of the previous year, in the manner prescribed by Article 6a of this Regulation. (2) The list from paragraph 1 must contain the name/surname, OIB, and seat/domicile of the person from Article 3 paragraph 1. (3) Persons from Article 3 paragraph 1 must maintain records of employees and other physical persons who carry out pension offering activities on their behalf under agreements, which they must provide to the pension company and, upon request, to Hanfa. (4) The pension company may submit the records from paragraph 3 to Hanfa in the manner prescribed by Article 6a.

OPERATIONAL CONDITIONS OF PERSONS OFFERING PENSION PROGRAMS

Article 6. (NN 41/17) (NN 2/20) (1) Persons, employees, and other physical persons carrying out pension offering activities on behalf of persons from Article 3 paragraph 1 must not receive monetary funds for contributions to the fund. (2) Persons, employees, and other physical persons carrying out pension offering activities on behalf of persons from Article 3 paragraph 1 must make available to each potential member:

1. the prospectus, statutes, and key data for fund members;
2. marketing materials of the fund (when applicable);
3. all legally prescribed information and Hanfa regulation information regarding pension rights, fund membership, and deduction of contributions and payouts from the voluntary pension fund, as well as information from Article 6a. (3) Persons, employees, and other physical persons carrying out pension offering activities on behalf of persons from Article 3 paragraph 1 must inform each potential member where and how the documents from paragraph 2 are available. (4) The pension company is obliged to maintain data on fund membership via persons from Article 3 paragraph 1, and provide them to Hanfa upon request. The pension company may submit such data to Hanfa in the manner prescribed by Article 6a. (5) The pension company is obliged to ensure that persons from Article 3 paragraph 1 store collected documentation in accordance with the Act and regulations governing organizational requirements of pension companies regarding business record keeping. (6) The pension company and persons from Article 3 paragraph 1 must handle data on potential and actual beneficiaries in compliance with laws governing personal data protection.

Article 6a. (NN 2/20) (1) When related to pension payout, the pension company or the person offering voluntary pension programs on behalf of the pension company must timely provide to the beneficiary before signing the agreement on pension payout conditions:

1. prospectus, statutes, and key data for fund members;
2. an overview of all possible pension payout options via the pension company, as well as general information on other pension payout options;
3. personalized pension calculations adjusted to that beneficiary, along with related costs;
4. relevant information necessary for understanding the offer and making an informed decision on concluding the agreement on pension payout conditions via the fund. (2) Relevant information from paragraph 1 includes at least: – data on the most important risks associated with pension payout via the pension company, especially regarding the probability of monthly payout amount changes due to fund share price fluctuations; – data on the pension company and the person offering the pension program; – procedure for choosing the pension company for pension payout; – procedure for concluding the agreement on pension payout conditions via the fund; – conditions and deadline for withdrawing from concluding the agreement on pension payout conditions via the fund, and procedure for choosing the pension company; – contract duration and possibility/non-possibility of terminating the agreement on pension payout conditions via the fund; – website where prospectus, statutes, and key data for fund members can be found; – amount and type of fees due to the pension company, payment methods, and other costs charged to the beneficiary; – conditions for pension payout by the pension company to the beneficiary; – conditions for partial lump-sum payout; – information on applicable law for the agreement on pension payout conditions via the fund; – information on complaint submission and out-of-court dispute resolution between the pension company and beneficiary; – obligations of the pension company and potential/actual beneficiary at the start of the agreement on pension payout conditions via the fund, and obligations during the contract term; – information on the supervisory authority responsible for overseeing pension company operations.

ELECTRONIC SUBMISSION

Article 6b. (NN 41/17) (1) The pension company is obliged to submit documentation from Article 3 paragraph 3 and Article 5 paragraph 1 in the manner and according to the Technical Instruction for using the WEB form input service and electronic documentation submission, and the Instructions for completing WEB forms for pension companies. (2) It is considered that the pension company has submitted documentation in the manner prescribed by paragraph 1 at the moment when the documentation is recorded on the server for sending such documentation. (3) In justified cases of technical inability or improperly executed submission (e.g., system failure, inability to read received documentation, etc.), the pension company must submit documentation in written form, directly or by post, for timely reporting. The pension company is obliged to submit documentation in the manner prescribed by paragraph 1 as soon as the reasons for inability cease, and no later than within 8 days from the cessation of circumstances causing technical inability. (4) Hanfa may, if necessary, request that the pension company submit certain documentation prescribed by this Regulation in original or certified copy, regardless of electronic submission.

FINAL PROVISIONS

Article 7. This Regulation enters into force on the eighth day from the date of publication in "Narodne novine". Provisions not included in the consolidated text: • Regulation on Amendments and Supplements to the Regulation on Conditions for Offering Voluntary Pension Programs Based on Individual Capitalized Savings (NN 41/2017), effective from May 1, 2017: "Article 8. This Regulation enters into force on the eighth day from the date of publication in 'Narodne novine'." • Regulation on Amendments and Supplements to the Regulation on Conditions for Offering Voluntary Pension Programs Based on Individual Capitalized Savings (NN 2/2020), effective from January 11, 2020: "Article 8. This Regulation enters into force on the eighth day from the date of publication in 'Narodne novine'."