Regulatory Alerts2019-02-14
Guidelines for Insurance Distributors on Distributing Insurance Products with Statutory Insurance Contract Obligations
The Croatian Financial Services Supervisory Agency issued these Guidelines to instruct insurance distributors on how to professionally inform clients about statutory obligations to conclude specific insurance contracts. The Guidelines clarify that distributors' advisory role does not transfer the legal duty of conclusion to the client, who remains responsible for meeting special law requirements such as minimum insured amounts and specific coverage types. An extensive appendix details over a dozen mandatory insurance categories—including nuclear liability, environmental damage, professional liability for architects and lawyers, and insolvency guarantees—alongside their corresponding legal bases, coverage thresholds, and procedural rules.
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