Regulatory Alerts2023-07-07
Guideline on the Preparation and Submission of Financial and Statistical Reports by Entities with Insurance and/or Reinsurance Distribution Licenses (FSI-PO) - until 31.12.2025.
The Croatian Financial Services Supervisory Agency (Hanfa) issued this guideline to standardize the electronic preparation, XML formatting, and submission deadlines for semi-annual and annual financial and statistical reports by insurance and reinsurance distribution entities. It mandates specific data fields, LEI code requirements, regional computer settings for input, and a structured SP-1 form detailing commissions by insurance type, while establishing clear submission windows (31 March for annual reports and 31 July for semi-annual ones). Furthermore, it clarifies electronic signing procedures via external service providers with valid powers of attorney and outlines technical fallback mechanisms for delayed submissions, effectively replacing the December 2022 directive.
Based on Article 15, point 7 of the Act on the Croatian Financial Services Supervisory Agency (Official Gazette Nos. 140/05 and 12/12), the Croatian Financial Services Supervisory Agency (Hanfa) adopts at its Management Board meeting held on 6 July 2023 the GUIDELINE ON THE PREPARATION AND SUBMISSION OF FINANCIAL AND STATISTICAL REPORTS BY ENTITIES WITH LICENSES FOR INSURANCE AND/OR REINSURANCE DISTRIBUTION ACTIVITIES
1. Introduction The Croatian Financial Services Supervisory Agency (hereinafter: Hanfa) has adopted the Regulation on the format and content of financial and statistical reports by entities with licenses for insurance and/or reinsurance distribution activities (Official Gazette No. 142/2022; hereinafter: Regulation). The Regulation prescribes the format and content of semi-annual and annual financial and statistical reports by entities with licenses for insurance and/or reinsurance distribution activities, the method and deadlines for report submission, as well as the conditions for displaying the LEI code. This guideline determines the format and method of submission of the aforementioned reports by insurance and/or reinsurance intermediaries and secondary insurance intermediaries in electronic form (hereinafter: reports), as well as the detailed method of completing them. Insurance representation companies or insurance brokerage and/or reinsurance companies (hereinafter: reporting entities) are required to submit semi-annual and annual financial reports, as well as semi-annual and annual statistical reports, to Hanfa in electronic form, in accordance with the Insurance Act (Official Gazette Nos. 30/15, 112/18, 63/20, 133/20 and 151/22; hereinafter: Insurance Act) and the current Regulation. Sole trader insurance representatives, sole trader insurance brokers and/or reinsurance brokers, credit institutions, and investment companies, or all legal entities with licenses for insurance distribution or reinsurance distribution activities (hereinafter: reporting entities) are required to submit semi-annual and annual statistical reports to Hanfa in electronic form, in accordance with the Insurance Act and the current Regulation.
2. Types of Reports and Submission Deadlines The types of reports submitted electronically are:
- Annual financial report of insurance representation companies or insurance brokerage and/or reinsurance companies;
- Annual statistical report of insurance representation companies, insurance brokerage and/or reinsurance companies, sole trader insurance representatives, sole trader insurance brokers and/or reinsurance brokers, secondary insurance intermediaries, credit institutions, investment companies, or all legal entities with licenses for insurance distribution activities;
- Semi-annual financial report of insurance representation companies or insurance brokerage and/or reinsurance companies;
- Semi-annual statistical report of insurance representation companies, insurance brokerage and/or reinsurance companies, sole trader insurance representatives, sole trader insurance brokers and/or reinsurance brokers, secondary insurance intermediaries, credit institutions, investment companies, or all legal entities with licenses for insurance distribution activities. Submission deadlines:
- The semi-annual statistical report must be submitted to Hanfa by the end of the month following the end of the semi-annual period for which the report is prepared (deadline: 31 July).
- The annual statistical report must be submitted to Hanfa no later than three months after the end of the calendar year for which the report is prepared (deadline: 31 March).
- The semi-annual financial report must be submitted to Hanfa no later than the end of the month following the end of the semi-annual period for which the report is prepared (deadline: 31 July).
- The annual financial report must be submitted to Hanfa no later than three months after the end of the calendar year for which the