14th Meeting of the Board

On 22 April 2021, the Board of the Croatian Financial Services Supervisory Agency held its 14th meeting and adopted the following decisions of public interest:

  1. Guidelines on re-insurance
  1. Decision granting authorisation to Susanne Riess to perform the function of a member of the Supervisory Board of the company Wüstenrot životno osiguranje d., Heinzelova 33/a, Zagreb, personal identification number (OIB): 10931821267, for the remaining duration of the current term until 6 December 2021
  1. Decision granting authorisation to Andreas Senjak to perform the function of a member of the Supervisory Board of the company CROATIA osiguranje d.d., Vatroslava Jagića 33, Zagreb, personal identification number (OIB): 10931821267, for the remaining duration of the current term of office until 6 December 2021
  1. Decision granting authorisation to Gerald Hasler to perform the function of a member of the Supervisory Board of the company Wüstenrot životno osiguranje d., Heinzelova 33/a, Zagreb, personal identification number (OIB): 10931821267, for the remaining duration of the current term until 6 December 2021
  1. Decision granting authorisation to Andreas Grünbichler to perform the function of a member of the Supervisory Board of the company Wüstenrot životno osiguranje d., Heinzelova 33/a, Zagreb, personal identification number (OIB): 10931821267, for the remaining duration of the current term until 6 December 2021
  1. Decision granting authorisation to Katarina Kraljević to perform the function of a member of the Supervisory Board of the company Wiener osiguranje Vienna Insurance Group d.d., Slovenska ulica 24, Zagreb, personal identification number (OIB): 52848403362, for the remaining duration of the current term until 22 April 2024
  1. Decision granting authorisation to conduct insurance distribution business to the pre-company ProSol Brokers društvo s ograničenom odgovornošću za brokerske poslove u osiguranju, with its registered office in Zagreb
  1. Decision granting authorisation to conduct insurance and reinsurance distribution business to the pre-company Risk Solution Broker društvo s ograničenom odgovornošću za brokerske poslove u osiguranju i reosiguranju, with its registered office in Zagreb
  1. Decision granting authorisation to conduct insurance distribution business to the pre-company SALESMAN j.d.o.o. za zastupanje u osiguranju, with its registered office in Zagreb
  1. Decision ordering the company IMPULS – LEASING d.o.o., Zagreb, Velimira Škorpika 24/1, personal identification number (OIB): 65918029671, for the purpose of eliminating illegalities and irregularities established, to conclude lease agreements with lessees as of the day of the receipt of this Decision in a clear and comprehensible manner by: defining in finance lease contracts the type of interest rate based on which lease instalments are calculated, and clearly defining in operating lease contracts the type of lease instalment, and in case of arranging the option of changing the lease annuity/instalment which is not the result of adjustment with the defined variable parameter, clearly defining the manner of change and objective, justifiable and demonstrable reasons for change, requiring the consent of the lessee for these changes; and to have finance lease contracts concluded with consumers comply with the provisions of the Consumer Credit Act regarding the interest rate calculation; and within 30 days of receipt of this Decision, submit a written statement to the Croatian Financial Services Supervisory Agency on the activities it has taken towards all lessees whose contractual obligations were unilaterally amended on 1 November 2008, 1 August 2011 and 1 September 2011, in an unfounded and non-transparent manner
  1. Decision ordering the company Mercedes-Benz Leasing Hrvatska d.o.o., Zagreb, Kovinska 5, personal identification number (OIB): 17080997510, for the purpose of eliminating illegalities and irregularities established, to conclude lease agreements with lessees as of the day of the receipt of this Decision in a clear and comprehensible manner by: clearly defining in finance lease contracts with a variable interest rate linked to a specific variable parameter the structure of interest rate and the manner of adjustment with the defined variable parameter; clearly defining in operating lease contracts with a variable lease instalment linked to a specific variable parameter the method of calculating the lease instalment and the method of adjustment with the defined variable parameter; and to have finance lease contracts concluded with consumers comply with the provisions of the Consumer Credit Act regarding the interest rate calculation; and within 30 days of receipt of this Decision, submit a written statement to the Croatian Financial Services Supervisory Agency on the activities it has taken towards all lessees whose contractual obligations were unilaterally amended in an unfounded and non-transparent manner, in such a way that, by the Decision of the Management Board from November 2008, the Company increased, and until the end of the contract, maintained initial interest rates (for fixed interest rate contracts) i.e. initial interest margins (for variable interest rate contracts); in the period from April 2015 to May 2016, in lease contracts failed to align variable interest rates with changes in reference interest rates when their value was negative; and from 2015, in finance lease contracts with consumers entered into and applied contractual provisions contrary to the Consumer Credit Act              
  1. Decision ordering the company OTP Leasing d.d., Zagreb, Petrovaradinska 1, personal identification number (OIB): 23780250353, for the purpose of eliminating illegalities and irregularities established, to: conclude lease agreements with lessees as of the day of the receipt of this Decision in a clear and comprehensible manner by: clearly defining in finance lease contracts with a variable interest rate linked to a specific variable parameter the structure of interest rate and the manner of adjustment with the defined variable parameter (the moment the adjustment is made, the value of variable parameter that is taken during the adjustment and reference periods to which the adjustment will relate); clearly defining in operating lease contracts with a variable lease instalment linked to a specific variable parameter the method of calculating the lease instalment and the method of adjustment with the defined variable parameter (the moment the adjustment is made, the value of the variable parameter that is taken during the adjustment and the reference period to which the adjustment will relate); in case of arranging the option of changing the leasing annuity/instalment (i.e. the interest rate on the basis of which it is calculated) which is not the result of the adjustment with the defined variable parameter, clearly defining in lease contracts the manner of change and objective, justifiable and demonstrable reasons for change, requiring the consent of the lessee for these changes; and to have finance lease contracts concluded with consumers comply with the provisions of the Consumer Credit Act regarding the interest rate calculation; and within 30 days of receipt of this Decision, submit a written statement to Hanfa on the activities it has taken towards all lessees whose contractual obligations were unilaterally amended in an unfounded and non-transparent manner via decisions of the Management Board on the alignment of interest rates of 24 June 2009, 23 April 2012 and 24 April 2013
  1. Decision ordering the company BKS – leasing Croatia d.o.o., Zagreb, Ivana Lučića 2a, personal identification number (OIB): 52277663197, for the purpose of eliminating illegalities and irregularities established, to conclude lease agreements with lessees as of the day of the receipt of this Decision in a clear and comprehensible manner by: defining in finance lease contracts the type of interest rate based on which lease instalments are calculated, and in the case where variable interest rates linked to a defined variable parameter are agreed, clearly defining the structure of interest rate and the manner of adjustment with the defined variable parameter (the moment the adjustment is made, the value of variable parameter taken during the adjustment and reference periods to which the adjustment will relate); clearly defining in operating lease contracts the type of lease instalment, and in the case where variable lease instalments linked to a defined variable parameter are agreed the method of calculating the lease instalment and the method of adjustment with the defined variable parameter (the moment the adjustment is made, the value of the variable parameter taken during the adjustment and the reference period to which the adjustment will relate); in case of arranging the option of changing the leasing annuity/instalment (i.e. the interest rate on the basis of which it is calculated) which is not the result of the adjustment with the defined variable parameter, clearly defining in lease contracts the manner of change and objective, justifiable and demonstrable reasons for change, requiring the consent of the lessee for these changes; and to have finance lease contracts concluded with consumers comply with the provisions of the Consumer Credit Act regarding the interest rate calculation; and within 30 days of receipt of this Decision, submit a written statement to Hanfa on the activities it has taken towards all lessees whose contractual obligations were unilaterally amended on 27 August 2009, in an unfounded and non-transparent manner
  1. Decision ordering the company Erste & Steiermaerkische S-Leasing d.o.o., Zagreb, Zelinska 3, personal identification number (OIB): 46550671661, for the purpose of eliminating illegalities and irregularities established, to conclude lease agreements with lessees as of the day of the receipt of this Decision in a clear and comprehensible manner by: clearly defining in finance lease contracts with a variable interest rate linked to a specific variable parameter the structure of interest rate and the manner of adjustment with the defined variable parameter; clearly defining in operating lease contracts with a variable lease instalment linked to a specific variable parameter the method of calculating the lease instalment and the method of adjustment with the defined variable parameter; and within 30 days of receipt of this Decision, submit a written statement to Hanfa on the activities it has taken towards all lessees whose contractual obligations were unilaterally amended in an unfounded and non-transparent manner, in such a way that since 2009, the Company aligned variable interest rates (on the basis of which it calculated lease annuities/instalments) with the value of reference interest rates that did not correspond to market values
  1. Decision ordering the company PBZ-LEASING d.o.o., Zagreb, Radnička cesta 44, personal identification number (OIB): 57270798205, for the purpose of eliminating illegalities and irregularities established, to, within 30 days of receipt of this Decision, submit a written statement to Hanfa on the activities it has taken towards all lessees whose contractual obligations were unilaterally amended in an unfounded and non-transparent manner, in a such a way that, since 2009, at a certain point in the contractual relationship, the Company ceased to align variable interest rates (on the basis of which it calculated leasing annuities/instalments) with changes in the market values of reference interest rates, i.e. it applied an internally defined minimum interest rate even though it was not contracted
  1. Decision ordering the company HETA Asset Resolution Hrvatska d.o.o., Zagreb, Slavonska avenija 6a, personal identification number (OIB): 87064273078, for the purpose of eliminating illegalities and irregularities established, to, within 30 days of receipt of this Decision, submit a written statement to Hanfa on the activities it has taken towards all lessees whose contractual obligations were unilaterally amended in an unfounded and non-transparent manner on the basis of decisions of the Management Board on the amendment of interest rates adopted in 2008 and 2009; and banning the Company from the payment of profit until 30 April 2022
  1. Decision ordering the company UniCredit leasing Croatia d.o.o., Zagreb, Ulica Damira Tomljanovića Gavrana 17, personal identification number (OIB): 18736141210, for the purpose of eliminating illegalities and irregularities established, to, within 30 days of receipt of this Decision, submit a written statement to Hanfa on the activities it has taken towards all lessees to whom it did not return incorrectly calculated interest rates / lease instalments, and whose contractual obligations were unilaterally amended in an unfounded and non-transparent manner by: Decisions to increase the margin of the existing portfolio for selected contracts adopted by the Management Board between 5 December 2011 and 17 September 2012, adjustment of variable interest rates (based on which leasing annuities/instalments were calculated) with the wrong value of reference interest rates in 2008 and 2009, and non-contractual adjustment of interest rates (based on which leasing annuities/instalments were calculated) with reference interest rates in contracts concluded in the period from 2009 to 2011
  1. Official position as regards the application of the provision of Article 22(1) EUTMR of the Act on Compulsory Traffic Insurance
  2. Decision granting approval to the company OTP invest društvo s ograničenom odgovornošću za upravljanje fondovima, with its registered office in Zagreb, Divka Budaka 1d, personal identification number (OIB): 96261939721, for the merger of OTP SHORT-TERM BOND, open-ended investment fund with public offering with OTP e-start, open-ended investment fund with public offering