Pozavarovalnica Sava

Legal Proceedings Report • Aug 12, 2016

Category: Inside information

Published on: SEOnet

Published at:  11.08.2016 15:00

Published document ID: INI-537/16

INI-539/16

SAVA RE d. d., Ljubljana

Notice of Intended Ordering of Supervisory Measures

Pursuant to the Rules of the Ljubljana Stock Exchange, Ljubljana, Sava Reinsurance Company, d.d., Ljubljana hereby announces the following: 

Sava Reinsurance Company, d.d., (hereinafter: Company) received a letter from the Insurance Supervision Agency (hereinafter: ISA) notifying the Company of its intention to order supervisory measures and noting that Branko Tomažič, chairman of the Company's supervisory board failed to meet all the conditions for appointment as member of the Company's supervisory board. 

In the letter the ISA states its intention to order the Company to eliminate the identified breach of regulations. During the granted time limit, the Company will prepare a statement of the facts and circumstances based on a response provided by Branko Tomažič, before a final order to eliminate breaches is to be issued. 

Since this is a notice of intent and the ISA proceedings are still underway, the Company will refrain from giving any comments pending the completion of the proceedings. 

This announcement will also be available on the Company’s website at www.sava-re.si, at least five years from the date of the announcement.

The management board

Date: 12.08.2016