natgillin/translations-raw huggingface dataset:
However, according to the additional planning data for 2015 and 2016, Sjóvá would recover its profitability rapidly thereafter even in these circumstances.
organ FME določi pravila, ki se uporabljajo za kakršno koli shemo bonusov, ki je del plačnih paketov v zavarovalnicah,
Description of the restructuring measures
upravni odbor mora določiti zavezujoča posebna pravila o naložbenih postopkih in vodenju naložbenih dejavnosti, če namerava družba vlagati v kakršne koli finančne instrumente, ki ne kotirajo na registrirani borzi,
The restructuring of Sjóvá is composed of several structural and behavioural measures, which are described below.
upravni odbor mora določiti zavezujoča pravila za nepremičnine, ki so namenjene zgolj kot naložba in niso namenjene za lastno uporabo družbe,
Separation of insurance activities and winding-down of investments
vsa notranja pravila, ki so potrebna v skladu z zgoraj navedeno ureditvijo, je treba predložiti organu FME v pregled in potrditev.
As set out above, the main problems leading to Sjóvá's financial difficulties resulted from the investment decisions and the inter-group lending caused by its former owner, Milestone.
Zavarovalnica Sjóvá je izvedla ustrezne spremembe zakonodaje.
As a result, Sjóvá experienced serious difficulties in relation to its investment portfolio.
V skladu z novimi regulativnimi zahtevami je upravni odbor zavarovalnice Sjóvá določil pravila glede naložb;
A key step in the restructuring of Sjóvá was therefore the transfer in the summer of 2009 of its insurance activities into a new company (later renamed Sjóvá) and the winding down of the legacy investment portfolio.
vsako spremembo teh pravil mora odobriti organ FME.
Change in corporate governance and control structures
Upravni odbor zavarovalnice Sjóvá je 4. aprila 2011 določil in podpisal pravila o upravljanju družbe ter jih predložil organu FME.
A new Icelandic Act on Insurance Activities came into force in 2010.
Izvršni direktor je določil in podpisal tudi pravila, ki opredeljujejo in določajo minimalne kvalifikacije za ključne zaposlene.
It includes stricter rules on corporate governance and other control mechanisms within insurance companies.
Poleg tega je zavarovalnica Sjóvá aprila 2010 ustanovila nov oddelek za tveganja in analize.
The relevant changes are the following:
Ta oddelek je neposredno odgovoren izvršnemu direktorju, vodi ga usposobljen aktuar, v njem pa je zaposlenih še šest oseb.
A director of an insurance company cannot be a director of any other financial institution or insurance company.
Ta oddelek naj bi:
The FME can grant exemptions in the case of subsidiaries.
bil odgovoren za pripravo in izvajanje regulativnega in skrbnega postopka obvladovanja tveganj na področjih opravljanja dejavnosti življenjskega in neživljenjskega zavarovanja zavarovalnice Sjóvá,
Any CEO or director must attend examinations carried out by the FME to assess the qualification and the knowledge of these individuals.
analiziral zavarovalne rezultate vseh razredov zavarovanj, ki jih vodi zavarovalnica Sjóvá,
The FME may refuse to accept individuals not passing this assessment as a director or CEO of an insurance company.
izdajal poročila in predlagal spremembe pri določanju cen premij,
The board of directors must establish management rules, internal inspection rules, internal auditing rules, rules on financial activity and procedure, rules and procedures on any kind of lending activity as well as rules and procedures on business dealings with related parties.
bil odgovoren za točne cene premij za vse razrede zavarovanj,
The board of directors must establish rules on trading of financial instruments by the company itself and personally by the directors, the CEO and defined key personnel within the company.
izvajal vse postopke v zavarovalnici Sjóvá, ki so povezani z obvladovanjem tveganj,
The FME establishes rules applicable to any kind of bonus scheme forming part of the salary packages within insurance companies.
v rednih časovnih presledkih analiziral zavarovalno-tehnične rezervacije in bil odgovoren za točne škodne rezervacije,
The board of directors must establish binding special rules on the investment procedures and on the conduct of investment activities where the company intends to invest in any financial instruments not listed on a registered stock exchange.
opravljal teste izjemnih situacij ter lastno oceno tveganj in solventnosti (ORSA),
The board of directors must establish binding rules on real estate intended solely as investment and not for the company's own use.
bil odgovoren za izvajanje Solventnosti II in izpolnjevanje zahtev Solventnosti II v zavarovalnici Sjóvá,
All the internal rules required by the regulation as set out above must be submitted to the FME for review and confirmation.
v skladu z zakonom obveščal organ za finančni nadzor in mu poročal o vseh zadevah, povezanih z obvladovanjem tveganj, zavarovalno-tehničnimi rezultati in poročili.
Sjóvá has implemented the relevant changes to the legislation.
Upravni odbor je v skladu z zakonskimi zahtevami ustanovil odbor za notranjo revizijo.
In line with the new regulatory requirements, Sjóvá's board of directors has decided on rules regarding investments;
Drugi ukrepi za uspešnost poslovanja
any amendment of these rules must be approved by the FME.
Zavarovalnica Sjóvá je izvedla ukrepe za povečanje minimalnega kapitala v svoji dejavnosti zavarovanja in za zmanjšanje stroškov.
The board of directors of Sjóvá established and signed the rules on corporate governance on 4 April 2011 and submitted them to the FME.
Ti ukrepi vključujejo znižanje plač, zmanjšanje stroškov trženja in drugih stroškov poslovanja ter izvajanje strogih pravil za zavarovalniške ponudbe.
The CEO has also established and signed rules defining and determining the minimum qualification for key employees.
Poleg tega trenutno zavarovalnica nima shem bonusov za zaposlene.
In addition, a new division ‘Risk & Analysis’ was formed by Sjóvá in April 2010.
Zavarovalnica Sjóvá je prekinila svoje pozavarovalne dejavnosti, prek katerih je v preteklosti pridobila mednarodni portfelj zavarovalnih tveganj.
This division answers directly to the CEO and is headed by a qualified actuary and comprises six further employees.
Ti ukrepi naj bi predvsem zagotovili, da je kombinirani količnik nižji od 100 %, tj. da je opravljanje dejavnosti zavarovanja vzdržno samo po sebi, brez prevzemanja nepotrebnih tveganj pri naložbenih dejavnostih.
to be responsible for writing and enforcing regulatory and prudent risk management procedure within the life and non-life insurance business segments of Sjóvá;
Kot je navedeno v Prilogi, sta se islandska vlada in zavarovalnica Sjóvá zavezali k omejitvam pri oblikovanju cen zavarovalniških ponudb za nekatera podjetja ter prepovedali nekatere prevzemne in oglaševalske dejavnosti.
to analyse underwriting results from all classes of insurance conducted within Sjóvá;
Islandski organi so se zavezali tudi, da bodo uvedli nekatere regulativne spremembe delovanja zavarovalniškega trga, kot je navedeno v Prilogi.
to give reports and to propose amendments to the rating of tariffs;
OCENA
to be responsible for accurate rating tariffs for all classes of insurance business;
PRISOTNOST DRŽAVNE POMOČI
to enforce all the procedures within Sjóvá related to risk management;
Člen 61(1) Sporazuma EGP se glasi:
to analyse technical provisions at regular intervals and be responsible for accurate claims reserving;
„Razen če ta sporazum ne določa drugače, je vsaka pomoč, ki jo dodelijo države članice ES, države Efte ali je dodeljena v kakršni koli obliki iz državnih sredstev, ki izkrivlja ali bi lahko izkrivljala konkurenco z dajanjem prednosti posameznim podjetjem ali proizvodnji posameznega blaga, nezdružljiva z delovanjem tega sporazuma, kolikor škodi trgovini med pogodbenicami“.
to conduct stress tests and Own Risk and Solvency Assessment (ORSA);
Nadzorni organ bo ocenil naslednja ukrepa, kot sta navedena v odstavku 18 zgoraj:
to be responsible for the implementation of Solvency II and the enforcement of the Solvency II requirements within Sjóvá;
država je prispevala k dokapitalizaciji zavarovalnice Sjóvá, ko je na družbo SAT Holding prenesla dve obveznici, ki sta bili v njeni lasti in za kateri je zunanji strokovnjak določil, da sta vredni 11,6 milijard ISK (približno 76 milijonov EUR), da bi se uporabili kot lastniški kapital v zavarovalnici Sjóvá;
to communicate and report to the Financial Supervisory Authority on all matters regarding risk management and technical results and reports as statutorily required.
Ta ukrepa se v nadaljnjem besedilu navajata kot „ukrepa dokapitalizacije“.
Finally, an internal audit committee has been set up by the board of directors in accordance with the statutory requirements.
Prisotnost državnih sredstev
Other viability measures
Kot je Nadzorni organ že predhodno ugotovil v odločbi o začetku postopka, je jasno, da se je prvi ukrep dokapitalizacije financiral z državnimi sredstvi, ki jih je zagotovila država.
Sjóvá has implemented measures to increase margin in its insurance business and to reduce cost.
V povezavi z drugim ukrepom dokapitalizacije je plačilo za poznejšo pridobitev obveznice družbe Avant od družbe SAT Holding prav tako izvedla država z državnimi sredstvi.
These measures include salary cuts, reductions in marketing and other operational costs as well as the implementation of strict rules for quoting insurance offers.
Poleg tega je povečanje zavarovanja banke Glitnir za obveznico družbe Avant zmanjšalo verjetnost, da bo država prejela vračilo iz naslova obveznice, in zato zmanjšalo vrednost njene terjatve.
Furthermore, there are currently no compensatory bonus schemes for employees.
To zmanjšanje je zato vplivalo tudi na državna sredstva.
Finally, Sjóvá discontinued its reinsurance activities, through which it had in the past acquired an international insurance risk portfolio.
Nadzorni organ zato ugotavlja, da so bila državna sredstva vključena v oba ukrepa dokapitalizacije v korist zavarovalnice Sjóvá.
These measures aim in particular at ensuring that the combined ratio is below 100 %, i.e. that the insurance business is sustainable by itself, without taking undue risks in investment activities.
Dajanje prednosti posameznim podjetjem ali proizvodnji posameznega blaga
As a result of these measures, Sjóvá was able to improve its combined ratio from 114,4 % in 2005 to 95,6 % in 2010.
Da bi ukrep pomenil državno pomoč, mora posameznim podjetjem ali proizvodnji posameznega blaga zagotoviti selektivno prednost.
Commitments
Islandski organi so potrdili, da je bila država udeležena v dokapitalizaciji zavarovalniške dejavnosti zavarovalnice Sjóvá, ker banki Glitnir in Íslandsbanki nista imeli sredstev, da bi sami zagotovili potrebni kapital, in ni bilo mogoče najti nobenega drugega zasebnega vlagatelja, ki bi bil pripravljen to storiti.
As set out in the Annex, the Icelandic government and Sjóvá have committed to restrictions on the pricing of insurance quotes for certain corporate customers as well as bans on certain acquisitions and advertisement activities.
To potrjuje stališče Nadzornega organa v odločbi o začetku postopka, namreč da država ni ravnala kot vlagatelj pod tržnimi pogoji, ko je bila udeležena v dokapitalizaciji zavarovalnice Sjóvá.
The Icelandic authorities have also committed to introduce certain regulatory changes to the functioning of the insurance market as set out in the Annex.
Nadzorni organ zato ugotavlja, da sta ukrepa dokapitalizacije zagotovila prednost zavarovalnici Sjóvá.
ASSESSMENT
Ta prednost je nedvomno selektivna, saj naj bi ukrepa zagotovila koristi le zavarovalnici Sjóvá.
THE PRESENCE OF STATE AID
Izkrivljanje konkurence in vpliv na trgovino med pogodbenicami
Article 61(1) of the EEA Agreement reads as follows:
Ukrepa dokapitalizacije krepita položaj zavarovalnice Sjóvá v primerjavi s konkurenti (ali potencialnimi konkurenti) na Islandiji in v drugih državah EGP.
‘Save as otherwise provided in this Agreement, any aid granted by EC Member States, EFTA States or through State resources in any form whatsoever which distorts or threatens to distort competition by favouring certain undertakings or the production of certain goods shall, in so far as it affects trade between Contracting Parties, be incompatible with the functioning of this Agreement.’
Zavarovalnica Sjóvá je podjetje, ki je, kot je navedeno zgoraj, dejavno na zavarovalniškem trgu, ki je odprt za mednarodno konkurenco v EGP.
The Authority will assess the following measures as set out in paragraph 18 above:
Čeprav so islandski finančni trgi trenutno precej izolirani, predvsem zaradi kapitalskih kontrol, še zmeraj obstaja čezmejna trgovina z zavarovalniškimi storitvami, ki se bo povečala po odpravi kapitalskih kontrol.
The Icelandic state contributed to the recapitalisation of Sjóvá by transferring to SAT Holding two bonds in its possession, valued by an external expert at ISK 11,6 billion (approx.
Ukrepa dokapitalizacije zato izkrivljata ali bi lahko izkrivljala konkurenco na način, ki škodi trgovini med pogodbenicami, v smislu člena 61(1) Sporazuma EGP.
EUR 76 million) to be used as equity in Sjóvá.
Sklepna ugotovitev o prisotnosti državne pomoči
The Icelandic state also agreed to upgrade Glitnir's security in the bond issued by Avant from 4th to 3rd priority in order to enable Glitnir's contribution to the capital of Sjóvá.
Nadzorni organ na podlagi zgornjih navedb ugotavlja, da ukrepa dokapitalizacije vključujeta državno pomoč v smislu člena 61(1) Sporazuma EGP.
As the Avant bond lost most of its value after the Icelandic Supreme Court's ruling of 16 June 2010, the Icelandic state (through ESI) entered into the asset transfer agreement dated 28 July 2010.
POSTOPKOVNE ZAHTEVE
This agreement resulted in ESI contributing a further ISK 683 to 739 million to the stabilisation of Sjóvá through its acquisition of the Avant bond from SAT Holding for ISK 88 million.
V skladu s členom 1(3) dela I Protokola 3 „mora biti Nadzorni organ Efte o vseh načrtih za dodelitev ali spremembo pomoči obveščen dovolj zgodaj, da lahko predloži pripombe […].
These measures will be referred to as the ‘recapitalisation measures’ below.
Zadevna država ne sme izvajati svojih predlaganih ukrepov, dokler v tem postopku ni sprejeta dokončna odločitev“.
Presence of state resources
Islandski organi niso obvestili Nadzornega organa o ukrepih dokapitalizacije pred izvedbo ukrepov.
Regarding the second recapitalisation measure, the payment for the later acquisition of the Avant bond from SAT Holding was also carried out by the Icelandic state from state resources.
Odobritev teh ukrepov pomoči je bila zato nezakonita.
Furthermore, the enhancement of Glitnir's security in the Avant bond reduced the likelihood of the state receiving repayment under the bond, and therefore reduced the value of its claim.
ZDRUŽLJIVOST POMOČI
This reduction thus also affected state resources.
Nadzorni organ predhodno navaja, da bi se zavarovalnica Sjóvá brez posredovanja države nesporno soočila s stečajem, saj ne bi mogla izpolniti regulativnih kapitalskih zahtev.
The Authority therefore concludes that state resources were involved in both recapitalisation measures in favour of Sjóvá.
Zavarovalnica Sjóvá je bila zato v času prvega ukrepa dokapitalizacije podjetje v težavah.
Favouring certain undertakings or the production of certain goods
Nadzorni organ prav tako navaja, da islandski organi trdijo, da ukrepa dokapitalizacije v korist zavarovalnice Sjóvá spadata pod izjemo, določeno v členu 61(3)(b) Sporazuma EGP, in izpolnjujeta zahteve smernic Nadzornega organa o prestrukturiranju.
In order to constitute state aid, a measure must confer a selective advantages on certain undertakings or the production of certain goods.
Pravna podlaga za oceno združljivosti:
The aim of the recapitalisation measures was to ensure that Sjóvá could meet the regulatory minimum capital requirements, thereby enabling the company to remain active in the insurance business.
člen 61(3)(b) Sporazuma EGP in smernice Nadzornega organa o prestrukturiranju
The Icelandic authorities have confirmed that the state took part in the recapitalisation of Sjóvá's insurance business because Glitnir and Íslandsbanki did not have the funds to provide the required capital themselves and no other private investor willing to do so could be found.
Čeprav se državna pomoč podjetjem v težavah, kakršno je zavarovalnica Sjóvá, običajno ocenjuje v skladu s členom 61(3)(c) Sporazuma EGP, se lahko v skladu s členom 61(3)(b) Sporazuma EGP dovoli državna pomoč „za odpravljanje resne motnje v gospodarstvu države članice ES ali države Efte“.
This confirms the position of the Authority in the Opening Decision that the Icelandic state did not act as a market investor when participating in the recapitalisation of Sjóvá.
Uporaba člena 61(3)(b) Sporazuma EGP
The Authority therefore concludes that the recapitalisation measures conferred an advantage on Sjóvá.
Kot je navedeno zgoraj, so islandski organi zagotovili prvotna sredstva, potrebna za dokapitalizacijo zavarovalnice Sjóvá, s sporazumom o prenosu obveznic z dne 8. julija 2009.
This advantage is clearly selective, as the measures were designed to only benefit Sjóvá.
Takrat je finančna kriza še vedno močno vplivala na islandsko gospodarstvo.
The state aid element corresponds to the equity that Sjóvá would not have received without the state's participation, i.e. the initial ISK 11,6 billion contributed by the Icelandic state as well as the further contribution by ESI of between ISK 683 and 739 million under the asset transfer agreement dated 28 July 2010.
Zlasti večje poslovne banke so bile v prisilni upravi, vlada je uvedla kapitalske kontrole, inflacija se je močno povečala in Islandija je morala uvesti program varčevanja v okviru pogojev svojega „stand-by“ aranžmaja in posojila MDS.
The Authority thus assesses the aid element to amount to about ISK 12,3 billion.
Ob upoštevanju tega posebnega ozadja je organ FME posvaril pred hudimi posledicami za islandsko gospodarstvo in družbo, vključno s tveganjem sistemskega učinka na finančne trge, če bi se dopustil propad zavarovalnice Sjóvá [9].
Distortion of competition and effect on trade between Contracting Parties
Nadzorni organ navaja, da je v primeru propada ene same družbe v zavarovalniškem sektorju običajno manj verjetno, da bo prišlo do sistemskega učinka, kot če se to zgodi v bančnem sektorju.
The recapitalisation measures strengthen the position of Sjóvá in comparison to competitors (or potential competitors) in Iceland and other EEA States.
Vendar je treba v tem primeru učinek propada zavarovalnice Sjóvá oceniti ob upoštevanju resne finančne in gospodarske krize, s kakršno se je soočala Islandija v letih 2008 in 2009.
Sjóvá is an undertaking active, as described above, in the insurance market, which is open for international competition in the EEA.
Nadzorni organ se strinja z analizo islandskih organov, v skladu s katero potencialni učinek takšne krize morda ne bi bil omejen samo na zavarovalnico Sjóvá, niti ne samo na finančni sistem, dokler se ne bi povrnilo zaupanje v finančni sistem.
Whilst the Icelandic financial markets are currently rather isolated, particularly due to capital controls, cross-border trade in insurance services still exists, which will increase when the capital controls are lifted.
Po mnenju Nadzornega organa se zato lahko šteje, da je bil namen udeležbe države v dokapitalizaciji julija 2009 odpravljanje resne motnje v islandskem gospodarstvu.
The recapitalisation measures therefore distort or threaten to distort competition in a way that affects trade between Contracting Parties within the meaning of Article 61(1) of the EEA.
Uporaba smernic o prestrukturiranju
Conclusion on the presence of state aid
Smernice Nadzornega organa o prestrukturiranju določajo pravila o državni pomoči, ki se uporabljajo za prestrukturiranje finančnih institucij v finančni krizi.
Based on the above, the Authority concludes that the recapitalisation measures involve state aid within the meaning of Article 61(1) of the EEA Agreement.
V skladu s smernicami o prestrukturiranju mora za združljivost s členom 61(3)(b) Sporazuma EGP prestrukturiranje finančne institucije v finančni krizi:
PROCEDURAL REQUIREMENTS
privesti do ponovne vzpostavitve uspešnega poslovanja družbe,
Pursuant to Article 1(3) of Part I of Protocol 3, ‘the EFTA Surveillance Authority shall be informed, in sufficient time to enable it to submit its comments, of any plans to grant or alter aid (…).
obsegati zadostne ukrepe za omejevanje izkrivljanja konkurence.
The State concerned shall not put its proposed measures into effect until the procedure has resulted in a final decision’.
Nadzorni organ bo tako na podlagi predloženega načrta prestrukturiranja zavarovalnice Sjóvá v nadaljevanju ocenil, ali so ta merila izpolnjena in ali zgoraj navedeni ukrepi pomoči pomenijo združljivo pomoč za prestrukturiranje.
The Icelandic authorities did not notify the recapitalisation measures to the Authority in advance of their implementation.
Ponovna vzpostavitev uspešnega poslovanja
The Authority therefore concludes that the Icelandic authorities have not respected their obligations pursuant to Article 1(3) of Part I of Protocol 3.
Nadzorni organ je opredelil naslednje vzroke za težave zavarovalnice Sjóvá, ki so privedle do posredovanja države:
The granting of these aid measures was therefore unlawful.
neustrezne naložbene prakse;
COMPATIBILITY OF THE AID
nezadostno upravljanje družbe in obvladovanje tveganj;
As a preliminary remark, the Authority notes that it is uncontested that Sjóvá would have faced bankruptcy without the state's intervention as it would not have been able to fulfil the regulatory capital requirements.
ter (iii) nezadostna donosnost zavarovalniških produktov.
Sjóvá was therefore an undertaking in difficulties at the time of the first recapitalisation measure.
Načrt prestrukturiranja obravnava te vzroke težav ter druge dejavnike tveganja družbe.
The Authority also notes that the Icelandic authorities argue that the recapitalisation measures in favour of Sjóvá fall under the exception set out in Article 61(3)(b) of the EEA Agreement and fulfil the requirements of the Authority's Restructuring Guidelines.
Ocena ukrepov prestrukturiranja – ločitev zavarovalniških dejavnosti in prenehanje naložb
Legal basis for the assessment of compatibility:
Prenos zavarovalniških dejavnosti zavarovalnice Sjóvá na novo družbo je odpravil tveganja, ki izhajajo iz portfelja slabih naložb iz preteklosti, za opravljanje dejavnosti zavarovanja.
Article 61(3)(b) of the EEA Agreement and the Authority's Restructuring Guidelines
Ta ukrep je zavarovalnici Sjóvá omogočil, da se je po dokapitalizaciji ponovno osredotočila na svoje zavarovalne posle.
Applicability of Article 61(3)(b) of the EEA Agreement
Ocena ukrepov prestrukturiranja – izboljšanje upravljanja družbe in obvladovanja tveganj
As set out above, the Icelandic authorities provided the initial funds required for the recapitalisation of Sjóvá by way of an agreement on the transfer of bonds dated 8 July 2009.
Nadzorni organ navaja, da je zavarovalnica Sjóvá izpolnila zahteve islandskega zakona o zavarovalniških dejavnostih, ki je začel veljati leta 2010, te zahteve pa vključujejo strožja pravila o upravljanju družb in drugih nadzornih mehanizmih.
At that date, the Icelandic economy was still acutely affected by the financial crisis.
Te spremembe izboljšujejo upravljanje zavarovalnice Sjóvá in predvidevajo celovit nadzor s strani organa FME, med drugim nad naložbenimi politikami.
In particular, the major commercial banks were in receivership, the government had introduced capital controls, inflation increased dramatically and Iceland had to undergo a programme of austerity as part of the conditions of its stand-by arrangement and loan from the IMF.
Poleg tega je zavarovalnica Sjóvá ustanovila oddelek za „tveganje in analizo“ z znatnimi sredstvi, da bi se izboljšala obvladovanje tveganj in pregled nad poslovanjem, ustanovila pa je tudi odbor za notranjo revizijo.