The privatisation of insurance companies started in 2000, when the
National Assembly of the Republic of Slovenia adopted the Ownership
Transformation of Insurance Companies Act, regulating the ownership
transformation of socially owned capital in insurance companies.
Following a decision by the Constitutional Court of the Republic of
Slovenia, the revised Ownership Transformation of Insurance Companies
Act (ZLPZ-1) was adopted to allow for the possibility of further
privatisation of the shares of Zavarovalnica Triglav that were
transferred to Kapitalska družba. Until the implementation of a special
act, Kapitalska družba had limited management rights on its 34.47% stake
in Zavarovalnica Triglav, as the Act suspended its right of disposal.
Kapitalska družba exercised all other ownership rights and received
dividends.
On 11 September 2007 the National Assembly adopted the Act Amending the
Ownership Transformation of Insurance Companies Act (ZLPZ-1A), which
restored the right of Kapitalska družba to freely dispose of the shares
of Zavarovalnica Triglav. At the request of the National Council of the
Republic of Slovenia, the National Assembly adopted a decree (Official
Gazette RS, No. 87/2007) calling a legislative referendum for 11
November 2007 on the Act Amending the Ownership Transformation of
Insurance Companies Act (ZLPZ-1A). The majority voted against and the
Act did not enter into force.
On 23 May 2008, the National Assembly adopted the Ownership
Transformation of Insurance Companies’ Shareholdings to Which Natural
Persons Are Entitled Act (ZLPDZ), which entered into force on 21 June
2008. The Act stipulates that insurance company shares which had been
issued for a stake in the undenominated capital owned by Kapitalska
družba on the basis of the Ownership Transformation of Insurance
Companies Act be permanently transferred to the Pension and Disability
Insurance Institute with the sole purpose of providing additional funds
for compulsory pension and disability insurance. The shares are managed
by Kapitalska družba on behalf of and for the account of the Pension and
Disability Insurance Institute.
