Insurance intermediaries

Insurance Intermediaries

The pension insurance intermediary is the main link between the pension assurance company and the insured persons. The pension assurance company may conclude contracts with intermediaries, either natural or legal persons. The intermediaries who are legal persons can authorise natural persons.


The intermediaries must meet the requirements of Article 123g of the Social Security Code.


Pension insurance intermediaries are entitled to conclude pension insurance contracts on behalf and for the account of the pension assurance company, to mediate in the conclusion of pension insurance and pension contracts and deferred payment contracts, as well as to accept individual applications for supplementary pension insurance, for resumption of insurance in a universal pension fund, for change of participation and for transfer of funds, as well as other applications and requests from insured persons, pensioners and other eligible persons. They are not entitled to collect contributions or make payments.


In carrying out its activities, the pension insurance intermediary has to:


  • make himself or herself known with the relevant legitimation document – a model thereof is approved by the Deputy Chairman of the Financial Supervision Commission in charge of the Insurance Supervision Department, and is provided by the pension assurance company;
  • comply with the principle of freedom of choice of fund;
  • provide assistance to the person applying for supplementary pension insurance or for a change of participation in the pension plan, for the transfer of funds from one supplementary pension insurance fund to another, and ensure that his interests are not harmed;
  • explain to persons in good faith and with due care their rights and obligations under the pension insurance contracts, to provide them with true and accurate information about the pension assurance company and the funds it manages. The pension assurance intermediary shall not make promises or assumptions about the future investment returns of the fund;
  • protect the personal data of the insured persons by not using the information obtained for purposes unrelated to the exercise of rights and performance of obligations under the insurance intermediation agreement;
  • protect the business secrecy and commercial prestige of the pension assurance company with which he/she has concluded an intermediation agreement. The intermediary shall not provide false, incomplete or misleading information about other pension assurance companies.


The pension assurance company shall provide training to the natural persons with whom it will conclude a pension insurance intermediation agreement, as well as to the persons the insurance intermediaries – legal entities – intend to authorise to carry out the insurance intermediation activity.


Insurance intermediaries shall receive commission fees, the amount of which will depend on the results achieved – number of members attracted to the pension funds and/or the amount of contributions received.