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9 October 2023

Invitation to tender for an external quality assessment of the internal audit function in the sava insurance group companies

We would like to invite you to submit a tender for an independent external quality assessment of the internal audit function in 12 companies of the Sava Insurance Group in 2024. Sava Re, the parent company, and its subsidiaries form the Sava Insurance Group, which operates in six countries in the Adriatic region.

The internal audit department of Sava Re d.d. (IAD) is an independent organisational unit, functionally and organisationally separate from other organisational units of Sava Re (SRe). Administratively, it reports to Sava Re’s management board, whereas functionally it reports to Sava Re’s supervisory board and its audit committee. This ensures the autonomy and organisational independence of the IAD’s activities.

In accordance with the Slovenian Insurance Act and on the basis of outsourcing agreements, the IAD performs the key function of internal audit for the following companies for an indefinite period of time: Zavarovalnica Sava d.d., Vita, Življenjska Zavarovalnica, d.d., Sava Pokojninska Družba d.d. and Sava Infond d.o.o.

In addition, Group Internal Audit was introduced in 2021, also in the non-EU companies of the Sava Insurance Group, whereby the IAD regularly monitors the development and quality of the internal audit departments in the subsidiaries and provides them with the necessary professional support, including the implementation of software support for the comprehensive internal auditing at the Group level.

Further details and requirements for the tender:

• In accordance with the International Standards for the Professional Practice of Internal Auditing (hereinafter: the Standards), an independent assessment (hereafter: the assessment) is to be carried out in 12 companies of the Sava Insurance Group, namely in:

1. Sava Re d.d.;
2. Zavarovalnica Sava d.d. (activity outsourced to SRe);
3. Vita, Življenjska Zavarovalnica, d. d. (activity outsourced to SRe);
4. Sava Pokojninska Družba d.d. (activity outsourced to SRe);
5. Sava Infond, Družba za Upravljanje, d.o.o. (activity outsourced to SRe);
6. Sava Neživotno Osiguranje (SRB), Belgrade, Serbia (methodological collaboration with Sava Životno Osiguranje);
7. Sava Životno Osiguranje (SRB), Belgrade, Serbia (methodological collaboration with Sava Neživotno Osiguranje);
8. Illyria (RKS), Pristina, Kosovo (joint auditor with Illyria Life);
9. Illyria Life (RKS), Pristina, Kosovo (joint auditor with Illyria);
10. Sava Osiguruvanje (MKD), Skopje, North Macedonia;
11. Sava Penzisko Društvo (MKD), Skopje, North Macedonia;
12. Sava Osiguranje (MNE), Podgorica, Montenegro.

• The assessment may (but is not required to) be carried out entirely remotely, using electronic means (email, video conference, etc.).
• All 12 companies to be audited use a uniform working methodology and a single software solution to support the comprehensive internal auditing. At the Group level, the service provider must produce a table of key subject matters for each Group company.
• We plan to conduct an independent assessment and issue final reports in the first half of 2024.
• The tenderer must comply with the General Conditions of Business Cooperation with Sava Re d.d. and undertakes to complete the questionnaire on the sustainability of the company (tenderer).

If you are interested in providing the above services, please send us a proposal containing at least the following information:

• the name of the service provider;
• a statement of independence and absence of conflicts of interest;
• identification of the team leader and members who will carry out the assessment (short CVs indicating their professional qualifications and references in carrying out assessments); the lead auditor in the assessment must be a certified internal auditor accredited by the Slovenian Institute of Auditors (SIR);
• a description of the approach to be taken in carrying out the assessment; a more detailed description of the assessment (scope of activity);
• a proposed time schedule for the assessment;
• your requirements for the assessment;
• your draft agreement, including confidentiality (multilateral agreement with all companies except those in Kosovo, where an additional agreement will be drafted), digital signatures, except for Kosovo);
• a list of references of external assessments carried out;
• the total fixed price, including all costs and taxes, for each of the 12 companies subject to the tender;
• payment terms.

Please send your tender to the following email address polonca.jugmauko@sava-re.si by 30 October 2023 inclusive. We reserve the right to extend the scope of the assessment or to request further explanation or documentation.