Changes in business activities
Changes occurring in the business activities of a contract employer, such as changes in ownership or company form, can have an impact on the TyEL insurance. It’s a good idea to contact Elo when any changes occur.
Notify Elo of the termination of your TyEL insurance if
- you no longer have any employees that are insurable under TyEL, or
- your business activities are ending.
You can submit the notification through Elo’s Online Service or by contacting our Customer Service.
If you use the annual notification method for TyEL insurance, you will also need to report the information concerning the termination of employment and final earnings as related to your employees. The TyEL insurance policy will terminate when we have received all the necessary information.
A company’s ownership can change, for example, as the result of the sale of the business or a change in the partners or shareholders.
- If you, as a private entrepreneur, sell your business, please notify Elo of your decision to terminate your TyEL insurance policy.
- Notify Elo of any changes concerning the partners in a partnership and limited partnership. These changes will not, however, affect the validity of the TyEL insurance policy.
- Changes in shareholders of limited liability companies need not be reported, unless the change affects belonging to a group. If a shareholder works within the business, the change in ownership may affect whether the owners fall within the sphere of TyEL or YEL. YEL insurance must be taken if the share of ownership is alone more than 30 per cent or together with family members more than 50 per cent.
A change in company form refers to, for example, a situation in which
- you change your private trade name into a limited liability company, a partnership or a limited partnership,
- a partnership is turned into a limited partnership or a limited liability company,
- a limited partnership turns into a limited liability company or partnership,
If the business ID changes,
- notify Elo of the termination of your current TyEL insurance policy
- take a new TyEL insurance policy for the company carrying on the activities, if that company did not already have a policy.
If the business ID does not change, Elo will amend the company's details under the TyEL insurance policy as of the date of registration.Notify Elo of the changes using a free-form notification. The notification should include a copy of an extract from the Trade Register or Register of Associations, the certificate of the registration of a trade, or other similar document.
If a limited liability company merges with another company, notify Elo of the termination of the merging company's TyEL insurance policy. Take a new TyEL insurance policy for the receiving company, if that company does not already have a policy.
If a limited liability company demerges into two or more companies, notify Elo of the termination of the TyEL insurance policy of the demerging company. Take new TyEL insurance policies for the companies formed through the demerger.