TyEL insurance when business operations change
If you sell your company’s entire business, your company’s TyEL insurance ends. Your employees will be transferred to the insurance policy of the buyer of the business.
If you sell only part of the business and some employees remain with your company, your company’s TyEL insurance will remain valid. The employees who are part of the sold business will be transferred to the buyer’s insurance.
Change in company form
If you have a business name and you change it to a limited liability company, a general partnership or a limited partnership, terminate your old TyEL insurance and take out new TyEL insurance for your employees under the name of the new company. You can take out a new TyEL insurance easily online.
When you change a limited partnership or general partnership to a limited liability company, the TyEL insurance continues as before.
When one or more companies merge, it must be determined which of the companies is the acquirer and which are the acquirees. The TyEL insurance policies of the acquirees must be terminated and the employees transferred to the insurance of the acquirer. The acquirer must take out new TyEL insurance if the company previously did not have insurance.
If two or more companies merge to form an entirely new company, the old insurance policies of the acquirees must be terminated and new TyEL insurance must be taken out for the new company.
The pension fund of the acquirees is transferred to the insurance of the acquirer.
If a limited liability company is demerged into two or more companies, the TyEL insurance of the demerging company must be terminated and new insurance must be taken out for the new companies.
A limited liability company may also demerge only in part. In this case, the TyEL insurance for the remaining portion of the company remains the same and if employees are transferred to the new company, new insurance is taken out for them.
The transfer of the employee pension fund of a demerging company is agreed on separately.
The pension insurance of the company’s owners
The change in company's business operations might also affect the insurance of the company’s owners.